He dons gold mask worth almost Rs 3 lakh, but he isn't sure if it's effective

News Network
July 4, 2020

Pune, Jul 4: Now that wearing mask in public places has become the new normal, a resident of Pimpri-Chinchwad of Pune district, Shankar Kurade has got himself a mask made of gold worth Rs 2.89 lakhs amid the COVID-19 pandemic.

"It's a thin mask with minute holes so that there is no difficulty in breathing. I am not sure whether this mask will be effective," said Kurade.

Kurade loves wearing gold ornaments and his hands and neck are loaded with jewellery.

This unique idea struck him soon after he saw a man wearing a silver mask on social media.

"I saw a video on social media of a man in Kolhapur wearing a silver mask and then an idea struck me to have a mask of gold. I talked to a goldsmith and he gave me this five and a half pound gold mask in a week," said Kurade.

"All my family members love gold, if they too demand it, then I will get it designed for them too. I do not know if I will be infected with coronavirus wearing a gold mask or not, but following all the rules of the government can prevent the spread of virus," he added.

Since childhood, Shankar is very fond of gold ornaments, that is the reason he wears gold rings in all the fingers, gold bracelets on his wrist and huge gold chains around his neck.

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Agencies
June 22,2020

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

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Agencies
June 6,2020

Ahmedabad, June 6: Rattled by resignations of three MLAs ahead of the June 19 Rajya Sabha polls, the Congress in Gujarat on Saturday shifted several of its legislators to resorts and bungalows near their constituencies to thwart any "poaching" bid, a party leader said.

With the resignations of Akshay Patel and Jitu Chaudhary on June 3 and that of Brijesh Merja on June 5, the Congress' strength in the 182-member House has been reduced to 65.

The effective strength of the House, however, stands at 172 as of now as ten seats are currently vacant - two due to court cases and the rest because of resignations.

While several MLAs from north Gujarat were shifted to a resort near Ambaji in Banaskantha district, those from south and Central Gujarat were moved to private bungalows in Anand, Congress spokesperson Manish Doshi said, adding that legislators from Saurashtra region were shifted to a resort in Rajkot.
 

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Agencies
May 13,2020

New Delhi, May 13: Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

This will benefit 45 lakh small businesses, she said detailing parts of the Rs 20 lakh crore economic stimulus package.

The loan will have 4-year tenure and will have a 12-month moratorium, she said.

Also, Rs 20,000 crore subordinated debt will be provided for stressed MSMEs, she said adding this would benefit 2 lakh such businesses.

The Finance Minister said a fund of funds for MSME is being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potentials.

Also, MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Also units with turnover up to Rs 5 crore to be called micro-units, she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small and medium businesses have likewise been raised to allow them to retain fiscal and other benefits, she said.

Global tenders will be banned for government procurement up to Rs 200 crore, she said, adding this would help MSMEs to compete and supply in government tenders.

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JM
 - 
Thursday, 14 May 2020

Fully automatic loan..... not reachable to poor needy......

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