Pak must take verifiable steps against terrorism: India

Agencies
June 22, 2019

New Delhi, Jun 22: India on Saturday said it expects Pakistan to take all necessary steps to effectively implement the FATF action plan fully by September and take credible, verifiable, and irreversible measures to address global concerns related to terrorism and terrorist financing emanating from its soil.

In response to a media query regarding the FATF report, Ministry of External Affairs Spokesperson Raveesh Kumar said the FATF has decided to continue to keep Pakistan on its compliance document  (i.e. Grey List) for the International Cooperation Review Group (ICRG) monitoring for its failure to complete the action plan items due in January and May 2019.

"We expect Pakistan to take all necessary steps to effectively implement the  FATF Action Plan fully within the remaining time frame i.e. by September 2019 in accordance with its political commitment to the FATF and take credible, verifiable, irreversible and sustainable measures to address global concerns related to terrorism and terrorist financing emanating from any territory under its control," he said.

FATF, the Paris-based global body, is working to curb terrorism financing and money laundering and has asked Pakistan to reassess the operation of banned terrorist outfits in the country.

In June last year, the FATF placed Pakistan on the grey list of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing.

In a statement issued at the conclusion of its Plenary meeting in Orlando, Florida, the FATF expressed concern "that not only did Pakistan fail to complete its action plan items with January deadlines, it also failed to complete its action plan items due May 2019".

The FATF "strongly" urges Pakistan to swiftly complete its action plan when the last set of action plan items are set to expire.

"Otherwise, the FATF will decide the next step at that time for insufficient progress," the international financial body said leaving a strong warning to Pakistan.

The FATF said Pakistan had taken steps towards improving its AML/CFT (anti-money laundering/combating the financial terrorism) regime, including the recent development of its terroe funding risk assessment addendum.

However, it does not demonstrate a proper understanding of Pakistan's transnational terror funding risk.

Reacting to the FATF's warning, Pakistan on Friday said it was committed to taking measures needed to implement the action plan agreed with the FATF to come out of the grey list.

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Agencies
March 14,2020

New Delhi, Mar 14: India on Friday was mulling over the option of deporting The Wall Street Journal's South Asia deputy bureau chief for misreporting Delhi riots in which over 50 people were killed last month. However, the government denied that it had made any such decision.

Ministry of External Affairs spokesperson Raveesh Kumar said that a complaint was registered against Eric Bellman, the WSJ South Asia deputy bureau chief based in New Delhi, by a private individual on the government's online grievance redressal platform.

"Referring the complaint to the related office is a routine matter as per standard procedure. No such decision on deportation has been taken by the Ministry of External Affairs," Kumar said.

However, government-funded Prasar Bharati News Services had earlier tweeted screenshots of the complaint which was filed by an undersecretary in the Ministry of External Affairs, Vinesh K Kalra, saying that the ministry has asked the Indian embassy in the US to "look into the request for immediate deportation of Bellman for his "anti-India behaviour".

The official had complained to the embassy about Bellman's controversial reportage on the killing of an Intelligence Bureau staffer named Ankit Sharma.

The WSJ had reported that Ankit Sharma's brother had said that he was killed by a mob belonging to a particular religious community. Ankit's brother later told Indian media that he never spoke to the WSJ reporter.

After the Prasar Bharati tweet got circulated widely on social media, the government backtracked and said that no such decision has been taken.

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News Network
March 4,2020

New Delhi, Mar 4: The Supreme Court on Wednesday revoked the ban of cryptocurrency imposed by the Reserve Bank of India (RBI) in 2018.

Pronouncing the verdict, the three-judge bench of the apex court said the ban was 'disproportionate'.

The bench included Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian.

The Internet and Mobile Association of India (IAMAI), whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies.

Advocate Ashim Sood, appearing for IAMI, submitted that Reserve Bank of India lacked jurisdiction to forbid dealings in cryptocurrencies. The blanket ban was based on an erroneous understanding that it was impossible to regulate cryptocurrencies, Sood submitted.

The petitioners had argued that the RBI's circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry.

IAMAI had claimed the move of RBI had effectively banned legitimate business activity via the virtual currencies (VCs).

The RBI on April 6, 2018, had issued the circular that barred RBI-regulated entities from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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