In July 2018, Government of India decided to withdraw the proposed ‘Financial Resolution and Deposit Insurance (FRDI) Bill’ under heavy flake from opposition, investors and economists.
What is the need for FRDI Bill?
Failure of Financial systems is an ever-present threat, especially in developing economies like India. Example of such a failure can be a bank failure, in which the bank becomes insolvent or is unable to pay the money owed by it to the depositors. Since the banks handle consumer funds, any such event could lead to a disastrous situation for financial stability of the country and could result in heavy losses for the depositors.
The current solution for any such crisis is provided under various laws which are enforced by different regulators (RBI, SEBI, etc.), government (Central, state) and judicial courts. This causes the resolution of the crisis to stretch for long periods of time while the authorities deliberate over their role and the limit of their powers.
The division of powers is apparent when we consider that in case of a bank failure:
- RBI can only shut down the bank or merge it with a stable bank. Its powers are limited to changing management of the bank, imposing moratorium in some cases and recommending mandatory mergers.
- The Central Government is empowered to restructure public sector banks, and regional rural banks but not the private owned banks.
- High Courts can liquidate non-banking financial companies.
The Insolvency and Bankruptcy Code, 2016 is a milestone in the history of financial policy of India but is limited in its ambit to only non-financial firms. Question arises what will happen in case of a failure of private sector financial firms? In every instance of such crisis there is a confusion regarding the correct process and the roles of different financial authorities. Here, the FRDI Bill was supposed to come into play.
What is FRDI Bill?
The FRDI Bill proposed to setup a Resolution Corporation (RC) for timely and orderly resolution of a failing financial firm. The Bill introduced a five-stage health classification of financial firms and the responsibility of the Resolution Corporation was to step in at appropriate time when a firm is classified in the category of material risk to viability. This intervention would come much before the ailing firm can be classified in the category of critical risk to viability when there would be no option available but to resolve or liquidate the financial firm.
The FRDI Bill included provisions to transfer the deposit insurance functions from the Deposit Insurance and Credit Guarantee Corporation (DICGC) to the RC, to protect the depositors. (How this ensures better protection of depositors we will see in the due course.)
FRDI Bill introduced a variety of resolution tools which could have been used to resolve any such crises, these include: transfer assets and liabilities of a financial firm to another, acquisition, merger, bridge service provider, bail-in clause, etc.
Such guidelines and tools are currently not available in the country to a single body devoted to the cause, nor is any institution empowered enough to investigate such cases and act independently to resolve them. Many other countries in the world however, have already established similar institutions.
“Problems” with FRDI Bill
Various newspapers, politicians, and economists have pointed flaws in the FRDI Bill. Sometimes their claims are unfounded and sometimes outrageously uninformed; however we will take a look into their claims and try to provide an explanation for their reaction to the Bill and why their doubts were misplaced.
- Deposits will be at risk.
It has been claimed that under the FRDI regime the deposits in financial institutions would be at risk. For example: they would not be protected in case of a bank failure. This is only half truth.
The truth is that at present under the DICGC Act, only the deposits up to ₹1 lakh are insured. The rest of the amount deposited is already facing the risk. In the FRDI regime, the RC would have been empowered to increase this limit after consultation with the RBI. It certainly could not decrease the limit and since the limit was decided in 1990s, considering the inflation we can guess that the new limit could lie anywhere between ₹5 lakh to ₹10 lakh.
Let’s understand this with an example: Suppose the RC increases the deposit insurance limit to ₹5 lakh (realistic assumption) and you have a ₹10 lakh deposit in the bank. Then, in case of bank collapse, ₹5 lakh of your deposit would be protected and the rest ₹5 lakh would be converted into a long term deposit. In the current situation only ₹1 lakh of your deposit would be protected and the rest ₹9 lakh is forfeited.
- RC can use the depositors’ funds to ‘Bail-in’ to resolve an ailing firm.
This statement is correct in essence but is twisted in media reporting. This fact has been reported as if the government can cancel the liabilities owed by the bank to the depositors to bring it out of a crisis. In this projected event the depositors will lose all their money. However, the FRDI Bill contained certain provisions that safeguard the depositors’ interests.
