Omar Abdullah, Mehbooba out under house arrest; internet snapped in Kashmir

News Network
August 5, 2019

Srinagar/New Delhi, Aug 5: Three of Jammu and Kashmir's most prominent politicians Mehbooba Mufti, Omar Abdullah and Sajad Lone were put under house arrest late Sunday night amid a massive security-built up in the state.

Internet services and mobile services were suspended in several places and all public gatherings were banned in Srinagar district as section 144 was imposed from midnight.

Jammu and Kashmir National Conference Vice President Omar Abdullah had on Sunday evening tweeted saying that he has been informed that an "unofficial curfew" was about to begin in Kashmir and mainstream leaders were going to be detained or kept under house arrest.

"If officers in the state government are to be believed mobile internet is going down now, an unofficial curfew is going to start and mainstream leaders are going to be detained. No idea who to believe and where this is heading," he tweeted.

"I believe I’m being placed under house arrest from midnight tonight & the process has already started for other mainstream leaders. No way of knowing if this is true but if it is then I’ll see all of you on the other side of whatever is in store. Allah save us," the NC leader said.

Abdullah had further said that government's decision to stop Amarnath Yatra, citing security concerns and intelligence inputs about the possibility of terror attacks, was exposed. "So we can debunk the stories that were being fed to the channels about everything that's been happening in Kashmir over the last few days, including the yatra stoppage, happening because of Pakistan," he added.

Earlier on Sunday, leaders of the mainstream political parties in Kashmir held an all-party meeting in Srinagar to discuss the prevailing situation in the Valley.

Kashmir remained on edge as authorities stepped up security deployment at vital installations and sensitive areas amid heightened terror threat and flare up of hostilities with Pakistan along the Line of Control (LoC).

After the Jammu and Kashmir administration curtailed the Amarnath Yatra and asked pilgrims and tourists to leave the valley at the earliest on Friday, anxious residents continue to throng markets to stock on essentials and serpentine queues have been visible outside shops and fuel stations.

Former India all-rounder Irfan Pathan, the mentor of Jammu and Kashmir state teams who was in Srinagar to oversee the trials for the U-16 (Vijay Merchant Trophy) and U-19 (Cooch Behar Trophy) squads, has left Srinagar, along with the young players. "We have for the time being postponed the second phase of junior team trials...since there has been a government advisory, I had a meeting with Jammu and Kashmir Cricket Association...Accordingly, it was decided that boys need to be sent back home," Pathan was quoted as saying by news agency PTI.

Various educational institutions also directed their students to vacate hostels.

Additional paramilitary forces, which arrived here last week, have been deployed across the city and in other vulnerable areas of Kashmir Valley, the officials said.

The strength of the security personnel has been increased around vital installations such as the civil secretariat, police headquarters, airport and various central government establishments in the city, they said. Barricades have been erected on many arterial roads, including the entry and exit points to Srinagar, the summer capital of the state. Riot control vehicles have also been kept on standby in some areas where apprehension of law and order disturbances is more, the officials added.

Meanwhile, Pakistan Prime Minister Imran Khan said that it was the right time for US President Donald Trump to mediate on Kashmir turmoil.

Pakistan further warned India that it is ready to respond to any "misadventure or aggression" by the Indian forces, as the country's top civil and military leadership discussed the sudden spike in tensions with New Delhi during a meeting of the National Security Committee.

The meeting criticised "Indian actions which would have adverse implications for regional and international peace." Pakistan reiterates that Kashmir is a long standing unresolved international dispute which needs peaceful resolution. Pakistan therefore urges India to come forth to resolve the issue in accordance with the aspirations of the Kashmiri people, it said. It said that the recent "buildup of forces" is adding "fuel to fire".

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News Network
February 24,2020

New Delhi, Dec 24: The Delhi Police said that a head constable was killed during clashes over the Citizenship Amendment Act (CAA) in northeast Delhi today.

Deputy Commissioner of Police, Shahdara, Amit Sharma was also injured during clashes, a senior official said. Sharma suffered injuries to his head and hand. He was hospitalised and is doing fine, the official added.

Tension escalated in northeast Delhi with protesters torching at least two houses and a fire tender in the Jaffrabad and Maujpur areas, where pro and anti-CAA groups clashed for the second consecutive day on Monday and hurled stones at each other.

Violence was also reported from the Chandbagh area in Jaffrabad.

Police fired tear gas shells and also resorted to lathicharge to disperse the protesters.

According to officials, a fire tender was damaged by the protesters after it responded to a fire call in the area.

The Delhi Metro closed entry and exit at the Jaffrabad and Maujpur-Babarpur stations as an uneasy calm prevailed in the area.

"Entry & exit of Jaffrabad and Maujpur-Babarpur are closed. Trains will not be halting at these stations," the Delhi Metro Rail Corporation (DMRC) said in a tweet.

Entry and exit were closed at the Jaffrabad metro station for over 24 hours.

Clashes broke out on Sunday evening between pro and anti-CAA groups near Jaffrabad after a large number of people protesting against the Citizenship (Amendment) Act (CAA) blocked a road, while similar sit-ins were launched in several other parts of the national capital.

Delhi chief minister Arvind Kejriwal has urged lieutenant governor of Delhi and the Union home minister to restore order.

Nobody should be allowed to orchestrate violence, he said.

Delhi Lt Governor Anil Baijal instructed the police commissioner to maintain law and order in the national capital in the wake of violence.

"Instructed @DelhiPolice and @CPDelhi to ensure that law and order is maintained in North East Delhi. The situation is being closely monitored. I urge everyone to exercise restraint for maintenance of peace and harmony," Baijal tweeted.

Delhi minister and Babarpur MLA Gopal Rai on Monday urged the people in the area to maintain peace, saying some people were purposely trying to disturb the atmosphere.

"With folded hands, I request people in Babarpur Assembly to maintain peace. Some people are purposely trying to spoil the atmosphere. I have spoken to Delhi LG and he has assured me that more policemen will be deployed to bring the situation under control," Rai said in a tweet.

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Agencies
March 12,2020

Mumbai, Mar 12: In what appears to be the worst trading session in the Indian stock markets, the benchmark BSE Sensex crashed over 2900 points to end below the 33,000-mark.

The Sensex crashed 2,919.26 points to end at 32,778.14. So far it has touched an intra-day low of 32,530.05 points.

The Nifty50 on the National Stock Exchange also lost nearly 850 points so far. It plunged 868.25 points to 9,590.15.

The plunge was in line with the global markets as all Asian indices also traded in the red after the World Health Organization (WHO) declared coronavirus a global pandemic following which the Dow Jones Industrial Average also slumped significantly on Wednesday.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.

Further, following the rout in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel.

The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.

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News Network
January 21,2020

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.

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