Cabinet to consider FDI in pension, insurance today

October 4, 2012

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New Delhi, October 4: In another round of big-ticket reforms, the Union Cabinet will consider on Thursday raising the FDI cap in insurance sector to 49 percent and opening the pension sector to foreign investment besides creation of a National Investment Board.

The Cabinet will also consider a number of other crucial measures like giving more powers to commodity market regulator FMC, Competition Bill to bring all sectors under Companies Act, and model tripartite agreement for operationalising the Infrastructure Development Fund (IDF), sources said.

This is the second time within a month that the Cabinet would consider such major proposals to push reform initiative. On September 13, the government had approved the controversial decision of allowing 51 percent FDI in multi-brand retail, besides relaxing FDI norms for civil aviation and broadcasting sector.

While the Insurance Bill seeks to raise the FDI cap insurance sector to 49 percent, from the 26 percent at present, the proposal in the Pension Fund regulatory and Development Authority (PFRDA) Bill seeks to open up the pension sector to foreign Direct Investment (FDI).

Besides, the NIB, to be headed by the Prime Minister, is proposed to be set up for according fast-track clearances to infrastructure projects.

The Forward Contract Regulation Act (Amendment) Bill that aims to give more powers to commodity markets regulator FMC. The Bill seeks to strengthen Forward Market Commission (FMC) by providing it financial autonomy, facilitate the entry of institutional investors and introduce new products for trading such as options and indices.

The Union Cabinet is also likely to approve tomorrow, the 12th Five-Year Plan (2012-17) document that proposes to lower annual average economic growth rate target during the period to 8.2 percent from 9 percent envisaged earlier in view of fragile recovery.

The Cabinet is also expected to consider proposal from the Civil Aviation Ministry for approving Lucknow, Varanasi, Tiruchirapalli, Mangalore and Coimbatore as international airports.

Besides, it would also take up the proposal from the Ministry of Corporate Affairs (MCA) to amend the Competition Act 2002 and amendments to the Companies Bill, 2011, following the report of the Standing Committee.

The proposal for IDF before the Cabinet includes a tripartite agreement between developer, lender (bank) and the IDF. The loans by the banks would be refinanced by the IDF so that banks have free funds for more lending.

The IDF, which was proposed in the Union Budget for 2011-12 fiscal, is aimed at accelerating and enhancing flow of long term debt for funding the ambitious programme of infrastructure development in the country.

Besides, the Cabinet would also take up the proposal of amending the Double Taxation Avoidance Agreement (DTAA) with Armenia and Poland.

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News Network
May 10,2020

Kochi, May 10: A total of 698 people who were evacuated from Maldives on INS Jalashwa, arrived here on Sunday around 9.30am (India time), said the Cochin Port officials. This operation is part of Indian Navy's 'Operation Samudra Setu'.

Another 121 from Lakshadweep also arrived at Mattanchery, near here. on MV Arabian Sea - a passenger/cargo ship sailing under the Indian Flag.

Samudrika Cruise Terminal has been opened up for handling the expatriates and Port has taken up necessary refurbishments consistent with the medical protocols.

The Cochin Port Trust officials said the first group of 698 persons evacuated from Maldives comprises 595 males and 103 females. Of this, 14 are children below 10 years and 19 pregnant women.

Among the 698 passengers, 440 are from Kerala, 156 from Tamil Nadu and the rest are from various states in the country.

Ernakulam district collector S. Suhas said all those from Tamil Nadu will be sent to their state in the bus.

The ship is berthed at BTP Jetty and the disembarkation procedures are being carried out at Samudrika Cruise Terminal. It will take around three hours for all the passengers to be cleared.

According to the protocols, all the Keralaites will be sent for 14 days institutional quarantine at their respective home districts.

Those who are having exemption from institutional quarantine have to be at home isolation.

Among the 121 who arrived on MV Arabian Sea from Lakshadweep include students and those Keralaites who work in the island.

The protocol for these 121 passengers is that since they have been checked there, all these people can go to their homes and be in isolation for 14 days.

The general guideline is if any one shows any symptoms of Covid-19, all such people will be directly sent to Covid hospitals, here.

The distance between Male and Kochi is 493 nautical miles and it began its voyage to Kochi on Friday evening.

INS Jalashwa is an Indian naval ship attached to the Eastern Naval Command. It was acquired from the United States and was commissioned in 2007.

INS Jalashwa has the capacity to accommodate 1000 troops, and comes equipped with extensive medical facilities, including four operation theatres, and a 12-bed ward facility.

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Agencies
July 18,2020

New Delhi, Jul 18: National carrier Air India on Friday said that it is in a ‘very challenging financial’ situation and is taking recourse to several initiatives, with a view to ensuring the continuance of its operations.

The airline, in a statement, noted that it has introduced the partially voluntary 'Leave Without Pay' (LWP) scheme on July 14.