The safeguards built in FRDI Bill were:
- In case of a bail-in, the insured deposits of banks cannot be used – Section 52(7).
- The RC was empowered to design an appropriate bail-in instrument. This would be subject to Government scrutiny and Parliamentary oversight which will ensure that the interests of the public are not sacrificed for the resolution of the firm.
- Prior consent of the depositor would have been required for cancellation of the liabilities beyond insured amount – Section 55(2).
This means that in our above example in the case of bank failure if ₹5 lakh of your money was already insured, and the rest ₹5 lakh will only be waived off as the bank’s liability if you give your consent. Previously, under the Banking Regulation Act, 1949, in case of the forced mergers of banks, the rights of depositors of a merging bank can be reduced and have been reduced, without the consent of depositors.
- Bail-in power can be used in a judicious and reasonable manner only by the RC. And in this case, the burden to ensure that all creditors, including uninsured depositors, get at least such value, which they would have received in the event of liquidation of a bank, falls upon the RC. If the depositors feel that RC has exercised its bail-in power injudiciously and unreasonably, for example, if the depositors of a bank get less value than in liquidation, than such they will have the right to get compensation from the RC on an order of the National Company Law Tribunal.
- Bail-in would save government’s funds at the cost of depositors’ money.
The bail-in is opposite of bail-out in which the government uses its own funds i.e. taxpayer’s money, this much is correct. However, under the FRDI regime, the claims of uninsured depositors would be given priority over the claims of unsecured creditors and government dues. Thus, this claim was also unfounded.
Why the Bill was dropped?
Even though we have established that most/all claims about the Bill being against the interests of the interests were unfounded, still it was dropped by the government. Various people negatively criticised the FRDI Bill, mostly made up of opposition parties, depositors and economists.
Depositor’s opposition to the Bill can be explained as them being not knowledgeable about the legal and financial terms, language of the Bill being too complicated, or they just might be influenced by the incorrect interpretation of the Bill in the social media. Some eminent economists have also published their views against the Bill. By their arguments, it is evident that they are uninformed about Section 52(7) and Section 55(2) of the FRDI Bill. Now, this might be acceptable for depositors who are not in this trade but for an economist complete understanding of such provisions is required to provide constructive criticism rather than uninformed jargon.
Correctly informed of not, the opposition was heavy and this forced the Government to drop the Bill.
What could have been done?
- The Bill could have included a minimum limit for insured deposit that is greater than the current ₹1 lakh.
- The provisions relating to Section 55(2), Section 52(7) (explained above) and the Bail-in clause could also have been popularised and made available to public (and “economists”) in an easier language.
The way forward in financial stability is paved with steps like GST, IBC and FRDI Bill. It is only by taking informed decision (which sometimes may be anti-populist) that a government achieves good governance. However, the risk is always there that good governance will cause the government to not come back in power after 5 years.
Just like with demonetisation and GST, it is also possible with FRDI Bill, that it comes back in another regime and the current government will be the one criticising it then. In any case, at present the FRDI Bill is out of picture.
Sarvodayi Dhoom Singh Negi of Chipko and Beej Bachao andolan bestowed with coveted Jamna Lal Award with cash prize of Rs. Ten Lakhs
The Himalayan state of Uttarakhand feels immensely proud that one of its prominent, modest and low profile Sarvodayi leader of globally fame Chipko and Beej Bachao movement was yesterday bestowed with the most prestigious n coveted JAMNALAL AWARD carrying a cash award of Rs. ten lakhs and a citation at the hands of the Vice president of India Venkaiyya Naidu. Dhoom Singh Negi primarily hailing from the Henwal Ghati in Garhwal, Uttarakhand who’s staying in the Ashram of bhoodan leader late Acharya Vinoba Bhave received this coveted award in Mumbai in the presence of his wife and son Arvind.
