Today's Big Stories
RBI approves surplus transfer of Rs 1.76 Lakh crore to govt as it accepts Bimal Jalan committee report
The government will receive a windfall from the Reserve Bank of India (RBI) in the current financial year, nearly double the estimated Rs 90,000 crore in the Budget for 2019-2020. The move could enable the government to kick-start a much need public spending push as India Inc heads for an economic downturn.
Persistent thorn: The transferred amount is three times the government average and had been the cause of a constant rift between the government and the RBI. The previous governors Raghuram Rajan and Urjit Patel had warned against the transfer of excess reserves saying that it would hit RBI's ratings and increase borrowing costs. The incumbent governor Shaktikanta Das, however, believes that the transfer will not hit the bank's reserves.
Recent developments: The move comes just days after Finance Minister Nirmala Sitharaman announced a slew of measures to help the economy and financial markets including a rollback of enhanced surcharge on foreign portfolio investors levied in the Union Budget.
Trump backs off on Kashmir mediation, says India & Pakistan can sort issue out bilaterally
Prime Minister Narendra Modi, while addressing a joint press briefing with US President Donald Trump, said third-party mediation on Kashmir was not necessary. “I have firm faith that India and Pakistan, which were one before 1947, can discuss and resolve all issues." Kashmir, trade and Afghanistan were discussed between the two heads of the states on the sidelines of the G7 Summit in the French town of Biarritz on Monday. The press conference also made headlines after Trump, in jest, commented after PM Modi’s asked reporters to let the leaders talks in peace. Trump said that PM Modi knows very good English, but he just doesn’t want to talk after which the two leaders shared a warm handshake.
In Other News
Three's a crowd: Karnataka chief minister BS Yediyurappa appointed three deputy chief ministers as he allocated portfolios to the new lawmakers in his cabinet. Govind Makthappa Karajol, Ashwath Narayan and Laxman Sangappa Savadi will serve as the deputy chief ministers.
Tipping scales: In a major setback to Congress leader and former finance minister P Chidambaram, the Supreme Court on Monday rejected his petition against the Delhi High Court verdict which had dismissed his anticipatory bail plea in a corruption case lodged by the CBI in the INX Media scam.
Wolf at bay in Wall Street: Wall Street's main indices rose 1% on Monday as US President Donald Trump eased his stance on trade with China, calming investor nerves after an intense feud between the world's top two economies last week sent stocks tumbling. Shares of tariff-sensitive companies rose in response.
Putting out fires: Leaders of the Group of Seven nations said on Sunday they are preparing to help Brazil battle fires burning across the Amazon region and repair the damage even as tens of thousands of soldiers got ready to join the fight against blazes that have caused global alarm. They agreed to releasing more than $20 million of emergency aid to help countries battle the fires.
On Our Specials
Firm resolve: The inclement weather in Madhya Pradesh’s Barwani district on Monday could not deter the resolve of four women, led by Narmada Bachao Andolan founder Medha Patkar, as the group continued with their hunger strike. Vivek Trivedi reports that the four women are observing relay hunger strike, while Patkar is persisting with indefinite hunger strike over their demands which include reduction in the water level of river Narmada.
Gearing up: As the National Register of Citizens (NRC) is set to publish the list of citizens, capping a process initiated five years ago following a direction from the Supreme Court, there is overriding concern over the fate of the delisted people, about their rights and if they would be incarcerated in the detention centres. Rajeev Bhattacharya writes that even as the government has ordered the setting up of 10 more detention centres and hundreds of foreigners tribunals, post the NRC, the task appears daunting and could necessitate more measures with a long-term perspective.
On Reel
Days after Cafe Coffee Day founder VG Siddhartha passed away, his 96-year-old father, Gangaiah Hegde, breathed his last on Sunday. He had been admitted to Gopalagowda hospital in Mysuru about a month ago after suffering from old-age-related health issues. Watch to know more.
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