Major News and Events of 08 April 2015
What Happened on 08 April 2015
Andhra Pradesh CM Briefs Union Home Minister on Killing of 20 Alleged Sandalwood Smugglers in Chittoor District
Glenmark's stocks race higher as CCEA Approves Hike in FII Limit
Commercial Banks start Lowering Base Rates after Strict Call from RBI Governor
PM Narendra Modi launches MUDRA Bank
PM to Start Three-nation Tour to Pitch for Make in India Campaign
Indian Government Evacuates over 4,000 from Yemen
Real Estate Bill gets Cabinet Nod after PSC submits Report
DA Hiked by 6 Per Cent for Central Government Employees and Pensioners
Apex Court Dismisses Kingfisher Airlines Plea against Karnataka High Court's Order on 372 Crore TDS Payment
IPL 2015 Inaugurated in Kolkata
Apple India Sales and Revenue Increase by Over 40 Per Cent
The human rights activists have alleged excesses by Telangana police as images of a blood-splattered body of a suspected SIMI terrorist with handcuffs on wrist surfaced. On 7 April, police killed five terrorists on a highway in Nalgonda district, while transiting them from Warangal jail to a Hyderabad court, when one of the suspects Vikaruddin Ahmed (founder of Tehreek-Ghalba-e-Islam, a terror outfit) tried to snatch a weapon from security personnel and the other four terrorists joined him. Not satisfied with the police version, Mohammad Ahmed (Vikaruddin's father) demanded a CBI inquiry as he believes it was a fake encounter.
Sources say that after Ministry of Home Affairs sought detailed report from Andhra Pradesh government on the killings of 20 alleged sandalwood smugglers in Chittoor district’s Seshachalam hill ranges, AP Chief Minister Chandrababu Naidu briefed Union Home Minister Rajnath Singh on the matter. Reports say that after main political parties of Tamil Nadu -PMK, MDMK, and DMK - condemning the encounter and TN CM formally asking AP government for a thorough probe into the mater, N Chandrababu Naidu earlier called a high-level emergency meeting and also talked to Governor E.S.L. Narasimhan over phone.
Stocks of Glenmark Pharmaceuticals witnessed significant jump in its price (up by 4.83 per cent or 40.70 points to 884.90 at 2.58pm IST) after Cabinet Committee on Economic Affairs (CCEA) yesterday cleared proposal of increasing FII limit in the company from 35.07 per cent to 49 per cent. Analysts believe approval of this proposal will help Glenmark Pharmaceuticals get Rs. 2,022 crore worth of foreign investment. Today, Glenmark Pharmaceuticals Ltd opened at 879.30, much higher than previous close at 844.20, and breached the psychologically significant level of 900 and hit a high of 901.35.
After strict call from the Reserve Bank of India Governor Raghuram Rajan to banks for transferring the already eased 0.5 per cent rate since January 2015 during the monetary policy announcement, commercial banks have at last started to lower their base rates. As per media reports, while State Bank of India was the first to announce a cut in its base rate by 15 basis points to 9.85 per cent, ICICI Bank and HDFC Bank followed soon by lowering 25 bps to 9.75 per cent and 15 bps to 9.85 per cent respectively. Axis Bank has decreased its base rate by 20bps to 9.95 per cent. Rajan yesterday said that one of the major reasons of holding rates this time is the presence of enough liquidity opportunities in the economy due to non-transference of two earlier rate cuts by banks.
Prime Minister Narendra Modi launched MUDRA Bank, having a corpus of Rs. 20,000 crore, under Pradhan Mantri Jan Dhan Yojana for helping “unfunded” small business entrepreneurs get credit up to Rs. 10 lakh. The concerned bank will also act as MFI (Micro-Finance Institution) regulator. While inaugurating the bank, the PM stressed upon the need to back small businesses by saying that small businesses employ 12 crore people while large business employ just 1.25 crore people. Reports say that MUDRA Bank will forge partnerships with coordinators at state and regional levels for financing all possible small and micro business enterprises.