According to author Kusum Rawat extremely modest and silent but a relentless fighter as a Chipko movement and save seeds movement activist Dhoom Singh Negi left the government job and started teaching the poor and hapless students thus preparing a massive force of social activists to save the environment of Uttarakhand Himalayas and protecting and conserving the rare qualities of seeds for decades. He is one of the most prominent leaders of Chipko and popular Beej Bachao andolan in Uttarakhand and the country who’d also penned hundreds of articles in vernacular, regional and national dailies and periodicals of the country mobilising people, especially youth and women of the state and the country towards environmental safeguards and preservation of the rare speices of seeds. He is the renowned propagator of organic agriculture in his tireless efforts and initiatives to bring green revolution in the counntry. Salutes to him.
Hapless martyr’s family in financial jeopardy. Has not received a single pie as compensation since last three months ?
It really disheartens one and all when the traumatic and highly grief stricken poor and hapless families of our valiant soldiers who lay down their precious lives in the service of the nation protecting our porous borders and fighting the enemy at the LOC and strife torn J& K with valour are made to suffer for of adequate financial compensation that is officially due to them including government job to the next of the kin of the families of the deceased.
Hundreds of young jawans and officers of Indian Army and security forces fighting against all odds and highly challenging situations in Jammu and Kashmir and along the Line of Actual Control fight the Pak rangers and the hardcore terrorists hell bent upon destabilising our system killing innocents n armymen and sacrifice themselves with valour.
The entire nation salutes them because its only due to their 24×7 vigilance and alert duties against all odds, at the LOC that 125 crore Indians are safe and sound but when it comes to government’s alleged apathy towards the already traumatic and anguished families who run from pillar to posts seeking justice and adequate financial compensation actually due to them officially they get no justice n compelled to resign at their fate.
The fact of the matter is that majority of those martyred young jawans belong to extremely poor family backgrounds and after their sad demise the family loses the single earning member who was the sole bread earner for the entire grif stricken family.
The pathetic story of one such young jawan of the India Army namely Rajesh Punia of village Ladwa was yesterday posted by a social activist of Haryana namely Santosh Dahiya who recorded the family’s anguished story in her live facebook time line.
Rajesh Puniya was hardly 26 or so and was on the line of duty at the LOC in J&K. About three months ago his decapitated body was found while fighting the terrorists/ Pak rangers at the LOC valiantly.
After his sad demise the ministers of Haryana government, the local MLA Krishna Kumar and several high ups in the government visited his house and assured the grief stricken poor and hapless family of all possible help including Rs. 50 lakhs as financial compensation, a job to his elder brother and construction of a park with a budget of Rs 80 lakhs in the nearby vicinity in the name of Martyr Rajesh Puniya.
But after the lapse of more than three months not a single rupee has arrived at the Martyrs anguished family’s gouse. The father of late Rajesh Puniya who is usually in bad health whom his late son had assured of the best private treatment if he comes back alive, was also assured by the minister concerned of best possible treatment in the private hospital, but all in vain.
Late Rajesh Puniya was the only earning member of the family. The family lives in village Ladwa, Haryana in a dilapidated house with shattered entry door and uncemented brick walls with animals and the family living together in a pitiable civic n financial condition.
According to the social activist Santosh Dahiya, when they approached the Commissioner at Kaithal they were told that the enquiry is still in progress and may take time. She questions: if such is the ignorant, pathetic and complacent attitude of the ministers, MLAs and bureaucrats towards the martyrs of our country who die for the nation in the line of duty then the government has not right to exist.
She says: its shocking and ironical that these politicians visit the houses of martyrs and give false promises but when it comes to fulfilling them they vanish out of the scene and this is shockingly what’s happening with the traumatic poor and hapless family of martyr Rajesh Puniya of Laadwa, Haryana. Shameful indeed.
It may be recalled that about 450 jawans of Indian Army and security forces have laid down their precious lives in J&K n LOC during the last four and a half years and about 530 jawans n officers (approximately) were martyred during the Kargil war of 1999 called Operation Vijay. We salute them all for their glorious sacrifices.The government had then devised a policy of adequately compensating the martrs famiky and also alloting them a petrol pump. Can’t the same criteria be now followed and the poor and hapless families be allotted petrol pumps for their survival.
What’s your take friends?
