SC gives FinMin and RBI 3 days to decide on interest levy on EMIs during moratorium

Agencies
June 12, 2020

New Delhi, Jun 12: The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks.

A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months.

"Then how can interest of these 3 months be added?" the apex bench asked. Mehta replied: "I need to sit down with the RBI officials and have a meeting."

SBI's counsel, senior advocate Mukul Rohatgi, intervened during the proceedings and said "all banks are of the view that interest cannot be waived for a six month EMI moratorium period".

"We need to discuss it with the RBI," insisted Rohatgi.

Justice Bhushan then asked Mehta to convene a meeting of the RBI and Finance Ministry officials over the weekend, and listed the matter for further hearing on June 17.

The top court, during the hearing, indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest shouldn't accrue further interest on it.

After the RBI said the waiver of interest charges on EMIs during moratorium will lead to loss of 1 per cent of the nation's GDP, the top court had earlier asked the Finance Ministry to reply, whether the interest could be waived or it would continue during the moratorium period.

The top court said these are not normal times, and it is a serious issue, as on one hand moratorium is granted and then, the interest is charged on loans during this period.

"There are two issues in this (matter). No interest during the moratorium period and no interest on interest," said Justice Bhushan. The observation from the bench came on a petition by Gajendra Sharma, in which he sought a direction to declare portion of the RBI's March 27 notification as ultra vires to the extent it charged interest on the loan amount during the moratorium period.

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Agencies
May 10,2020

In the wake of the gas leak at a factory in Visakhapatnam, the National Disaster Management Authority (NDMA) has issued detailed guidelines for restarting industries after the lockdown and the precautions to be taken for the safety of the plants as well as the workers.

In a communication to all states and union territories, the NDMA said due to several weeks of lockdown and the closure of industrial units, it is possible that some of the operators might not have followed the established standard operating procedures.

As a result, some of the manufacturing facilities, pipelines, valves may have residual chemicals, which may pose risk. The same is true for the storage facilities with hazardous chemicals and flammable materials, it said.

The NDMA guidelines said while restarting a unit, the first week should be considered as the trial or test run period after ensuring all safety protocols.

Companies should not try to achieve high production targets. There should be 24-hour sanitisation of the factory premises, it said.

The factories need to maintain a sanitisation routine every two-three hours especially in the common areas that include lunch rooms and common tables which will have to be wiped clean with disinfectants after every single use, it added.

For accommodation, the NDMA said, sanitisation needs to be performed regularly to ensure worker safety and reduce the spread of contamination.

To minimise the risk, it is important that employees who work on specific equipment are sensitised and made aware of the need to identify abnormalities like strange sounds or smell, exposed wires, vibrations, leaks, smoke, abnormal wobbling, irregular grinding or other potentially hazardous signs which indicate the need for immediate maintenance or if required shutdown, it said.

At least 11 people lost their lives and about 1,000 others were exposed to a gas leak at a factory in Andhra Pradesh''s Visakhapatnam on May 7.

The incident took place after it restarted operations when the government allowed industrial activities in certain sectors following several weeks of lockdown.

The lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the coronavirus threat. The lockdown was then extended till May 3 and again till May 17.

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Agencies
January 7,2020

Washington, Jan 7: Facebook will ban deepfake videos ahead of the US elections but the new policy will still allow heavily edited clips so long as they are parody or satire, the social media giant said Tuesday.

Deepfake videos are hyper-realistic doctored clips made using artificial intelligence or programs that have been designed to accurately fake real human movements.

In a blog published following a Washington Post report, Facebook said it would begin removing clips that were edited--beyond for clarity and quality--in ways that "aren't apparent to an average person" and could mislead people.

Clips would be removed if they were "the product of artificial intelligence or machine learning that merges, replaces or superimposes content onto a video, making it appear to be authentic," the statement from Facebook vice-president Monika Bickert said.

However, the statement added: "This policy does not extend to content that is parody or satire, or video that has been edited solely to omit or change the order of words."

US media noted the new guidelines would not cover videos such as the 2019 viral clip -- which was not a deepfake -- of House Speaker Nancy Pelosi that appeared to show her slurring her words.

Facebook also gave no indication on the number of people assigned to identify and take down the offending videos, but said videos failing to meet its usual guidelines would be removed, and those flagged clips would be reviewed by teams of third-party fact-checkers -- among them AFP.

The news agency has been paid by the social media giant to fact-check posts across 30 countries and 10 languages as part of a program starting in December 2016, and including more than 60 organisations.

Content labeled "false" is not always removed from newsfeeds but is downgraded so fewer people see it -- alongside a warning explaining why the post is misleading.

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Agencies
February 26,2020

Unnao, Feb 26: Ever heard of someone wishing a 'bright future' for the dead? In a bizarre incident in Uttar Pradesh's Unnao district, a village head issued a death certificate with the wish for an elderly man who had died last month.

The incident took place in the Sirwariya village in Asoha block where an elderly person Laxmi Shankar died after a prolonged illness on January 22.

His son went to the village head Babulal and requested him to issue a death certificate that he needed for some financial transactions.

Babulal not only issued the death certificate, but also 'wished' 'a bright future for the deceased' on the document.

The village head wrote in the death certificate -- "Main inke ujjwal bhavishya ki kaamna karta hoon (I wish him a bright future)."

The letter went viral on the social media on Monday after which the village head apologised for the error and issued a new death certificate.

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