HC gives day’s time to police for instruction on Zargar's bail plea in UAPA case

New Delhi/ Jammu, Jun 29: Syed Ali Shah Geelani, the face of Kashmir's separatist politics for over three decades, has quit the Hurriyat Conference, the biggest separatist amalgam in Kashmir. The 90-year-old, who had led the separatist movement in Kashmir Valley since the 1990s, was a lifelong chairman of the Hurriyat.

He has mostly been in house arrest since 2010, when anger and violence over police firing on protesters consumed Kashmir.

In an audio message, Syed Ali Shah Geelani said he was announcing his resignation from the All Party Hurriyat Conference because of "the current circumstances" in the umbrella group.

"In view of the current state of the Hurriyat Conference, I am announcing my complete dissociation from the forum. In this context I have already sent a detailed letter to all constituents of the forum," said Geelani in an audio message released this morning.

This marks a major development for separatist politics in Jammu and Kashmir after the government ended its special status under the constitution's Article 370 in August last, split it into two union territories and enforced massive restrictions in movement besides jailing scores of leaders.

Geelani also released a two-page letter in which he accused constituents of Hurriyat of inaction after the scrapping of Article 370.

"I sent messages to you through various means so the next course of action could be decided but all my efforts were in vain. Now that the sword of accountability is hanging over your heads for the financial and other irregularities, you thought of calling the advisory committee meeting," he wrote.

The letter accused Hurriyat constituents of hatching "conspiracy and resorting to lies against him" and also teaming up with the Hurriyat chapter in Pakistan Occupied Kashmir, which had targeted him. "Instead of reprimanding them, you called a meeting in Srinagar and ratified their stand. You people have become part of the conspiracy and lies," said the letter.

"The lack of discipline and other shortcomings were ignored and you did not allow a robust accountability system to be established over the years but today, you have crossed all limits and indulged in rebellion against the leadership."

Sources say Geelani had been attacked by groups in Pakistan for what they called his failure to respond to the government's big move. Many questioned the silence of the separatist hardliner, who was prone to calls for protest shutdowns and election boycotts.

A three-time MLA from Sopore, Geelani quit electoral politics after militancy erupted in Kashmir. Recent reports have claimed that he has been unwell.

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

New Delhi, Jan 17: Deputy Chief Minister Manish Sisodia does not have any car on his name, according to information shared in the poll affidavit filed by him for Delhi elections.

In the affidavit, it is also shown that while his self-acquired immovable property remained roughly the same as in 2015. His wife's self-acquired immovable property is worth roughly about Rs 65 lakh, as per his latest affidavit.

In the papers submitted during the nomination for 2015 Delhi polls, the senior AAP leader had declared that he owned a Maruti Swift car of make 2013.

However, in his 2020 affidavit, he has mentioned "nil" in the column for motor vehicles and other means of transport.

In the affidavit submitted on Thursday, his moveable assets were declared worth Rs 4,74,888 for 2018-19, as against Rs 4,92,624 for 2013-14.

In 2015, Sisodia had informed in his affidavit that he had bought a property in Vasundhara, Ghaziabad, worth Rs 5.07 lakh in April 2001. The approximate current market value of self-acquired property in 2015 was Rs 12 lakh.

In his current affidavit, the AAP leader has mentioned the same property. However, the approximate current market value of self-acquired property in 2020 has increased to Rs 21 lakh.

In his affidavit for the 2015 polls, Sisodia had also said that his wife had purchased a property in March 2008 costing Rs 8.70 lakh. At that time, the approximate value of her self-acquired property was Rs 20 lakh.