Monkey Menace: 14 day old snatched from a lactating mother and brutally killed by a monkey in Agra
The terror of monkeys all over India, particularly in the religious places like Mathura, Vrindavan, Agra etc in Uttar Pradesh, in Rajasthan and Uttrakhand is increasing day by day and even the hospitals and VIP areas are not free of the monkey attacks.
In Uttarakhand monkeys have entered every village and house and are incessantly damaging agricultural produce. These monkeys in various religious spots, temples and tourist places snatch the belongings and the foodstuff of the visitors and on resistence even injure them grievously. There have been hundreds of instances of monkey attacks in the above mentioned states and foreign visitors n tourists too had been their incessant victims.
In Agra today a fourteen day old infant has been snatched by a monkey from a lactating mother from inside the house and was later on found killed after having been brutally injured. The news have sent terror wave all around the Runawat village of Arga where good number of people have already been injured due to increasing monkey attacks.
There have been no remedial action whatsoever from the administration’s side who are least bothered or interested to catch these dreaded monkeys who are on an attacking spree. According to news pouring in, the family and the mother of the 14 day old infant killed are badly terrorised and grief stricken due to the tragedy and foresee more such brutal monkey attacks in the future.
The expeditious multiplication of the monkey population in all the states of the country is a matter of great concern. Even the former president of India Dr. Pranav Mukerjee was not spared by these notorious monkeys when on one of his visits as president of India his spects were also snatched by these monkeys in Mathura despite so much of security.
Uttarakhand is the worst victim of monkey attacks who are literally entering houses in the villages and suburban cities n towns and creating havoc by destroying crops and injuring residents particularly children. Uttarakhand being the jungle state dominated by 73 % of trees the monkeys caught in hordes by the department’s concerned release them here thus allowing them to create havoc in this himalayan state.
It is high time that the concerned governmental agencies should expedite efforts to catch these troubling monkeys and keep them away from public places.
Rahul says, what he commits, fulfills ! can contact anybody in Punjab and Karnataka and ask about our fulfilment of pre election pledges, we have waived off all kisan loans !
As the dates of the elections are nearing the political parties are leaving no stone unturned to ensure that the electorates are enticed by their populist measures n large promises.
Both BJP and Congress parties are trying to take the lead in convincing the voters to vote for them and get everything at the cheapest rates including KARZA MAAFI, loan waivers and handsome support prices for their produce. The Congress which is in the opposition in Chattisgarh, Madhya Pradesh and Rajasthan for the last several years did not want to take any risk of losing the election this time.
Hence its menifestoes are full of concessions for farmers and the weaker sections of the society. Addressing a well attended public meeting in Kabirdham, Chattisgarh today as a sequel to several meetings addressed earlier, highly over confident Congress chief Rahul Gandhi assured the audienve especially the women and the farming community of maximum support prices on their produce and loan waivers just within ten days of his government coming to power in the state.
Rahul Gandhi said like Dassault chief Eric Tappier I never lie, what ever I commit I fulfill my election promises. I commit that while the support prices for sugarcane would be 2500 per quintal, the rates of electricity would be just half and the farmers would be relieved of all the bank loans within 10 days of his government coming to power.
Speaking eloquently and assuring the farmers of the state about implementing the land acquisition act in the state Rahul Gandhi said that the farmers whose land would be acquired for projects or factories would get the 4 times more of the prevailing market rates in.the condition of completion of the factories or projects on the acquired land within the stipulated time of five years and incase the needful is not done the farmer would get back the ownership title again.
He was addressing the Congress rally at Kabirdham, Chattisgarh in support of the two contesting MLA candidates. In order to substantiate his honesty in fulfilling the pre election promises Congress chief Rahul Gandhi said if you have any doubt you can just phone anybody living in Punjab and Karnataka and ask if the Congress governments there had fulfilled my pre election commitments of loan waivers of farmers or not.
And you will get the reply in affirmation. I never tell a lie n stand to my commitment said Rahul Gandhi whilehe castgated the BJP led NDA government of remitting the loans worth of more than three lakh crores of fifteen top industriakists of the country but could’nt waive off the poor farmers loans.
Ranbir, Deepika to marry at Lake Komo, Italy, 6500 klmts away from India
Today is the marriage of Ranbir and Deepika Padukone to be solemnised in Dell Bianelo Villa in the middle of a facinating lake Komo in Italy.
