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Major News and Events of 12 May 2015

What Happened on 12 May 2015


Indian Bourses Nosedive Again

BSE Sensex, after increasing by 908 points in just two trading days, has again slumped by 506 points to reach 27,000 points. In fact, broader based 50-stock NSE Nifty also fell by 134 points today. At 2.01pm IST, CNX Nifty was down by 2.23 per cent or 185.60 points and was trading at 8139.65 points, with 47 stocks declining and just three stocks advancing. At 2.04 pm IST, Sensex was down by 2.17 per cent or 597.55 points and was trading at 26909.75 points. Technical analysts believe that Nifty will face stiff resistance in the 8,300-8,310 level. Delay in passage of GST Bill and Land Acquisition bill is thought as the reasons of this downward pull.

PM asks BJP MPs to Tell Voters about Government’s Work

Prime Minister Narendra Modi, during a parliamentary panel meeting, appreciated the efforts put in by the BJP MPs and asked them to visit their respective constituencies and tell their voters what the Union Government has done in the last one year. Modi asked the MPs to carry on this campaign from 26 May to 31 May to commemorate one year of NDA-2 government at the center. NaMo took over as the PM on 26 May, 2014. During the meeting, PM also told BJP MPs that building good relationship with neighbouring countries, especially Pakistan, is very important and it can be achieved by BJP government only.

Earthquake Rocks Nepal, Tremors Felt in Several Parts of India

A high-intensity earthquake, having its epicenter at 18 km from Kodari rocked Nepal. US Geological Survey has said that the earthquake hit Nepal at 12.35pm local time today and the intensity is learned to be of 7.3 Richter scale. The tremors were felt in northern parts of India (including Delhi) as well as in some eastern states (including Kolkata) at around 12.40pm local time. Home Minister Rajnath Singh, while informing about the quake and its tremors felt in several parts of India tweeted that his ministry is gathering more information as well as details on the earthquake.    

India goes down against Malaysia 2-3 in the Knockout Match for Sudirman Cup's Qualifier

India lost to Malaysia by 2-3 in the qualifier of Sudirman Cup’s knockouts of the World Mixed Team Badminton Championships yesterday, despite the wins registered by ace Indian shuttler Saina Nehwal and successful women’s duo Jwala Gutta and Ashwini Ponnappa. Men’s doubles pair of India, B Sumeeth Reddy and Manu Attri, went down against Malaysian pair Tan Wee Kiong and Goh V. Shem in straight sets (15-21, 16-21). India got a major setback when India’s ace shuttler and World No. 4 Kidambi Srikanth went down to Malaysia’s Lee Chong Wei by 16-21, 15-21. Malaysia got ahead of India when Goh Liu Ying and Chan Peng Soon defeated India’s mixed doubles duo Arun Vishnu and N. Sikki Reddy by 21-14, 21-18. India will play their final Group 1D match tomorrow against South Korea.

Google's Business Head eyes Doubling of Business in India

Amit Singh, Google's enterprise business head, while emphasising on the advantages of cloud computing in security measures, said that Google Inc. is all set to double its business in India every year. Singh went on to add that in the last five years, 10,000 employees and 600 organisations have chosen the paid computing services of Google such as Gmail. He also hopes that cloud technology will gain relevance as the world is moving towards increased digitalisation. While revealing his company’s plans on India, Amit Singh said that they are going to push their “Google for Work” service for the Android mobile devices.

18 Injured in Low Intensity Blast in West Bengal's Sealdah-Krishnanagar Local

Clash between two groups of armed criminals in West Bengal’s Sealdah-Krishnanagar local led to a low intensity blast inside the fifth compartment of the train. At least 18 passengers were injured in the incident which occurred today early morning (at 3.55am IST). Five passengers are reported to be in serious condition. Available reports say that the bomb, which was carried by one of the passengers, exploded when the scuffle took place between two suspected criminals. The explosion happened when the concerned local train left Titagarh station and headed for the next stop at Barrackpore. It is learnt that police has identified the person carrying the bomb as Raju Das alias Raja, who has criminal records.  

