Sunday, March 22, 2015

Conversion into a fascist state is the next Phase of Economic Ethnic cleansing! RBI has to be dismantled as Planning Commision has been.Sebi for Pension Money in Markets as Jaitley Takes Stock! PM`s MAn ki Baat is in defence of his corporate Kesaria agenda! Palash Biswas

Conversion into a fascist state is the next Phase of Economic Ethnic cleansing!

RBI has to be dismantled as Planning Commision has been.Sebi for Pension Money in Markets as Jaitley Takes Stock!

PM`s MAn ki Baat is in defence of his corporate Kesaria agenda!

Palash Biswas

What I have been warning for decades that everything the taxpayers have in their kitty.Pension,PF,Gratuity and even the Bank Deposit have to be diverted to the Market.

For the accomplishment of this target Reserve Bank of India is being Dismantled and SEBI is taking over the monetary management.It is in the same line as Planning Commision is done with.

It is Tax Holiday for foreign capital all the way as Finance Minister Arun Jaitley reportedly said that India needs to become globally competitive from infrastructure to taxation.

Thus, the proposed public debt management agency should be independent of the central bank and the government, Reserve Bank of India governor Raghuram Rajan said on Sunday even as finance minister Arun Jaitley sought to downplay differences between the two policy makers.

In a press conference after addressing RBI's board meeting, Jaitley reiterated that there is no disconnect between the central bank and the finance ministry. He was answering a question on differences between the RBI and government on issues such as the formation of the monetary policy committee, the creation of a public debt management agency (PDMA) and the government's decision to include a clause in the finance bill which will take out government bonds from the purview of the central bank.

FM underlined the need for relaxing norms for entry of multinational corporations to promote growth, says report.

"We have to make the entry point into India easier for large global corporations to grow," added FM.

Meanwhile,to attract retail investors, mutual fund houses are tapping social media platforms like WhatsApp and a host of other calling and messaging apps to facilitate transactions in MF products.

These new facilities will help investors in buying or selling mutual fund (MF) products in a simpler and faster manner, experts said.

Mutual fund houses that have adopted digital modes such as Internet and mobiles for increasing distribution of MF products include Axis MF, Reliance MF, UTI MF, L&T MF, Quantum MF and ICICI Prudential MF.

Meanwhile, to help lenders deal with defaulting corporate borrowers, SEBI today relaxed norms for them to convert their debt into equity in distressed listed companies —— a move that may lead to a sharp surge in restructuring of bank loans.

The decision to tweak the pricing formula for conversion of debt into equity would also pave the way for bankers to have a larger say in activities of the distressed company by acquiring majority stake and taking over the management.

The total non-performing assets of public sector banks alone stand at nearly Rs. 3 lakh crore, while top 30 defaulters are sitting on bad loans worth Rs. 95,122 crore as on December 2014. In the past, banks have converted bad debt into equity in a few cases like Kingfisher but the conversion has been mostly difficult including due to regulatory and legal issues.

With the changed norms, pricing would be based on "fair value" with some safeguards and conversion into equity can only happen when the lenders have acquired at least 51 per cent stake in the concerned company.

Describing the decision as "major", SEBI chairman U K Sinha said now exemptions have been given from certain regulations.

Parliament passed the Insurance Bill raising the foreign investment limit.

In Fact the PM has extended his pro corporate campaign to the agrarian communities and justified what Arun Jaitley means.His Man ki Baat is all about corporate lobbying and corporate funding and unabated corporate Kesaria Raj.He defended the Gujarati PPP Model of ethnic cleansing all the way.

Just understand his urgency to press the push button for reforms.For Example, Reputed companies from six countries including France, Germany, Italy and China have entered the race to become part of Prime Minister Narendra Modi's pet Diamond Quadrilateral bullet train project.

Twelve international companies are bidding for conducting the feasibility study for the three corridors of the Diamond Quadrilateral high-speed rail network project, said a senior Railway Ministry official.

Feasibility study is being sought for high-speed rail corridors between Delhi and Mumbai, Mumbai and Chennai, and New Delhi and Kolkata, which are part of the Diamond Quadrilateral project.

Four companies from China, including Siyuan, DB International from Germany, Systra from France, Sener from Spain and Italser from Italy, besides one from Belgium, have joined the global competitive bidding to bag the survey contract.

However, the official said that one company will be allowed to do the survey for one corridor only in the Diamond Quadrilateral project.