The marriage will be performed by Konkani and Punjabi traditions. Only sixty close relatives have been invited at Lake Komo’s magnificient and facinating Dell Bianelo venue.
Several prominent world personalities have performed their marriages in this secluded by magnificient place in Italy.
The couple Randhir and Deepika has strictly asked the invitees not to bring any gift but instead they can donate in the foundation of Deepika Padukone known as The Long Love Laugh Foundation for charity.
Ranbir’s father have specifically mentioned at the end of the card about the amount to be favoured in the name of the above foundation instead of bringing any expensive gift.
Amongst the distintive Bollywood invitees are actor Shahrukh Khan, renowned producer, choreographer Farah Khan and director producer Sanjay Leela Bansali etc.
The couple reached the venue in a special six seater aircraft that landed in the lake near the marriage venue. The guests too would be brought here in this special chartered plane.
The guests, majority of whom are close friends and relatives numbering to sixty would be staying in the rooms of the villa with one room allegedly costing thirty three lakh as rent for per day.
There are in all 75 rooms in this extraordinary villa situated in between Lake Villa . The star couple had reached Italy on 10th of November to make the necesary arrangements. It has been said that the entire collection of the marriage by cheques would go to the foundation for charity.
In a way its a marriage for charity say sources. The Indian and continental dishes would be served in the marriage and the chef has specifically been called from Switzerland.
Lake Komo is considered to be the most beautiful and outstanding location in the world which is 6500 kilometres away from India.
The electronic channel AAJ TAK’s representative is covering the entire event amongst others.
It may be recalled that Bollywood actress Anushka Sharma and Indian cricketer Virat Kohli also solemnised their marriage in Italy, perhaps at the same venue and it is believed that Ranvir and Deepika got the tips from Anushka who was the heroine with Ranbir in the super hit movie ,” Band Baaja Baaraat”.
Renowned designer Sabyasachi has designed the marriage outfits of Deepika Padukone.
The time of the marriage is from 2 to 5.00 PM. Back home in India, Mumbai a special party will be hoisted for Bollywood stars and Indian friends while a post marriage party is also due in Bengaluru, Deepika’s primary hometown. What a great and loveable idea?
Will Rafale repeat the Bofor’s trend ?
The Bhartiya Janata Party which was full of confidence, overwhelmned with joy and highly filled with a feeling of invincibility about eight months ago, always claiming of staging a come back in almost all the five states viz. Rajasthan, Madhya Pradesh, Chattisgarh, Mizoram, Telangana and in the general elections of 2019 with even more than the present majority, seems to have lost that confidence to a great extent, particularly after the recent C voter survey predicting the saffron party’s defeat in at least three states on confirmed basis, though the opinion polls have not always proved correct going upside down.
The speed and spirit with which prime minister Narendra Modi’s juggernaut had compelled the major national party Congress, the Samajwadi Party and even the left lose their traditional bastions in majority of the states finally unfurling the saffron flag in 20 states squeezing Congress to only two states of Punjab and Puducherry n later in Karnataka in league with Janata Dal(S), it seems, the earlier spirit and Modi charisma is gradually fading out.
If one minutely analysis the political developments thereafter the ruling party BJP has gradually started losing its grip over the country’s electorates as issues like demonetisation, dubious Rafale Jet fighter deal with French company Dassault, banking frauds, charges of promoting crony capitalism, increasing prices of petro products, agrarian crisis, increasing farmers suicides, unemployment in the country, the non fulfilment of the pre poll promises, women insecurity, attack on media freedom, murder of journalists, killings of innocents in the name of cow vigilantism, no talks of the bullet train, the CBI imbroglio and alleged corruption at various levels n failure of demonetisation in recovering black money are some of the important points that have majorly put the incumbent government and the saffron party on the dock.
There have undoubtedly been lots of pronouncements of several people friendly schemes like electrification, of villages, Jan Dhan accounts, MSP for farmers, national health insurance scheme namely Ayushman Bharat, housing for the poor, Swach Bharat Abhiyan, provision of toilets in lakhs n crores etc by the Modi government but they are still not able to show the results on the ground in practicality as compared to the excessive media hype and the exaggerated media pomp and show.