China Presses India for accelerating New Delhi-Chennai Railway Link

With Prime Minister Narendra Modi all set to visit China this week, Beijing is pressing India for accelerating work in the multi-billion dollar railway link between India and Chennai, as they perceive Japan to be a credible competitor in the field. Officials say that China has asked to start the $36 billion bullet train project, on which they are in the process of conducting a feasibility study. An influential Indian foreign policy analyst, C Raja Mohan, said that Indian PM is abandoning the approach followed by his predecessors and is pressing on the need of establishing increased economic relationship with China. Le Yucheng, Chinese ambassador to India, said that during Modi’s three-day China visit, $10 billion worth deals are expected to be signed.

Former Satyam Chief and Nine Other Accused get Bail

Hyderabad’s Metropolitan Sessions Court has granted bail on certain conditions to all the ten accused involved in multi-crore accounting Satyam Computer Services Ltd (SCSL) fraud case. This includes B Ramalinga Raju and his brother B Rama Raju. While both B Ramalinga Raju and B Rama Raju will have to pay personal bond of Rs. one lakh each, personal bonds for the other eight accused will be Rs. 50,000. 10 per cent of the bail amount, imposed by the trial court on them during sentencing, will have to be paid by all the 10 accused in four weeks time.      

Land Acquisition Bill Referred to 30-member Joint Committee for Examination

With stiff opposition from the opposition, the government was forced to refer the contentious land bill to a 30-member joint committee, which will be chaired by SS Ahluwalia. In fact, the opposition parties staged a walk out protest after the land acquisition bill was tabled in the parliament yesterday. Prime Minister Narendra Modi in an interview said that after assuming power every Chief Minister has conveyed to him that the Land Acquisition Bill needs correction. Modi went on to accuse opposition parties of having vested interest in not letting the new land bill with 9 amendments pass. GST bill has also been referred to a select committee of Rajya Sabha, which will likely have either 15 or 21 members.

Bill to Deal with Black Money Stashed Abroad passed in Lok Sabha

Lok Sabha yesterday passed the long-awaited Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, for effectively dealing with black money stashed in foreign countries. After the passage of this bill, the concerned government agencies will have more teeth in slapping high monetary penalty on the offenders and also prosecute criminals. While tabling the bill, Finance Minister Arun Jaitley said that people having undisclosed income stashed abroad can avoid persecution if they pay up 30 per cent tax and 30 per cent penalty. He went on to say that after closing of the compliance window the offenders will not only have to pay up 30 per cent tax and 90 per cent penalty but also have to face criminal prosecution.

CBDT issues Statement Saying it is Putting on Hold MAT Demands

Central Board of Direct Taxation has issued a statement saying that it will neither issue any fresh minimum alternate tax (MAT) payment demands nor adopt coercive action for pursuing claims on the filed demands from Foreign Portfolio Investors. The statement comes after the tax department slapped retrospective MAT tax demand, amounting to Rs. 602 crore, on FIIs, sparking hue and cry from foreign investors, followed by shedding of their positions in the Indian bourses (over Rs 12,000 crore) that led to sharp fall in the markets. The CBDT circular categorically mentions that it is putting on hold tax demands following assurance from Union Finance Minister Arun Jaitley to foreign investors that no coercive action will be taken on MAT payment obligations.  

ICICI Bank's Non-Executive Chairman KV Kamath Selected to Head BRICS Bank

KV Kamath, non-executive Chairman of ICICI Bank, has been selected as the chief of the New Development Bank (NDB) to be set up by BRICS. Union Finance Secretary Rajiv Mehrishi told media that he will assume his responsibilities once he completes his current assignments. His tenure will be of five years. India has accordingly conveyed the decision to other BRICS countries - Brazil, Russia, India, China, and South Africa. The BRICS bank will start working with the initial $50 billion paid-in capital and is destined to help countries that are confronting short-term liquidity pressures. The veteran banker KV Kamath was ICICI Bank’s head for 13 long years and during his tenure the bank made a phenomenal growth to become the second largest Indian bank.