The bidding was opened this week and the winners will be decided within four months by July, said the official, adding that the feasibility study for the three routes is estimated to cost about Rs 30 crore.

Currently, the superfast Rajdhani Express covers the distance between Delhi and Mumbai in about 16 hours. With the introduction of the high-speed train, the travel time is expected to be reduced by almost half.

Similarly, the travel time between Delhi and the other metros will be reduced with the introduction of bullet trains.

At present, China is undertaking feasibility study of the Delhi-Chennai route, also a part of the Diamond Quadrilateral project.

The Rs 2 lakh-crore Diamond Quadrilateral project aims to drastically reduce the travelling time between the metros with the introduction of the high-speed trains, which will run at speeds of about 300-kmph.

Besides, a feasibility study is in progress by the Japan International Cooperation Agency (JICA) for the 534-km-long Mumbai-Ahmedabad high speed corridor project, which is estimated to cost Rs 63,180 crore.

Just see the impact!The All India Muslim Personal Law Board on Sunday launched a frontal attack on the Narendra Modi government and announced a nationwide campaign to counter right wing forces, accusing Hindu organisations like the RSS of hatching a "conspiracy" to convert the country into a "fascist state".

Conversion into a fascist state is the next Phase of Economic Ethnic cleansing!

Just see how innocently the  Prime Minister of India asked,Tell me is this amendment in the bill anti-farmer? That's why we had to bring the ordinance. If we had not brought this ordinance then farmers land would have gone and they. that is, farmers wouldn't have got any money."

Coincidentally as the PM shared his Man ki Baaten to Indian farmers,a major fire broke out at the AC plant inside Parliament complex in Delhi on Sunday while welding work was underway gutting the unit and affecting air conditioning in the main building and it took ten fire engines to douse the flames in about 30 minutes.However,even after the attacks on Indian Parliament the security lapse is a red alert.We do not know how the Ruling Hegemony is going to streamline the security network and who would be targeted for this attack yet again.

President Pranab Mukherjee expresses serious concern over the fire in Parliament Complex; asks for an urgent enquiry into the cause of the fire.

Mind you,With opposition mounting campaign over Land Acquisition Bill, Prime Minister Narendra Modi today reached out to farmers, telling them that "lies" are being spread over the measure for "political reasons" to create confusion among the farming community.

Speaking more on the Land Bill, Modi said this bill aims at avoiding exploitation of farmers. The amendments made to the 2013 Land Acquisition Act will even ensure that farmers will get the compensation that's four time the worth of the land.

On the other hand,To deepen capital markets, the Securities and Exchange Board of India (Sebi) on Sunday pitched for allowing investment of pension money into various securities instruments and to create an enabling environment for REITs or Real Estate investment Trusts to flourish, as Finance Minister Arun Jaitley reviewed the state of capital markets in the country.

In his first post-Budget meeting with Sebi's board, Mr Jaitley also discussed the capacity building and other infrastructure needs for merger of commodities regulator Forward Markets Commission (FMC) with Sebi to create a unified markets regulator.

Mr Jaitley also discussed the recent trends related to investments by foreign portfolio investors and domestic institutional investors in the securities markets.

After addressing Sebi's board members, Mr Jaitley said he also discussed various issues confronting the regulator, its functioning vis-a-vis new proposals in the Budget and the roadmap ahead.

"They (Sebi) talked about capacity building at Sebi, both in terms of ability to acquaint with the subjects and other infrastructure requirements," the Finance Minister said about the discussions on FMC merger during his customary post-Budget address to the Sebi board.

Mr Jaitley was accompanied by Minister of State for Finance Jayant Sinha during his interaction with Sebi's board and other senior officials of the markets regulator.

Besides Sebi Chairman U K Sinha, its 8-member board includes three whole-time members (Prashant Saran, Rajeev Agarwal and S Raman), an independent director and nominees of Finance Ministry, Corporate Affairs Ministry and the Reserve Bank of India.

Sebi later said in a statement that its Chairman apprised the Finance Minister of the recent developments in the Indian securities market and the initiatives taken by the regulator.

"He also highlighted the announcements related to the securities market in the Union Budget for 2015-16 and consequent action being taken by Sebi," the regulator added.

"Jaitley discussed the recent trends related to investments by foreign portfolio investors and domestic institutional investors in the securities market. Need for pension money to come to the Indian securities market was particularly emphasised."

"Potential with respect to entry of REITs in the market was also discussed. The Finance Minister also took note of the roadmap of FMC's merger into Sebi," Sebi said.

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