Guj Cong promises jobs, unemployment allowance, smartphones

Agencies
September 12, 2017

Ahmedabad, Sept 12: Gujarat Congress on Tuesday said that it would provide unemployment allowance to youth in the state if elected to power in the forthcoming Assembly elections slated for this year-end.

“After 22 years of power, the BJP that promised 50 lakh jobs has ended up seeing 30 lakh unemployed youth in the state. The economy is in doldrums and business in dumps. The agriculture growth has slackened and youth are in disgust. The agitations in the state are symbolic of this dissatisfaction,” Bharatsinh Solanki, Gujarat Congress chief said adding that on an average Gujarat has seen the imposition of Section 144 in 200 of the 365 days.

He said that the main thrust for Congress would be to address unemployment and provide jobs to local youth. “We promise to provide jobs to every youngster in five years and as our commitment, we would provide unemployment allowance in the interim,” he added. The Congress announced that it would extend a stipend of Rs 3000 to each youngster who has completed education till 12th, Rs 3,500 for graduates and Rs 4,000 for post graduates every month. It also announced that soft loan would be extended to those seeking to go entrepreneurial way.

“The entire exercise would cost the exchequer not more than Rs 8,000 crore per annum. Not much compared to the money being splurged by BJP in its marketing activities,” Solanki said. The Congress said that it would also strictly ensure the implementation of law insisting on 80% jobs for locals.

“Gujarat was a textiles hub, an oil engine hub, pharma hub, diamond hub, chemicals hub and ceramic hub before 1995 when BJP came to power. Since then they talked of making Gujarat an I-T hub, knowledge hub, auto hub but nothing. The state has not added even 1 MW of public sector power, nor has one university been opened by the government. All that capitalist BJP has done is open up the sectors for the private sector,” Siddharth Patel, senior Congress leader said, taking a dig at BJP president Amit Shah who had said Gujarat has developed only after BJP came to power in 1995.

Patel said that there are seven lakh jobs available for giving in multiple state boards and undertakings. These can be filled easily. “More than 12 lakh educated youth applied for 600 jobs of revenue clerk (talati). This tells you the reality of employment in Gujarat.”

Other than unemployment allowance, Congress has also announced that it would provide a smartphone to all youngsters in the state. “Instead of providing Trishul and swords as done by RSS and BJP, we want to help youth put their talent to constructive use and are going to put smartphones in their hands,” Solanki said.

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News Network
March 11,2020

New Delhi, Mar 11: According to the Union health ministry, there are 62 confirmed cases of coronavirus in the country.

The Delhi High Court Wednesday sought the stand of the Centre and the Delhi government on a PIL seeking proper and adequate measures to combat coronavirus.

A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Ministry of Health and the Delhi government seeking their replies on the public interest litigation (PIL) filed by an advocate.

The petition, by lawyer Triveni Potekar, seeks directions to the Centre and the Delhi government to make available important and relevant information on access to and availability of medical facilities for testing and treatment for the coronavirus disease.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
January 18,2020

New Delhi, Jan 18: Lieutenant Governor (LG) Anil Baijal has granted the power of detaining authority to the Delhi Police Commissioner under the National Security Act (NSA), according to a notification. The NSA allows preventive detention of an individual for months if the authorities feel that the individual is a threat to the national security, and law and order, sources said.

In exercise of the powers conferred by sub-section (3) of section 3, read with clause (c) of Section 2 of the National Security Act, 1980, the Lt Governor is pleased to direct that during the period January 19 to April 18, the Delhi Police Commissioner may also exercise the powers of detaining authority under sub-section (2) of the section 3 of the aforesaid Act, the notification stated.

The notification has been issued on January 10 following the approval of the LG.

It comes at a time when the national capital has been witnessing a number of protests against the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC).

However, the Delhi Police said it is a routine order that has been issued in every quarter and has nothing to do with the current situation.

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