PM Modi to launch APIX, a banking technology for 2 billion people without bank accounts

Agencies
November 13, 2018

Singapore, Nov 13: Prime Minister Narendra Modi will address some 30,000 people at the world's largest gathering of financial technology companies in Singapore this week and launch a banking solution for two billion people without bank accounts worldwide.

Prime Minister Modi will be in Singapore from November 14 to 15 to attend a series of summits, including the East Asian summit and ASEAN meetings.

He is scheduled to speak at the Fintech Festival which has the largest gathering of global Fintech companies and delegates ranging from the industry leaders to smaller start-ups.

He will address 30,000 people at the festival, the biggest event of its kind in the world, the organisers said.

India with 400 exhibitors is the largest contingent at the event.

Modi will launch APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts.

Designed by software experts based in Hyderabad, Colombo and London, APIX is a sophisticated technology by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 and 4, to reach out to people in the remote regions.

The Prime Minister will be launching the technology at the invitation of Monetary Authority of Singapore, the International Finance Corp of the World Bank and the ASEAN Banking Association, said Nikhil Menon, Virtusa's senior vice president and Asia regional head.

APIX will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji, said Menon.

Supporting Modi's presence at the festival is India Pavilion of 18 companies.

Eight of these companies are from Mumbai. The Pavilion is organised by the state-owned Maharashtra Information Technology Corp Ltd (MahaIT).

Mumbai Fintechs at the festival are seeking opportunities in the global markets, said MahaIT Fintech Officer Suniti Nanda.

"Mumbai, as a financial hub, is also a gateway for international fintech companies to enter the Indian market," Nanda said, adding that the festival gives opportunities both to understand global market requirements and present the potential of large-scale Indian consumers.

Malaysian fintechs have expressed interest in joining Indian fintechs to venture into India, according to Tushar Shankar, co-founder of Mumbai-based PhiCommerce which is presenting PayPhi, a three-year old cashless system of making payments.

PayPhi is a socio-economic platform enabling the simple villager to dweller in metro to make payment, he said.

The Malaysians want to tap the online buying power for Indian consumers, he said.

"We are also participating in the festival to get deeper understanding of the global market," said Shankar.

He also highlighted that India has been drawing global fintechs' interest as it has emerged as one of the largest system-based payment markets.

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Agencies
June 14,2020

New Delhi, Jun 14: Petrol price on Sunday was hiked by a record 62 paise per litre and that of diesel by 64 paise as oil companies for the eighth day in a row adjusted retail rates in line with cost since ending an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 75.78 per litre from Rs 75.16 while diesel rates were increased to Rs 74.03 a litre from Rs 73.39, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 62 paise a litre increase in petrol and 64 paise hike in diesel price is the highest surge in rates since the daily price revision was started in June 2017.

This is the eighth daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus.

In eight hikes, petrol price has gone up by Rs 4.52 per litre and diesel by Rs 4.64 -- a record increase in rates in any eight days since the daily price revision was introduced.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of international oil prices falling to two-decade lows.

The government had first raised excise duty on petrol and diesel by Rs 3 per litre each on March 14 and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

State-owned fuel retailers IOC, BPCL and HPCL had frozen petrol and diesel prices since March 16, as if anticipating the government move and set off gains they accrued from continuing drop in international oil prices against the excise duty hike.

They, however, promptly passed the increase in local sales tax or VAT by state governments such as Rs 1.67 increase in VAT on petrol and Rs 7.10 in diesel by the Delhi government on May 4.

The total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83. The excise tax on petrol was Rs 9.48 per litre when the Narendra Modi government took office in 2014 and that on diesel was Rs 3.56 a litre.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But it raised excise duty by Rs 2 per litre in July 2019.

It again raised excise duty on March 14 by Rs 3 per litre.

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News Network
January 1,2020

Jan 1: The ban on the practice of instant triple talaq, making it a penal offence and the increase in the strength of Supreme Court judges were two of the major achievements of the law ministry in 2019.

In July, Parliament gave its nod to The Muslim Women (Protection of Rights on Marriage) Bill, 2019. The new law makes talaq-e-biddat or any other similar form of talaq having the effect of instantaneous and irrevocable divorce pronounced by a Muslim husband void and illegal.

It makes it illegal to pronounce talaq three times in spoken, written or through SMS or WhatsApp or any other electronic chat in one sitting.

According to the new law, any Muslim who pronounces the illegal form of talaq upon his wife shall be punished with imprisonment for a term which may extend to three years, and shall also be liable to fine.

During the year, four new judges were appointed to the Supreme Court in September, taking its strength to 34, the highest-ever.

However, vacancies in high courts and lower courts are on the rise and convincing state governments and the 25 high courts to come on board to create an all-India judicial service to recruit judges for the subordinate courts tops the agenda of the Law Ministry in 2020.

Besides creating a consensus on setting up the All-India Judicial Services, the ministry will also have to focus on filling up vacancies in the high court. On an average, the vacancies stood at 400 throughout this year.