In addition to all this the state units of the Bhartiya Janata Party are badly infested with intercine squabbles and are division ridden. The entire national party is being run by the duo of PM Narendra Modi and the party Supremo Amit Shah. Towering leaders like L.K. Advani, Murli Manohar Joshi and several others have been shown the door to pursue things quitely, feebly and calmly.
The Rafale issue had been the biggest tragedy of the ruling party compounded with the alleged misuse of the premier investigating agencies the CBI and Income tax departments to settle scores with the political opponents as charged by Congress chief Rahul Gandhi and the nucleus of the non BJP grand allaince n AP CM Chandra Babu Naidu.
The former BJP leaders n union ministers Yashwant Sinha, Arun Shourie, Swaraj India’s activist and supreme court lawyer Prashant Bhushan including Shatrughan Sinha to some extent have been exposing the government of Rafale deal alongwith the Congress party by way of holding press conferences and organising pan India level protest demonstrations.
They have even shown the guts to register the FIR in the Central Bureau of Investgation and filed petition in the Apex Court with serious allegations of undue favour to Anil Ambani’s company and perpetration of alleged corruption in the 59000 crore Rafale deal.
The alleged raids of income tax department on several media organisations for allegedly not towing the ruling party’s line and voicing their points of view against it, has also earned the wrath of the fourth estate accusing the ruling political dispensation of misusing the official machinery to silence the progressive media.
Today, Rafale issue reminds one and all of the Bofors kickback issue that had surfaced during the tenure of prime minister Rajiv Gandhi during the eighties and nineties n resulted in his ouster, creating hell of the uproar in and outside parliament and political instabilty though the latter was acquited of all charges but unfortunately after his sad demise and so much of political defamation globally. Will it happen with the present PM is a big question mark. However, Rafale is proving to be a hot cake for the non BJP opposition parties who are seemingly looking honest this time to form a grand alliance before 2019. Now the moot question is which way will the wind blow in 2019 general elections?
Despite Rafale matter in Apex court, Rahul’s attack on PM Modi continues !
Even after the government submitting the details of the Rafale deal including the price details to the supreme court in an sealed envelope and the hearing of the date postponed for 14th November the main opposition party Congress and its leaders Rahul Gandhi and the chief spokesperson Randeep Singh Surjewala are still trying to put the government in the dock by criticizing the Dassault chief as well as the prime minister incessantly.
The chief of the Dassault EricTrapier has also given a clear statement that he never tells a lie and that his company Dassault has used its own discreation to award the offset contract to Anil Ambani’s company without having been directed or pressurised by the government.
But the statement of Trappier dosen’t seems to satisfy the Congress leaders who are day in and out issuing statements and tweets on Rafale issue openly accusing the PM, NDA government of alleged corruption and arbitrary practices despite the very fact that the entire matter is now subjudiced.
In their respective tweets and a vedio posted in the twitter handles of Congress chief Rahul Gandhi and Randeep Singh Surjewala today, both of leaders have openly castigated the prime minister of the alleged wrong doing and held him responsible by accusing him with harshest allegations. Congress chief Rahul Gandhi tweeted in Hindi : Supreme Court me Modiji ne maani apni Chori. Halafnaame me maana ki unhone bina vayusena se puche contract badlaa aur 30000 karod rupaya Ambani ki jeb mein daala. ( In Supreme court Modiji accepted his theft, Admitted in the affidavit that he has changed the contract without asking the Airforce and put 30000 crore rupees in Ambani’s pocket ).
As if this criticism was not enough the chief spokesperson of AICC and Rahul’s close aide Randeep Singh tweeted : Nation dosen’t need doctored explanation but fair investigation. Fixed match between the BJP government and Dassault and PR stunts of PM Modi and Eric Trappier can’t hide the blatant corrption.
