Notice to NDTV for alleged FEMA violations of over Rs 4,000 cr

Agencies
October 18, 2018

New Delhi, Oct 18: The Enforcement Directorate (ED) has issued a show cause notice to private television news channel NDTV for alleged violations of the forex law amounting to over Rs 4,000 crore, the central probe agency said Thursday.

"The investigation showed FEMA contraventions relating to receipt of foreign direct investment by NDTV to the extent of Rs 1,637 crore and the other relating to overseas investments to the tune of Rs 2,732 crore," the ED said in a statement.

The show cause notice, issued under the Foreign Exchange Management Act (FEMA), was issued to the founders and executive co-chairpersons of the group-- Prannoy Roy and Radhika Roy--, journalist Vikram Chandra and few others.

The companies alleged to have contravened the FEMA are Ms NDTV Lifestyle Holdings Ltd (now Ms Lifestyle and Media Holdings Ltd), Ms South Asia Creative Assets Ltd, Ms Astro Overseas Ltd and Ms NDTV Imagine Ltd (now Ms Turner General Entertainment Networks India Pvt Ltd).

The ED said the offences identified in respect of the first alleged contravention in the receipt of FDI pertains to "substantive contraventions of Rs 319 crore by NDTV Ltd through contravention of press note 1 of 2005 and downstream investment of Rs 138 crore without FIPB approval.

"The remaining contraventions relate to delays under FEMA in respect of allotment of shares within the permissible time limit of 180 days and delays in filing nomination with RBI and reporting requirements," the agency said.

As part of the second violation that has been show caused, the ED said "overseas investment made by the NDTV and offences of Rs 582 crore relate to the contravention of substantive provisions of FEMA and the remaining contraventions of Rs 2,414 crore relate to delays in filing reports and other requisite information before RBI."

The total contravention identified under the latest notice is Rs 4,369 crore.

The agency said it is further probing an instance of FDI received by the media group worth Rs 725 crore, which only the cabinet committee on economic affairs (CCEA) was competent to clear (cases of FDI in excess of Rs 600 crore).

"But, no CCEA approval was taken (by NDTV)," the ED alleged.

"FDI was projected as below Rs 600 crore as part of a larger conspiracy. While applying for FIPB approval NDTV projected FDI as varying between USD 130-160 million. Documents of FIPB section also projected FDI differently as Rs 585 crore (USD 130 million at the rate of Rs 45 per dollar).

"Further, investigation on this aspect is continuing," the agency said.

It added that there are additional "offences" under probe to the tune of Rs 13,78,68,77,738 by the group in respect of delays in reporting and filing information with RBI such as FIRC, FCGPR, FCTRS among others and delays in allotment of shares.

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News Network
March 23,2020

New Delhi, Mar 23: The total number of novel coronavirus cases in India rose to 415 on Monday including seven deaths.

"A total of 18,383 samples from 17,493 individuals have been tested for SARS-CoV2 as on March 23 at 10 am IST. A total of 415 individuals have been confirmed positive among suspected cases and contacts of known positive cases," ICMR said in a release.

According to the data released by the Ministry of Health and Family Welfare, Maharashtra is the worst affected state with 67 confirmed cases, including 64 Indian nationals.

Kerala also has 67 confirmed cases with 60 Indian nationals.

Next on the list with most coronavirus-affected patients is Delhi with 29 confirmed cases.

Uttar Pradesh and Rajasthan have 28 and 27 confirmed cases respectively. Telangana and Karnataka have reported 26 cases each. In Punjab, the number of COVID-19 affected patients stands at 21.

A total of 24 patients have been cured and discharged.

The Centre on Monday asked state governments to strictly enforce the lockdown imposed to prevent the spread of coronavirus and directed legal action against violators.

"States have been asked to strictly enforce the lockdown in the areas where it has been announced. Legal action will be taken against violators," a tweet by Principal Director General of PIB, KS Dhatwalia read.

A 'Janata curfew' was observed yesterday to contain the spread of the novel coronavirus pandemic, which has claimed and over 13,000 lives worldwide.

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News Network
January 24,2020

New Delhi, Jan 24: Although India's Ujjwala programme encouraged adoption of liquefied petroleum gas (LPG) for cooking among the poor, households availing the scheme have not shifted away from using highly polluting fuels like firewood, a study reveals.

The researchers, including those from the University of British Columbia (UBC) in Canada, found that additional incentives to encourage regular use of cooking gas are necessary for a complete transition to clean cooking fuel among poor rural households.