With more than 5,000 positions of judicial officers in district and subordinate courts lying vacant, the Law Ministry has pitched for setting up all-India judicial services.

The sanctioned strength of the judicial officers in district and subordinate courts was 22,644. The number of judicial officers in position and vacant posts is 17,509 and 5,135, respectively.

The government has proposed that while states and high courts can recruit judicial officers, the Union Public Service Commission (UPSC) can hold pan-India entrance tests.

The ministry has made it clear that such services would not encroach on the powers of the states.

As of now, the selection and appointment of judges in subordinate courts is the responsibility of the high courts and state governments concerned.

The Narendra Modi government has given a fresh push to the long-pending proposal to set up the new service to have a separate cadre for the lower judiciary in the country.

But there is a divergence of opinion among state governments and respective high courts on the constitution of the All India Judicial Service (AIJS).

One of the problems cited is that since several states have used powers under Code of Criminal Procedure (CrPC) and Code of Civil Procedure (CPC) to declare that the local language would be used in lower courts even for writing orders, a person say selected from Tamil Nadu may find it difficult to hold proceedings in states like Uttar Pradesh and Bihar.

The other point of opposition is that an all India service may hamper the career progression of state judicial services officers.

Another key issue the ministry has to handle in 2020 is vacancies in the 25 high courts.

Throughout 2019, on an average, the high courts faced a shortage of 400 judges.

According to Law Ministry data, as on September 1, the high courts had 414 vacant positions as compared to the sanctioned strength of 1,079 judges. The figure was 409 in August and 403 in July, as per the data.

A three-member Supreme Court collegium recommends the names of candidates for appointment as high court judges. In case of appointments to the Supreme Court, the collegium consists of five top judges of the top court.

High court collegiums shortlist candidates for their respective high courts and send the names to the law ministry.

The ministry, along with background check reports by the Intelligence Bureau, forwards it to the Supreme Court collegium for a final call.

The government has maintained that appointment of judges in the high courts is a "continuous collaborative process" between the Executive and the Judiciary, as it requires consultation and approval from various Constitutional authorities.

Vacancies keep arising on account of retirement, resignation or elevation of judges and increase in judges' strength. In June last year, the vacancy position stood at 399, while it was 396 in May.

In April, 399 posts of judges were vacant, while the figure was 394 in March. The vacancy position in February stood at 400 and in January, it was 392, according to the data collated by the Department of Justice.

Over 43 lakh cases are pending in the 25 high courts.

Another priority would be the finalisation of the memorandum of the procedure to guide the appointment and transfer of the Supreme Court and high court judges. The issue had now been pending for over two years now with the SC collegium and the government failing to reach a consensus.

Successive governments have also been working on making India a hub of international arbitration. It has taken several steps to change laws dealing with commercial disputes.

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News Network
June 11,2020

Washington, Jun 11: Observing that historically India has been a tolerant, respectful country for all religions, a top Trump administration official has said the US is "very concerned" about what is happening in India over religious freedom.

The comments by Samuel Brownback, Ambassador-At-Large for International Religious Freedom, came hours after the release of the "2019 International Religious Freedom Report" on Wednesday.

Mandated by the US Congress, the report documenting major instances of violation of religious freedom across the world was released by Secretary of State Mike Pompeo at the State Department.

India has previously rejected the US religious freedom report, saying it sees no locus standi for a foreign government to pronounce on the state of its citizens' constitutionally protected rights.

"We do remain very concerned about what's taking place in India. It's historically just been a very tolerant, respectful country of religions, of all religions," Mr Brownback said during a phone call with foreign journalists on Wednesday.

The trend lines have been troubling in India because it is such a religious subcontinent and seeing a lot more communal violence, Mr Brownback said. "We're seeing a lot more difficulty. I think really they need to have a - I would hope they would have an - interfaith dialogue starting to get developed at a very high level in India, and then also deal with the specific issues that we identified as well," he said.

"It really needs a lot more effort on this topic in India, and my concern is, too, that if those efforts are not put forward, you're going to see a growth in violence and increased difficulty within the society writ large," said the top American diplomat.

Responding to a question, Mr Brownback said he hoped minority faiths are not blamed for the COVID-19 spread and that they would have access to healthcare amid the crisis.

Prime Minister Narendra Modi has criticised any form of discrimination, saying the COVID-19 pandemic affects everyone equally. "COVID-19 does not see race, religion, colour, caste, creed, language or border before striking. Our response and conduct thereafter should attach primacy to unity and brotherhood," PM Modi said in a post on LinkedIn in February.

The government, while previously rejecting the US religious freedom report, had said: "India is proud of its secular credentials, its status as the largest democracy and a pluralistic society with a longstanding commitment to tolerance and inclusion".

"The Indian Constitution guarantees fundamental rights to all its citizens, including its minority communities… We see no locus standi for a foreign entity/government to pronounce on the state of our citizens' constitutionally protected rights," the Foreign Ministry said in June last year.

According to the Home Ministry, 7,484 incidents of communal violence took place between 2008 and 2017, in which more than 1,100 people were killed.

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