SC refuses to relax ban on crackers in NCR, rejects traders' plea

Bengaluru, May 21: The top two food-delivery startups, Swiggy and Zomato, will begin delivering alcohol in some cities starting from today, as they cash in on the high demand for booze during the country's coronavirus lockdown.

India was among the few countries to restrict liquor and tobacco sales as it announced one of the world's strictest lockdowns in March.

Hundreds of people started queuing up at liquor stores earlier this month when the government eased some restrictions, leading the police to resort to baton-charges to disperse crowds in some cases.

The companies will roll out the service in select cities in Jharkhand, starting with Ranchi from today, Swiggy and Zomato said in separate statements.

Swiggy said it was in advanced talks with multiple states to launch the service in more locations, and both firms said the move to allow alcohol orders through smartphones will promote social distancing and customer safety.

"By enabling home delivery of alcohol, we can generate additional business for retail outlets while solving the problem of overcrowding," said Anuj Rathi, vice president of products at Bengaluru-based Swiggy.

The new service also comes as both Swiggy and Zomato face sharp declines in their core business, with restaurants remaining shut during the two-month lockdown, forcing the companies to cut hundreds of jobs to save cash.

News agency reported earlier this month that Zomato was aiming to branch out into delivering alcohol. Swiggy is backed by South African internet group Naspers Ltd, while Ant Financial, an affiliate of Chinese e-commerce giant Alibaba Group Holding Ltd, is a major investor in Zomato.

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.

Pune/Mumbai, Feb 21: A BJP youth wing leader from Pune on Thursday submitted a complaint application to the police against AIMIM leader Waris Pathan for his controversial remarks made recently in Karnataka.

Pathan has claimed he has been quoted out of context.

Parismal Deshpande, a BJYM worker, submitted the written application at the Deccan Gymkhana police station, demading action against Pathan for allegedly promoting enmity between different groups and outraging religious feelings of a community.

Deshpande, in his complaint stated, that Pathan reportedly said "15 crore hai lekin 100 crore pe bhari hai' (We are 15 crore but we can dominate 100 crore).

"The statement by Pathan promotes violence and create a divide between two communities.

"Because of such statements, there are possibilities of atmosphere getting vitiated. Hence, he should be booked under IPC sections 153A (promoting enmity between different groups, 295A (outraging religious feelings), and 504 (provoking breach of the peace)," Deshpande said in the complaint.

An officer from the Deccan police station confirmed receiving the application.

Meanwhile, in Mumbai, the BJP slammed Pathan.

The saffron party on Thursday tweeted @BJP4Maharashtra saying, "Waris Pathan, who are you threatening to? Shiv Sena led government may tolerate your comments; but BJP and people of Maharashtra will teach you a lesson that your hate- mongering speeches will be shut."

However, Pathan has issued a statement to the media, saying he has been quoted out of context.

"I hereby wish to state that the media reports on TV channels showing my statement made in the public meeting at Gulbarga five days back have totally quoted me out of context," Pathan claimed on late Thursday evening.

"I wish to reiterate that I can never say anything intentionally or unintentionally that hurts the sentiments of any caste, community or gender. I am a proud Indian and respects the plurality of this country," he said.