In a vedio released under the caption after the tweet Surjewala says: The fixed deal between Eric Tappier and the government nor the dictated interviews and the manufactured lies can hide the layers of corruption in the Rafale deal. The first rule of law is that the mutual beneficiaries and the co accused statements hold no value.The second rule is : the beneficieries and accused cannot be the judge in their own case. Truth has the way of coming out Mr. Modi. The nation does not want doctored explanation from you.
It may be recalled that the entire pricing details of the Rafale Jet fighters as desired by the apex court had been submitted to it yesterday in a sealed envelope and the court has also shared with petioners seeking queries on the deal a redacted version of the report submitted to the top court last month detailing the decision making process that led to the purchase.
The Congress and the rest of the non BJP opposition parties have been criticizing the govt for turning down the earlier deal, enhancing the cost of the jet fighters from 560 crores to 1720 crores or so, arbitrarily helping Anil Ambani’s company to seek the Rafale offset contract sideline the govt defence undertaking HAL.
The matter blew out of proportion when the former French president Francois Hollande in an interview to MediaPart made an alleged stunning disclosure that his govt has not choice but to allot the contract to Anil Ambani as he was recommended by the incumbent government, the allegation repeatedly denied by the government and the Reliance Defence. Now the matter is in the Apex court and the next hearing is slated for 14th November.
A new pan Indian Green Party to take birth on 17th 18th November. Two day convention at Garhwal Bhawan, New Delhi
Hectic preparations are on for the formation of the first ever green party at a pan India level namely INDIA GREENS with its two day convention being held in New Delhi on 17th and 18th November where about 300 delegates who’d already registered themselves would interact, deliever speeches, present their valuable views and papers, and pass resolutions in this two day event.
The invitees comprise of enlightened individuals, members and office bearers of the Indian Greens, journalists, writers, activists from other like minded political parties, lawyers, members of the intelligentia, NGo representatives, college students, and environmental activists.
According to the convenor of the convention Sr journalist Suresh Nautiyal India Green is fully committed to the Global Green Charter and its core principles namely ecological wisdom, sustainability, social justice, non violence, participatory democracy and respect for diversity.
While there will be speeches and presentations on the significant and burning environmental and ecological issues, the main features of this two day event would be : Adoption of the party constitution, Preamble, Principles and policies.
In addition there will also be dance performances on climate change, poster competition of the art work on the theme of ecology, environment including global warming , poetries on environment n global change including a book stall on green books.
Speaking to newsviewsnetwork.com the convenor Suresh Nautiyal revealed that the executive of the pan India Green party will also be duly elected in this two day convention.
Meanwhile, Bob Brown, former Senator and one of the tallest Green leaders in Australia has in a congratulatory message send to India Greens said that he is delighted to know that India Greens is organising a meeting to formalise a national Green party in ‘the world’s largest democracy’. He said: ‘We share a single little planet on which our one species Homo sapiens is already consuming 170 per cent of the living resources.
The Greens are the ONLY party to tackle the overriding problems created by human injustice and short-sightedness such as inequality, environmental destruction, global warming and nuclear proliferation.’ Further Bob has added in his message: ‘That we share these problems are underscored by Gautam Adani’s proposed mega coal mine in Queensland — after all the injustice and environmental damage he has caused in India. If his mine starts in 2019, It will lead a cavalcade from Tasmania (Australia) up there to peacefully protest on behalf of the planet.’ Bob concluded his message by saying: ‘May your meeting and the India Green Party future be rewarded with enduring success!’ Cheers friends as we are a rapidly growing global family which is also consolidating its Green footprints day-by-day!”
Good news for the journalists of Uttarakhand. Will get pension and priority in Govt housing schemes !
There is indeed a good news for the journalists of Uttarakhand. The Uttarakhand High Court has today given several significant directives to the state government asking it to grant the journalistic community of Uttarakhand all those facilities and privileges which the scribes of other states are getting.
The decision of the high court includes government pension and priority in allotment/ sanction of plots and housing accomodation in govt schemes to the working journalists as per the seniority.
The verdict was given today on a petition filed by advocate Dushyant Mainali who fought the case brilliantly as an amicus curie of the scribes who presented the matter very strongly by presenting the relevant statistics and supportive documents to the jurists hearing the matter.