Prime Minister Narendra Modi is all set to start his three-nation tour on 9 April to pitch for making India the manufacturing hub of the world through the ambitious ‘Make in India’ campaign. His first destination will be France where he will try to close the deal concerning the 126 Rafale fighter jets that India was planning to buy from the Dassault Aviation company. Francois Hollande, President of France, has confirmed reports that he will have discussion with Indian PM on estimated $12 billion Rafale deal. After France, Indian PM will visit Germany where he is scheduled to inaugurate Hannover Messe trade fair along with German Chancellor Angela Merkel. He will end the tour by visiting Canada.
India has successfully evacuated over 4,000 Indian nationals from war-ravaged Yemen, Union Defence Minister Manohar Parrikar said. He also said that India has evacuated nationals of other countries too. Officials said that 600 Indians were evacuated from Yemen’s capital Sana’a yesterday through three Air India flights and 100 Indians by INS Turkish from Al Hudaydah. The External Affairs Ministry spokesperson said that they are ending their evacuation effort from the Yemeni capital. Sources privy to the evacuation process said that till now 4,100 Indian nationals registered with the Indian mission and most of them have been evacuated. It is learnt that Indian government may continue evacuation effort through sea.
Real Estate (Regulation and Development) Bill, 2013, has been passed during Union Cabinet meeting in the presence of PM Narendra Modi. This new bill, which was pending in Rajya Sabha since August 2013 when it was referred to a Parliamentary Standing Committee (PSC), includes new proposed amendments. In February 2014, PSC submitted its report. Every State/Union Territory will now get one or more 'Real Estate Regulatory Authority' (RELA) for over viewing real estate transactions. All real estate agents/developers have to register themselves with RELAs. The new bill will be applicable for both commercial and residential real estates and is intended to make developers more accountable to customers.
Prime Minister Narendra Modi chaired Union cabinet meeting decided to increase DA (dearness allowance) of employees as well as pensioners of central government by 6 per cent with effect from January, media reports said. With this cabinet nod, DA has increased to 113 per cent of the basic pay and the government exchequer has to forgo Rs 7,889.34 crore in the current financial year. This move will benefit more than one crore central government employees and pensioners, which includes 55 lakh pensioners and 48 lakh employees. It is learnt that the recent hike was done on the basis of the basic DA formula recommended by sixth Central Pay Commission.
Grounded airliner Kingfisher Airlines Ltd’s plea against Karnataka High Court’s order asking the company to pay unpaid TDS (curtailed from the salaries of employees) to the tune of Rs 372 crore to Income tax department has been dismissed by the Supreme Court bench of Justice N V Ramana and Justice Ranjan Gogoi. Karnataka High Court had earlier upheld IT department’s assessment order on unpaid TDS from Vijay Mallya-owned airlines' salaries of employees for 2010-11, 2011-12 and 2012-13 financial years. As per IT department’s order, the now defunct airliner owes it Rs. 302 crore TDS and interest on it to the tune of Rs. 70 crore.
The eighth season of the Indian Premier League was inaugurated on the evening of 7 April at Kolkata’s Salt Lake stadium among glitz, glamour, and spectacle. The grand event was not only attended by the cricketing stars from eight IPL teams but also by Bollywood stars such as Hrithik Roshan, Anushka Sharma, Shahid Kapoor, Farhan Akhtar, Saif Ali Khan, and others. Though the event was delayed by rain, the two-hour entertainment extravaganza kick started the 45-days cricketing carnival. The opening match of IPL 2015 will be played between Mumbai Indians and Kolkata Knight Riders on 8 April at Eden Gardens.
Science and Technology
Apple India’s revenue has increased by 40 per cent during 2014-15 fiscal over previous financial year to touch the $1 billion revenue mark. Reports say that the revenue of Apple, which didn’t take the Indian smartphone market seriously during the early iPhone-iPad boom, has trebled since 2011-12. Cybermedia Research figures show that unit sales of apple phones have increased from 9.28 lakh units to 1.3 million units, a 42 per cent rate of growth. International Data Corporation’s consumer mobility lead and associate director for Asia Pacific region Shiv Putcha told media that Apple has done better in India than the general expectation.