Top BJP leaders show PM's degrees, demand apology from Delhi CM

Mumbai, Mar 27: The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.

The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.

The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.

RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune.

It all depends how India responds to the situation, he said.

Global slowdown could make things difficult for India too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production.

Aggregate demand may weaken and ease core inflation further, he noted.

The liquidity measures announced include auction of targeted long-term repo operation of 3 year tenor for total amount of Rs 1 lakh crore at floating rate and accommodation under Marginal Standing Facility to be increased from 2 per cent to 3 per cent of Statutory Liquidity Ratio (SLR) with immediate effect till June 30.

Combined, these three measures will make available a total Rs 3,74,000 crore to the country's financial system.

After cutting policy rates five times in 2019, the RBI had been on a pause since December in view of high inflation.

The measures announced come a day after the government unveiled a Rs 1.7 lakh crore package of free foodgrains and cash doles to the poor to deal with the economic impact of the unprecedented 21-day nationwide lockdown.

While the Monetary Policy Committee (MPC) of the RBI originally was slated to meet in the first week of April, it was advanced by a week to meet the challenge of coronavirus.

New Delhi, May 9: The Supreme Court on Friday agreed to consider a plea raising the issue of mass termination and the illegal salary cut of employees in IT/ITES/BPO/KPI by their employers during the lockdown due to the spread of the coronavirus.

A bench comprising Justices Ashok Bhushan, S.K. Kaul and B.R. Gavai, taking up the matter through video conferencing, agreed to examine the issue and listed it for May 15.

The petition, argued by senior advocate Devadatt Kamat, was filed by National Information Technology Employees Sena (NITES) through advocate-on-record Amit Pai, and sought implementation of directions issued by the Centre on March 29 and similar advisories issued by several other states mandating payment of wages/salaries to the employees and also directed not to terminate them during the period of lockdown.

A directive was issued by the Union Ministry of Labour and Empowerment to all Chief Secretaries of state governments to issue advisories to public and private companies to not lay off employees or implement pay cuts during lockdown.

In the Centre for Monitoring Indian Economy (CMIE) report published on April 19, it was noted that "several companies across the country have started to terminate its employees without any reasonable cause and have started withholding their salaries. It is submitted that in such testing times, the rights of the employees ought to be protected by necessary orders/directions to the companies through the Respondents to effectively implement the lockdown and to contain the spread of the virus", said the plea.

On March 29, the Centre issued an order directing all states and Union Territories to issue orders, requiring all the employers in the industrial sector and shops and commercial establishments to pay wages on the due date without any deduction during their closure due to the lockdown.

New Delhi, Apr 3: Prime Minister Narendra Modi on Friday urged people to gather together for a unique exercise on April 5 at 9 pm to show they were together in the fight against coronavirus.

"On this Sunday, April 5, we will challenge the darkness of coronavirus threat together. On April 5, at 9 pm, I need your 9 minutes. At 9 pm, turn off all the lights in your houses and light a Diya, candle, torch or flashlight for 9 minutes at your doors, or balcony," Modi said.

The Prime Minister further said that this will send out a message that nobody among the 130 crore Indians is alone in this fight against the deadly infection.

"I have one more prayer to all of you, nobody has to gather at any place during this event. Everyone will light a Diya only at their doors, windows or balconies. The Laxman Rekha of social distancing must be followed," Modi said.
Earlier, the Prime Minister had said that 130 crore Indians are together in this fight against coronavirus and praised the countrymen for following the lockdown.

"Today when crores of people are inside homes, then some of us may think how will they fight this battle against COVID-19 alone. Such questions might come up in your mind? But please remember, none of us is alone. The strength of 130 crores of Indians is with each one of us," he said.

He also expressed gratitude towards countrymen for participating in 'Janata curfew' on March 22 and said it has become "an example for all countries" today as they are following it.

In his address to the nation on March 24, the Prime Minister had announced a 21-day lockdown in the country to contain the spread of novel coronavirus, which has infected over 2,000 people in the country.

During the last "Mann Ki Baat" on COVID-19 related issue, the Prime Minister had apologised to the countrymen for taking the tough decision of enforcing complete lockdown in the nation. "My conscience says you will forgive me," he had said.