Major News and Events of 13 March 2016
What Happened on 13 March 2016
SanTina starts with a Win at Indian Wells 2016
PM Modi urges Judiciary to adopt Technology to Improve Quality of Judgement
RBI Guv asks authorities to Investigate Illegality of Loan Defaulters and not Kill Lending Altogether
SEBI toughens Stand on Wilful Defaulters
PM Modi inaugurates Railway Projects in Bihar, Shares dais with CM Nitish
Reports say Indian Army has spotted senior officials of Chinese People’s Liberation Army along Pakistani side of the Line of Control (opposite North Kashmir’s Nowgam sector). Indian Military sources revealed that intercepted communications between Pakistani army officers suggest that the Chinese Army’s troops have arrived in Pakistan Occupied Kashmir for building infrastructure along LoC. Security agencies also told Indian Government that PLA troops are all set to protect China-Pakistan Economic Corridor, a 3,000 km long tract connecting Xinjiang region of China and Gwadar Port in Balochistan.
Sania Mirza and Martina Hingis continue their superb performance in the $6,844,139 hard court Indian Wells Masters (also called BNP Paribas Open) as they won the first round match against the Australian pair Casey Dellacqua and Samantha Stosur in straight sets 6-3, 7-5. The Indo-Swiss pair took just 68 minutes to win the match. In the second round they will play against US-Russian pair Vania King and Alla Kudryavtseva. The US-Russian duo defeated Czech Republic's Barbora Strycova and Germany's Anna-Lena Groenefeld 4-6, 6-3 10-5.
Science and Technology
While speaking at Patna High Court event, Prime Minister Narendra Modi asked judiciary to use technology more actively for improving "quality of argument and judgement". PM Modi said that new heights have been achieved by Patna High Court in the last 100 years and pointed out that only thing that was not present earlier was technological power. PM Modi hoped judiciary functioning can be improved and "pendency of cases" can be dealt with efficiently through use of technology.
While speaking on "India in the global economy" during the first Ramanath Goenka lecture in New Delhi, RBI Governor Raghuram Rajan asked the authorities to be cautious while going after loan defaulters. Rajan said that, in general, loans can go bad for many reasons. If every bad loan is treated as "malfeasance" and each of them is investigated by criminal authorities, both entrepreneurship and lending will be killed immediately in India. RBI Guv also said that by March 2017, the banking regulator wants "clean and fully provisioned bank balance sheets" as final step of stabilization programme.
Market regulator SEBI (Securities and Exchange Board of India) has decided to carry forward multi-pronged clampdown on wilful loan defaulters. They’ll not only be restrained from public fund raising through capital markets but also from issuance of public debt. Payment defaulters (company/director of the company/promoter) will also be barred from publicly issuing non-convertible redeemable preference shares. They also can’t associate themselves with brokerage or mutual funds. SEBI Chairman U K Sinha made the announcement after an important board meeting, addressed by FM Arun Jaitley.
Prime Minister Narendra Modi inaugurated three railway projects worth Rs. 7,200 crore in Bihar, which are believed to expedite development work in the state that lacks bridges. Two rail-cum-road bridges were inaugurated at Patna (4.56 km Patna Ganga bridge) and Munger (for freight operation). At Mokama, PM Modi laid foundation stone of second double line Railway Bridge. He shared dais with Bihar CM Nitish Kumar and also lauded electrification scheme taken forward by the latter in the BIMARU state.