The verdict of the Nainital High Court is bound to provide relief to good number of working journalists, reporters, stingers, digital journalists, feature scribes n media employees.
According to the final judgement the court directed the respondent ( the government of UK) to improve the conditions of the journalists/ reporters/ correspondents as per the notification dated 11th November 2011 and as per the working journalists and other newspapers employees ( Conditions of Service) and the Misclleneous Provisions Act, 1955.
While directing the state government to frame a scheme for providing certain reservations in housing / flats in government housing schemes the court also issued directives for enhancing the pensions of elderly journalists/ reporters/ correspondents on the basis of the fluctuations of the consumer price index.
The court added that these recommendations are necessary to provide security in the pursuit of fearless and professional journalism.
It also directed the state government for framing of the Welfare fund rules on the analogy of Andhra Pradesh n Orissa etc for the welfare of the journalists of the state.
Showing its immense concern towards the senior journalists who posess no financial security after supperanuation the court directed the UK govt to frame a policy for the health and pension benefits for the journalists of the state.
While delivering this historic decision the Nainital High Court justices Sharad Kumar Sharma and Rajiv Sharma concluded by mentioning in the judgement a quote of the famous English author of 1839 namely EDWARD BULWAR LYTTON ,” The Pen is Mighter than a Sword”.
Modi attacks on Congress’s dynastic politics praising saffron party as the party of the poor !
The prime minister Narendra Modi attacked the Congress party and the entire non BJP opposition for criticizing him on demonetisation thus accusing the Congress president Rahul Gandhi and Sonia Gandhi pronouncing them as Mother and son duo, saying that it is because of the after effect of demonetisation only that they had to seek bail for alleged embezzlement of funds.
He said : while the Congress party (not naming it but indicating towards it ) had till now sought votes of the people of Chattisgarh since the time it was the part of Madhya Pradesh, in the name of caste, communities, creating the divide between urban, rural and rich n poor, the Bhartiya Janata Party has sough peoples’ support and blessings on a single mantra of Development, using the word emphatically Vikaas thrice.
He catagorically said that under the rule of Raman Singh the state has developed by leaps and bounds and over 1lakh fifty thousand people of Chattisgarh has received free gas connections and over 1lakh 30 thousand houses with 40000 houses especially allocated to the poor families of Bilaspur in a short span of just four years for which the Congress party would have taken thirty long years. Not only this but about one crore 30 lakh Jan Dhan accounts with zero balance have also been opened for the poor in which the people have deposited over 90 thousand crores thus empowering themselves financially.
Lauding the achievements of his government at the centre and in the state of Chattisgarh prime minister Narendra Modi said that the politics of Congress party begins and ends with dynasty whereas the politics of BJP begins and ends in the huts of the poor signifying that the BJP is worried for the welfare and well being of the poor while the Congress party’s only aim is to serve the Nehru Gandhi dynasty.
Addressing a well attended public meeting in Bilaspur today, when 18 assembly seats are witnessing voting in the Maoist infested Baster and Rajnandgaon district on 12th November prime minister Narendra Modi ridiculed the Congress party leaders especially its Chief Rahul Gandhi by saying that its state party leader while releasing the menifesto addresses the Congress chief as Sir 150 times which means that it were not the menifesto points but the Nehru Gandhi scion more important for him. He pronounced Rahul Gandhi as Namdaar amid cheers from the audience.
While feeling happy and satisfied over the heavy polling in the naxalite infested areas of Bastar and Chattisgarh prime miniter Narendra Modi complimented the election commission of India for creating tremendous awareness amongst the people of Chattisgarh to vote in large numbers and said that they deserve to be lauded by all means.
He termed elections as the festival of democracy and urged everyone to vote in large numbers to strengthen democracy in the state.The prime minister while appealing the voters to vote in large numbers said “Pehle Jalpaan phir matdaan”.
He said that the large percentage of voting in the first phase of the election that is taking place in Baster n Rajnandhaon has completely belied the predictions of news analysts who predicted of low voting percentage.
It may be recalled that 18 assembly segments are witnessing polling today majority of which are in the naxalite infested districts while 72 assembly segments of Chattisgarh will go to polls on 20th November. Bilaspur is also one of them.