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Most unemployment surveys are skewed:PM Modi

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New Delhi:In what is likely to be his last speech in the Lok Sabha’s current term, Prime Minister Narendra Modi on Thursday responded to the recent criticism his government has faced for its purported failure to create jobs.

In his reply to the motion of thanks to the President’s address, Modi contrasted 55 years of “self-serving” Congress rule at the Centre versus the achievements of his government’s 55 months in the “service of the people”. Alluding to the grand alliance of the Opposition parties,

Modi said the people of the country did not want a mahamilawat (greatly adulterated) government.

 

The PM, referring to Congress leader Mallikarjun Kharge’s speech, said for many BC stood for ‘before Congress’ and AD for ‘after dynasty’. He said his efforts at a ‘Congress-mukt Bharat’ were an offering to Mahatma Gandhi in his 150th birth anniversary year — a reference to Gandhi’s wish that the Congress should be disbanded since it had achieved its goal of attaining independence from the British.

Modi said his government had provided a clean government and expressed confidence that the people of the country would again repose their faith in his leadership.

Earlier, Kharge cited reports of a National Sample Survey Organisation (NSSO) survey (which the government later termed a draft report) that said the unemployment rate was 6.1 per cent in 2017-18, the highest in 45 years, to attack the government. Modi termed most surveys that try to capture unemployment rate as skewed since these did not cover the unorganised sector, which accounts for 85-90 per cent of jobs.

Citing data, the PM said in the 15 months between September 2017 and November 2018, EPFO had 180 million new members, 64 per cent of whom were 28 years or below.

He said the National Pension Scheme (NPS) had 6.5 million members in 2014, which increased to 12 million by October 2018, again evidence of new jobs created. The PM said 635,000 non-corporate taxpayers had added to the list of those who file income tax returns, and these professionals, whether doctors or chartered accountants, provide employment to people.

In the informal sector, the PM said transport sector employs the most people. He said in the last four years, 3.6 million new trucks and commercial vehicles have sold, 15 million passenger vehicles and 2.5 million auto-rickshaws have sold. “These need drivers, maintenance…it is unlikely that people would have parked these vehicles somewhere as showpieces,” Modi said.

The PM said there had been a 50 per cent increase in the hotel industry, leading to 15 million new jobs, 200,000 common service centres established in villages, and under the Mudra scheme 42.5 million people receiving loans for the first time that has fostered self-employment, which is not covered by any data on jobs. The PM said highways construction, new airports, railway stations modernisation and rural and urban housing have all led to job creation.


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Business

RBI asks banks to grout ATMs to wall, floor for security by September-end

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Mumbai: The Reserve Bank asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines.

In 2016, the RBI had st up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit.

Based on the recommendations of the panel, the central bank has now issued instructions aimed at mitigating risks in ATM operations and enhancing security.

 

As part of the security measures, all “ATMs shall be operated for cash replenishment only with digital One Time Combination (OTC) locks”.

Also, “All ATMs shall be grouted to a structure (wall, pillar, floor, etc.) by September 30, 2019, except for ATMs installed in highly secured premises such as airports, etc. which have adequate CCTV coverage and are guarded by state/central security personnel”.

Further, banks may also consider rolling out a comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response, it said.

The new measures to be adopted by banks are in addition to the existing instructions, practices and guidance issued by the RBI and law enforcement agencies.

The RBI also warned the banks that non-adherence of timelines or non-observance of the instructions would attract regulatory action including levy of penalty.

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SBI refuses to disclose communication from RBI, govt on electoral bonds

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New Delhi: The State Bank of India has refused to disclose any communication it received from the government or the Reserve Bank of India on electoral bonds, terming it “personal information” and held in “fiduciary capacity”.

Responding to an RTI filed by Pune-based activist Vihar Durve who had demanded copies of all letters, correspondence, directions, notifications or e-mails received from the RBI or any government department between 2017 and 2019, the SBI said it cannot be provided by it.

The bank cited two exemption clauses under the RTI Act to deny information — Section 8(1)(e) which pertains to information held in fiduciary capacity and Section 8(1)(J) which pertains to personal information of a person which has no link to any public activity.

 

“Information sought by the applicant cannot be disclosed as it is in fiduciary capacity, disclosure of which is exempted under Section 8(1)(e) and 8(1)(j) of the RTI Act, 2005,” the Central Public Information Officer of the bank said in his reply.

The bank also refused to give any details of action taken by it on such communications from the RBI and the government.

The electoral bonds, for giving donations to political parties, are being sold through SBI only. The sale opens in SBI branches when the Finance Ministry issues a notification of their sale for a given period.

The scheme of electoral bonds notified by the Centre in 2018 has been challenged in the Supreme Court.

Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last general election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the bonds.

The bonds may be purchased by a person who is a citizen of India “or incorporated or established in India,” the government had said in a statement last year.

The bonds remain valid for 15 days and can be encashed by an eligible political party only through an account with the authorised bank within that period only.

A voluntary group working in the field of electoral reforms, Association for Democratic Reforms (ADR), has demanded a stay on the sale while the CPI(M) has challenged it before the Supreme Court in separate petitions.

ADR recently filed an application in the Supreme Court seeking a stay on the Electoral Bond Scheme, 2018 which was notified by the Centre in January last year.

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Walmart’s Flipkart, Indian startup GOQii settle dispute over sharp discounting

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New Delhi: Walmart unit Flipkart has settled a legal dispute with an Indian startup that alleged it suffered losses because its products were sharply discounted on the global retailer’s website.

GOQii, a seller of smartwatch-type health devices, sued Flipkart last month in a Mumbai court, alleging its devices were discounted by around 70 per cent to the retail price, much more than the two sides had agreed. The court had, as an interim measure, ordered device sales to be halted on Flipkart.

In a joint statement , the companies said the dispute had been resolved and GOQii health devices would again be available on Flipkart. They didn’t say how the settlement was reached.

 

Vishal Gondal, CEO of GOQii, told Reuters the company would withdraw the case against Flipkart. The e-commerce retailer’s “team worked on a resolution benefitting the brand and the customers”, Gondal said in the statement.

The legal spat was seen as a test case of the giant retailer’s operating strategy in the country.

Small traders and a right-wing group close to Prime Minister Narendra Modi’s ruling party have raised concerns about large e-commerce companies, saying they burn billions of dollars deeply discounting some products to lure customers onto their sites, in the expectation that they will also buy other goods.

GOQii said it signed an agreement last year with a Flipkart unit to sell two of its devices at a price not below 1,999 rupees (USD 28.63) and 1,499 rupees. It later found the devices were being sold for 999 rupees and 699 rupees, calling it “unauthorized” discounting.

In response, Flipkart said it reserved “the right to institute actions for defamation, both civil and criminal”, arguing it wasn’t responsible for any discounts which are determined by third-party firms which sell via its website.

The two companies struck a friendlier tone in their joint-statement on Friday as they brought the legal battle to an end.

“We have ensured constant engagement with GOQii to resolve any differences,” Flipkart said in the statement.

With a 19 per cent market share, GOQii was the second-biggest player in India’s so-called wearables market last year, data from industry tracker IDC showed. The market is dominated by China’s Xiaomi, with Samsung a small player.

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