Low pressure over Arabian sea to intensify into ‘cyclonic storm’ soon, says IMD

Kolkata, Jan 27: The West Bengal government on Monday tabled a resolution against the Citizenship (Amendment) Act in the Assembly.

The resolution appeals to the Union government to repeal the amended citizenship law and revoke plans to implement NRC and update NPR.

As per reports, state Parliamentary Affairs Minister Partha Chatterjee introduced the resolution in the House around 2 pm.

Three states - Kerala, Rajasthan and Punjab - have already passed resolutions against the new citizenship law.

The law has emerged as the latest flashpoint in the state, with the TMC opposing the contentious legislation tooth and nail, and the BJP pressing for its implementation.

The new citizenship law has emerged as the latest flashpoint in the state, with the TMC opposing the contentious legislation tooth and nail, and the BJP pressing for its implementation.

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

Jehanabad, Jan 28: Anti-CAA activist Sharjeel Imam, who was on the run after sedition charges were slapped against him for allegedly making inflammatory statements, was arrested from Bihar's Jehanabad district on Tuesday, the state's police chief Gupteshwar Pandey said.

The JNU scholar was wanted by police of several states, including Uttar Pradesh, Assam, Manipur, Arunachal Pradesh and Delhi.

"Sharjeel Imam has been arrested from his native Kako village in Jehanabad," Bihar's director-general of police Gupteshwar Pandey said.

Earlier in the day, Sharjeel Imam’s brother was picked up by police in a fresh attempt to trace the anti-CAA activist.

Police had raided his ancestral home on Sunday as it went hunting for him but Imam eluded the dragnet.

He is likely to be produced in a Bihar court where police will seek his remand for questioning. It is not yet clear whether he will be questioned in Bihar or taken to the national capital.

A graduate in computer science from IIT-Mumbai, Imam had shifted to Delhi to pursue research at the Centre for Historical Studies at Jawaharlal Nehru University.

He was slapped with a sedition case after a video of his purported speech went viral on social media in which he was heard speaking about "cutting off" Assam and the Northeast from the rest of India.

"If five lakh people are organised, we can cut off the Northeast and India permanently. If not, at least for a month or half a month. Throw as much 'mawad' (variously described as pus or rubbish) on rail tracks and roads that it takes the Air Force one month to clear it.

"Cutting off Assam (from India) is our responsibility, only then they (the government) will listen to us. We know the condition of Muslims in Assam....they are being put into detention camps," he was shown in the video as saying.

Meanwhile, reacting to Imam's arrest, Bihar chief minister Nitish Kumar said people have the right to protest but nobody can talk about the country's disintegration.

Kumar told reporters that police must have acted in accordance with law in arresting Imam and now the courts will take appropriate action.