Did funds for Chhattisgarh come from 'Mama's house': Narendra Modi asks Rahul Gandhi

Mumbai, Mar 6: Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month.

Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well. At an ATM in south Mumbai's Horniman Circle, with the RBI headquarters overlooking it, the shutters were pulled down.

The guard on duty said the machine was non-operational before he reported to work late in the evening and he was ordered to shut it after 2200 hrs. In the residential area of suburban Chembur, one ATM was dispensing cash but had a long queue of anxious depositors.

One man said it was still possible to withdraw up to Rs 50,000 in multiple transactions from the machine.

However, another machine nearby had run dry within minutes of the RBI announcement, a woman said.

The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender.

For the next month, Yes Bank will be led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.

New Delhi, May 6: Taking a cue from states, the Centre announced one of the steepest hikes in duties on petrol and diesel in the recent past, by raising it by Rs 10 and Rs 13 per litre, respectively, in a notification issued late on Tuesday.

Retail prices, however, will see no change as the price hike will be absorbed by oil marketing companies against the fall in crude prices.

Road and infrastructure cess was hiked by Rs 8 for petrol and diesel and the special additional excise duty (SAED) was hiked by Rs 2 per litre and Rs 5 per litre, respectively. While the road cess will only go into the Centre’s coffers, the hike on account of SAED will be passed on to states via devolution at 42 per cent. Hence, the states will get only Rs 0.84 per litre in case of petrol and Rs 2.1 in case of diesel.

The decision comes after several states increased the value added tax (VAT) on petrol and diesel making use of the lower price regime. The Delhi government on Tuesday increased VAT on petrol and diesel to 30 per cent each, from 27 and 16.75, respectively. As a result, the price of petrol in Delhi increased by Rs 1.67 to Rs 71.26 a litre and diesel by Rs 7.10 to Rs 69.29 in Delhi on Tuesday.

Amid falling international crude oil prices, the Centre introduced an enabling provision in March to raise excise duty on petrol and diesel by Rs 8 per litre in the Finance Act. The government had on March 14 raised excise duty on petrol and diesel by? 3 per litre each, which was to help raise an additional ?39,000 crore in revenue annually.

This duty hike included Rs 2 a litre increase in SAED and Rs 1 in road and infrastructure cess. It raised SAED to Rs 10 for petrol and Rs 4 for diesel. The limit has now been increased to Rs 18 a litre in case of petrol and Rs 12 in case of diesel by way of amendment of the Eighth Schedule of the Finance Act.

Economists said the move would impact retail inflation by over half a percentage point at least. “With lower consumption, there was loss of revenue for Centre and states, who earn Rs 6 trillion annually or Rs 50,000 crore monthly from fuel. Amid lockdown in April, the collection must have come down to just Rs 5,000 crore, and this will hold for May.

This means that Centre and states have lost 20 per cent of annual revenue from fuel. Hence, they have hiked duties to recover losses,” said Madan Sabnavis, chief economist, CARE Ratings. He added that the hike will impact inflation by at least 0.6-0.7 percentage points.

According to industry experts, an estimate of the additional government revenue cannot be made as the consumption of petrol and diesel has dropped to 40 per cent of what it was before the lockdown. The duty hike comes following a drop in international crude oil prices in April, owing to lower consumption figures globally. At 11.50 pm on Tuesday, Brent was priced at $30.67 a barrel, while West Texas Intermediate (WTI) crude was seen at $24.36 a barrel. On Monday, the Indian basket of crude oil was priced at $23.38 a barrel, after touching a 15-year low last month.

Sopore, Jammu And Kashmir: A three-year-old boy survived as his grandfather was killed in a terror attack on the Central Reserve Police Force (CRPF) in Jammu and Kashmir's Sopore town this morning. A CRPF jawan was also killed in the line of duty as terrorists opened fire on a patrol team.

In heart-wrenching images, the child is seen sitting on the blood-splattered body of his grandfather, a civilian caught in the crossfire. The boy was numb with fear when he was picked up by policemen, according to the police.

The Kashmir police also tweeted a photo of the child being carried to safety by a policeman.

"Jammu and Kashmir police rescued a three-year-old boy from getting hit by bullets during the terrorist attack in Sopore," said the tweet by the Kashmir Zone Police.

The child was travelling in a Maruti car with his grandfather from Srinagar to Handwara when it was hit by a spray of bullets in Sopore town, which is in Baramulla district about 50 km from Srinagar.

The police said terrorists hiding in a mosque fired indiscriminately at the patrol team as it was getting off a bus. The CRPF troops retaliated but the terrorists managed to escape.

According to the CRPF, the grandfather stopped the car and got out to run to a safe spot but was shot dead in the firing by terrorists. The boy was later rescued by a policeman standing nearby.

Last week, a six-year-old boy was killed during a terror attack on the CRPF in Anantnag.

Little Nihaan Bhat was sleeping in a parked car when he was hit by a bullet. Police say the terrorist was on a bike and opened fire from a pistol on a CRPF patrol. One jawan was killed. The child's killing drew widespread anger and condemnation.

The terrorist believed to be involved in the Anantnag attack escaped yesterday after an encounter with security forces. Police said two other terrorists who were hiding with him at a village were killed.