States govts have no powers to refuse CAB?

Mumbai, Mar 27: The Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points to 4.4 per cent in a bid to arrest the economic slowdown amid coronavirus (COVID-19) outbreak.
The reverse repo rate now stands at 4 per cent, down by 90 basis points, said RBI Governor Shaktikanta Das adding this has been done to make it unattractive for banks to passively deposit funds with the central bank and instead lend it to the productive sectors.
The six-member monetary policy committee (MPC) met on March 24, 25 and 27 and voted 4:2 in favour of the repo rate reduction. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target.
"The need of the hour is to shield the economy from the pandemic," said Das. "We need to mitigate the impact of coronavirus, revive economic growth and provide financial stability."
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
The RBI Governor further said that the economic growth and inflation projection will be highly contingent depending on the duration, spread and intensity of the pandemic.
"Global economic activity has come to a near standstill as COVID-19 related lockdowns and social distancing are imposed across a widening swathe of affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," said Das.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession," he said.
However, the RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 per cent of GDP. "Along with today's measures, liquidity measures equal to 3.2 per cent of GDP. The RBI will take continuous measures to ensure liquidity in the system."
The RBI governor has said that all banking institutions can offer a three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as a non-performing asset (NPA).
The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.
Das said banks and other financial institutions should do all they can to keep credit flowing to economic agents facing financial stress on account of the isolation that the virus has imposed.
"Market participants should work with regulators like the RBI and the Securities and Exchange Board of India (SEBI) to ensure the orderly functioning of markets in their role of price discovery and financial intermediation," he said.

Panaji, Feb 9: RSS general secretary Suresh Bhaiyyaji Joshi on Saturday said that anybody who wants to work (in India) will have to do so with the Hindu community and for their empowerment.

Addressing a lecture on the topic "Vishwaguru Bharat, an RSS perspective" at Dona Paula in Panaji, Mr Joshi referred to his communication with an intellectual who had said that India should become a "supre-rashtra" in the year 2020.

"Anybody who wants to work (in India) will have to work with the Hindu commumnity by taking them along and for their empowerment. Hindus have witnessed the rise and fall of India since the time immemorial. India cannot be separated from (the) Hindu (community). Hindus have always been at the centre of this nation," Mr Joshi said in Marathi.

He also added that since Hindus are not communal or antagonist, "nobody should be reluctant to work for the Hindu community".

The RSS leader further said, "The world says India will become a superpower in 2020, but I remember my conversation with an intellectual who had said that India should become a super-rashtra (super nation) in 2020".

Goa Chief Minister Pramod Sawant was among those who attended the lecture.

"To create awareness and unity amongst Hindus does not amount to (taking) an action against others (community). No one should feel it that way. We can say with utter self confidence before the entire world that Hindus becoming strong won't result in destructive activities, but (such proposition) will work for the society and humanity," he added.

Invoking history, Mr Joshi said Hindus never invaded other countries. "Whatever wars (they had fought) were for self defence. Everyone has the right to self defence," he said.

"It is India's duty to teach the world to walk on the path of ''samanvay'' (coordination). Nobody else other than India and Hindus can do this," Mr Joshi said.

He said some communities in the world keep preaching that only their path is "great".

"But we are from the (Hindu) community which says that we have our own path so as you. When the world will accept this ideology, then all the issues would get solved. It is the duty of India to take the world on that path," he added.

New Delhi, Mar 16: A total of 110 cases of coronavirus, including 17 foreign nationals have been confirmed across India, Union Ministry of Health and Family Welfare said on Sunday.

The maximum positive cases have been reported from Maharashtra (32), followed by Kerala (22).

The total number of passengers screened at airports is 12,76,046, the ministry said.

The World Health Organisation (WHO) has declared that Europe has become the new 'epicentre' of the coronavirus pandemic that has infected more than 15 lakh people with over 6,000 deaths globally.

The virus had first emerged in China's Wuhan city in December last year.