"The scheme primarily enables employees to avail the benefits of proceeding on leave without pay on a voluntary basis. The LWP scheme has been introduced for grant of leave without pay and allowances for permanent employees for a period of six months or two years, which is extendable upto 5 years," the statement said.

"Air India had brought out similar scheme earlier... Several hundred employees have, in the past, availed of the LWP Scheme."

As per the statement, in the wake of the ongoing Covid-19 pandemic, there may be employees who are unable to attend their office duties in person on account of personal reasons.

"The LWP scheme enables employees to take a break from their office responsibility for a defined period of time with the approval of the management, while retaining their employment with the company," the statement said.

"They will continue to avail facilities such as passage, medical and housing at specified rates."

Accordingly, the LWP scheme provides the opportunity to employees to take up alternative employment with the approval of the management during the period of the said leave, the airline said.

"The LWP scheme is a win-win situation for both the management as well as employees as it provides flexibility to employees and simultaneously reduces the wage bill for the company," the statement said.

"It is important to note here that the Covid-19 outbreak has very seriously impacted the airline sector and currently, the airline operations of the company are a small fraction of the prior Covid level operations."

The airline said that employees are encouraged to apply for availing the benefit of the scheme, in the prescribed format, by August 15.

"The only addition in this scheme as compared to the earlier LWP scheme is that the management can pass an order requiring the employees to go on leave for a period of six months or two years (extendable upto 5 years) compulsorily taking into consideration 'Suitability, Efficiency, Competence, Quality of performance, Health, Non-availability of employee and Redundancy'," the statement said.

Furthermore, the airline said that this provision has been introduced for use, "very sparingly", with a view to ensuring that the overall efficiency of the organisation, improves and the management will ensure that this will be implemented with complete fairness and transparency as per prescribed procedure.

Consequent to the announcement of the scheme, Air India unions are discussing their strategy against the move which might involve legal recourse.

An Air India union leader on Friday told IANS: "This is going to affect the livelihood of many. Why not every employee of AI take LWP a few days every month. This way the burden can be shared."

"The motive of the top management is to save their money by snatching money from lower employees."

According to Air India PIM document, as on November 1, 2019, the airline, on a standalone basis (without subsidiaries), had around 14,000 employees, including fixed term contract staff.

The development comes as the Centre has re-initiated the airline's divestment plan with new norms.

Interestingly, this time, it has sweetened the deal by substantially reducing the debt on the airline's account books and offered a 100 per cent stake in the loss-making airline.

The last date for bid submission to acquire Air India has also been extended to August 31.

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Agencies
August 5,2020

Ayodhya, Aug 5: Every street in Ayodhya was seen illuminated with earthen lamps ahead of the foundation stone laying ceremony of the Ram Temple on Wednesday.

People also lit diyas on the banks of Saryu river as part of the 'deepotsava' celebrations in the temple town which will see Prime Minister Narendra Modi and other dignitaries arrive today for the 'bhoomi pujan' ceremony of the Ram Temple.

The entire Ayodhya has been decked up and massive preparations have been made for this occasion with a festive air.

Earlier chief minister Yogi Adityanath had said that 11,000 diyas will be lit at Ram Ki Paidi on the banks of the Saryu river and that all houses and temples in Ayodhya will be celebrating with a 'deepotsava' (festival of lights) on the nights of August 4 and 5.

Adityanath burst firecrackers and lit earthen lamps at his official residence on in Lucknow as part of 'deepotsava'.

The construction work of Ram temple will begin after the foundation stone laying ceremony, in which dignitaries from various political and religious fields have been invited to participate.
Apart from Ayodhya other cities in like Kanpur were also illuminated to celebrate the grand event. Vishva Hindu Parishad (VHP) workers light earthen lamps in the city, as part of 'deepotsava'.

Chief Minister's residence in Uttarakhand will be decorated with 5100 diyas filled with Ghee on Wednesday evening to celebrate the occasion of the 'bhoomi pujan' of the Ram Temple in Ayodhya today by Prime Minister Narendra Modi.

Uttrakhand Chief Minister Trivendra Singh Rawat has said that Lord Ram Temple being built in Ayodhya is associated with "our belief". He also appealed to people in the state to light diyas at their homes on the occasion.

Earthen lamps were lit at Ujjain's Mahakaleshwar Temple in Madhya Pradesh and in Punjab too people lit lamps as part of 'deepotsava'.

Prime Minister Narendra Modi will perform 'pooja' at Hanumangarhi and Shree Ramlala Virajman before performing 'bhoomi pujan' of the Ram Temple in Ayodhya on Wednesday, informed Prime Minister's Office (PMO) on Tuesday.

He will unveil a plaque to mark the laying of the foundation stone and also release Commemorative Postage Stamp on 'Shree Ram Janmabhoomi Mandir'.

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