They noted that about 2.9 billion people across Asia, Africa, and Latin America burn solid fuels like firewood to meet their cooking energy needs.

This has significant negative implications for public health, the environment, and societal development, according to the researchers.

Through the Pradhan Mantri Ujjwala Yojana (PMUY), India has provided capital cost subsidies to poor women to adopt a clean-burning cooking fuel or LPG.

The researchers explained that within the first 40 months of the scheme, more than 80 million households obtained LPG stoves.

However, the full benefits of LPG adoption depend on near complete replacement of polluting fuels with LPG, according to a research-based policy brief published in the journal Nature Energy.

The scientists said this cannot be assumed solely on the basis of LPG presence in the household.

"Our research shows that Ujjwala was able to attract new consumers rapidly, but those consumers did not start using LPG on a regular basis," Abhishek Kar, a postdoc at Columbia University in the US, told PTI.

The study analysed LPG sales data for over 25,000 consumers, including PMUY beneficiaries, as well as general rural LPG consumers in Koppal district of Karnataka.

The scientists employed data covering all LPG purchases of PMUY beneficiaries through their first year in the programme.

They also assessed the general rural population's purchases during their first five years as consumers to assess the effect of experience on use.

The findings estimate that an average rural family needs to purchase five 14.2 kilogramme-cylinders annually to meet half of their cooking needs.

However, the study said just seven per cent of PMUY beneficiaries in Koppal purchased five or more cylinders annually, suggesting that the beneficiaries seldom use LPG.

The general (nonPMUY) consumers in this region use on average two times more LPG cylinders than PMUY beneficiaries, the researchers noted.

Yet, only 45 per cent of nonPMUY consumers use five or more cylinders per year -- even after several years of experience with LPG, they said.

The team assessed price and seasonal factors affecting LPG use among the general population over a three-year period.

It found that LPG consumers are sensitive to price and seasonality -- LPG cylinder refill rates are lower in the summer when agricultural activity is limited, and cash is scarce.

"There was no scheme incentives to promote use, except general LPG subsidies which is available to all, including the urban middle class," said Kar, who was a Ph.D. scholar at UBC when the research was published.

"If there is no additional income, what cost would a poor family on an already tight budget cut to pay for an extra expense on a regular basis.

"Ujjwala has started the scheme of 5 kg-cylinder in response, but the impact of that on LPG sales is still publicly unknown," he said.

These findings, the researchers noted, suggest the need for additional measures to promote regular LPG use for all rural populations.

Although the finding come from a single district in Southern India, it may also apply to other areas with similar socio-economic conditions, they said.

A more expansive evaluation of PMUY would help design targeted incentives to transform infrequent users to regular users, according to the researchers.

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Agencies
January 16,2020

Lucknow, Jan 16: The drive initiated by Uttar Pradesh's Yogi Adityanath government to identify non-Muslim immigrants in the state seems to have run into rough weather.

In Pilibhit, where the maximum number of about 35,000 illegal immigrants has been identified, it has now been found that information is being sought by the state government on an unverified document. A large number of families from Bangladesh settled here several decades ago.

The survey began last month even before the bill was notified. Moreover, the feedback email on the questionnaire is a Gmail ID -- [email protected] -- which is not a government server.

It is not known how the state government is drawing up the lists without having the verification criteria.

After the report was put up by a news website, Home Department officials feigned complete ignorance about the issue.

A spokesman said: "This was an unofficial and preliminary exercise to assess the number of illegal migrants in the state. The document is meant to collect basic beneficiary information. No list of potential beneficiaries has yet been sent to Delhi."

The document has eight columns asking for name, father's name, place of stay in India, and where did they come from and when. It does not mention any requirement of proof, or documents.

It also asks for a description of the kind of atrocities they faced, presumably in their home country.

The District Magistrate of Pilibhit claimed they are checking documents of the refugees, but denied any knowledge of the unsigned document.

The CAA is meant to benefit Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Pakistan, Bangladesh and Afghanistan who came to India before December 31, 2014. The statement of purposes of the Act adds that it is meant to benefit those fleeing religious persecution from the above countries.

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Abdullah
 - 
Thursday, 16 Jan 2020

Yogi is unfit to be CM as he does not know what he speaks and does.   Its unfortunate that we are such idiot as CM.    Instead of CAA we need PAA (Politician amendment act).    We need age limit of politicians to be fixed to 65 or maximum 70 years and any one coming in politics to be free from any bad doing.   No rapists/murders/looters/decoits should be allowed to contest election.   Presently 90 percent of the politicians have bad record.  Few are rapists, murders, having spent jail term etc.    

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