Troop deployment in J&K based on internal security situation: Home ministry

New Delhi, Jul 13: The Land & Development Office, which comes under the Union Ministry of Housing and Urban Affairs, has sent a notice to news agency PTI, demanding it to cough up more than Rs 84 crore as penalty. The notice dated July 7 says that the penalty has been imposed due to "breaches" at its office in Delhi.

The notice that sought Rs 84,48,23,281 argues that "the less will be pleased to regularise the breaches in the premises temporarily up to 14.07.2020 and withdraw the right of re-entry of the premises subject to the following conditions being fulfilled by you within 30 days from the date of issue of this letter."

The notice also stipulates that the news agency needs to give an undertaking on non-judicial stamp paper stating that it will pay the difference of "misuse/damage charges" if the land rates are revised with effect from 01.04.2016 by the government and will also remove the "breaches" by 14.07.2020 or get them regularised by paying charges.

The notice also warns that further action to execute the deed has to be subject to complete payment and putting the premise to use according to the masterplan.

The Land & Development Office so warned that an additional 10 per cent interest may need to be coughed out by PTI if it fails to furnish the concerned amount within the stipulated time period.

Additionally, if the news agency fails to comply with the terms within the said period, the concession will be withdrawn. In other words, they will have to pay the penalty up to the actual date of payment then and will also be subject to actions.

This stern notice for alleged violations by PTI comes closely on the heels of national broadcaster Prasar Bharati locking horns with PTI over its reportage that it called "anti national".

Prasar Bharti had recently sent a letter threatening to end its "relationship" with PTI after it carried an interview of Chinese Ambassador Sun Weidong, where he blamed India for the India-China violent standoff that saw 20 Indian bravehearts getting martyred.

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.

Jan 27: The Andhra Pradesh Cabinet passed a resolution on Monday setting in motion the process for abolishing the state Legislative Council.

A similar resolution will now be adopted in the Legislative Assembly and sent to the Centre for necessary follow-up action.

With just nine members, the ruling YSR Congress is in minority in the 58-member Legislative Council. The opposition Telugu Desam Party (TDP) has an upper hand with 28 members and the ruling party could get a majority in the House only in 2021 when a number of opposition members will retire at the end of their six-year term.

The move by the Andhra Pradesh cabinet came after the Y S Jaganmohan Reddy government last week failed to pass in the Upper House of the state legislature two crucial Bills related to its plan of having three capitals for the state.

Andhra Pradesh Legislative Council Chairman M A Sharrif on January 22 referred to a select committee the two bills -- AP Decentralisation and Inclusive Development of All Regions Bill, 2020, and the AP Capital Region Development Authority (CRDA) Act (Repeal) Bill -- for deeper examination.

The chairman had said that he was using his discretionary powers under Rule 154 while referring the Bills to the select panel in line with the demand of the TDP.

Following this, the chief minister had told the Assembly, "We need to seriously think whether we need to have such a House which appears to be functioning with only political motives. It is not mandatory to have the Council, which is our own creation, and it is only for our convenience."

"So let us discuss the issue further on Monday and take a decision on whether or not to continue the Council," he had said.

In fact, the YSRC had on December 17 first threatened to abolish the Council when it became clear that the TDP was bent on blocking two Bills related to creation of a separate Commission for SCs and conversion of all government schools into English medium.

As the Legislature was adjourned sine dine on December 17, no further action was taken. But last week, the issue cropped up again as the TDP remained firm on its stand on opposing the three-capitals plan.

The YSRC managed to get two TDP members to its side, but the government failed to get the three capitals Bills passed in the Council.

"What will be the meaning of governance if the House of Elders does not allow good decisions to be taken in the interest of people and block enactment of laws? We need to seriously think about it… Whether we should have such a House or do away with it," the chief minister had said in the Assembly.