India, Cyprus vow to curb money laundering (GS-2/3) (Page-11) India and Cyprus on Monday signed two agreements on combating money laundering and cooperation in the field of nt as President Ram Nath Kovind met his Cypriot counterpart Nicos Anastasiades and held wide-ranging talks here. Mr. Kovind is in Cyprus on the first leg of his three-nation visit to Europe to continue India's high-level engagements with European countries. Economic cooperation Mr. Kovind and Mr. Anastasiades exchanged views on economic cooperation. India was the fastest growing major economy in the world today with a growth rate of 8.2% last quarter, Mr. Kovind said. . "In this context and given Cyprus, niche expertise in financial services and investment banking, both of us agreed that there was much scope to deepen our investment partnership." he said in a statement. "We welcomed the signing of the MoU between Financial Intelligence Unit, India, and Unit for Combating Money Laundering of Cyprus.
. "This agreement would further strengthen the institutional framework to facilitate investment cross-flows We also emphasised that the revision in the Double Taxation Avoidance Agreement made in 2016 provided greater opportunities for our investment partnership to grow," Mr. Kovind said. External Affairs Ministry spokesperson Raveesh Kumar said in a tweet:"India and Cyprus signed two MoUs [memoranda of understanding] today on combating money laundering and cooperation in the field of environment in the presence of Presidents of both countries." Mr. Kovind and MrAnastasiades held discussions on issues of mutual interest, including promotion of business collaboration in the fields of IT and IT-enabled services, tourism, shipping and renewable energy, Mr. Kumar said. "President Anastasiades and I held detailed discussions on the way forward for our long-standing and excellent relations. I reaffirmed India's unwavering support to Cyprus for upholding its sovereignty and territorial integrity.
Global issues "We reviewed our ongoing bilateral and multi-lateral engagements and discussed issues of regional and global concern. We underlined our common objectives to negotiate the challenges that lie ahead And we committed ourselves to further step-up our mutually beneficial ties, especially in the economic field," Mr. Kovind said in the statement. * The President also paid tributes to a statue of Mahatma Gandhi "our founding fathers,Archbishop Makarios and Mahatma Gandhi have blessed our partnership with timeless values, wisdom and foresight. We have the greatest respect for Archbishop Makarios in India," Mr. Kovind said
SC order: 'Maharashtra will not be hit' (GS-3) (Page-13) The Supreme Court order banning construction activity in States that do not have a solid waste management policy should not apply to Maharashtra, said Nitin Kareer, the State's Principal Secretary, Urban Development Department. "From what we understand, the honourable court's order does not name any State as such." "There are two parts to this order. The first is regarding States that had not followed up on the court's earlier order.The second directive pertains to States that do not have a solid waste management policy in place. Maharashtra is not specifically named in this order and this should not be applicable [to] us since we already have such a policy" Our lawyers will, on priority basis, inform the court about this; so, there is no question of a blanket ban on construction activities in our State," he said. Mr. Kareer added that the State government would also find out why the court was not informed of the fact that Maharashtra has a policy in place to tackle solid waste.
Meanwhile, builders in Chandigarh expressed concern that the ban may drive up property prices in the city.This, according to real estate consultants, could be a double-edged sword "The ban would [drive escalation of] property prices in Chandigarh, which will certainly benefit the real estate business," Kulbir Singh, real estate consultant at Northern Estates based at TDI city, told The Hindu."Chandigarh is place where despite high prices of property, people tend to invest due to its well-established infrastructure. However, there is also a possibility that market may, after reaching a point, get stagnant because exorbitant prices will turn away the buyer" he added. Job losses flagged Builders' association Credai has flagged the possibility of job loss and impact on GDP if construction activity were stopped. "We understand the Supreme Court's concerns; however, we feel that the court should not stay construction activity as this will have a direct implication on daily wage earners in the industry while GDP could also suffer" Credai National, chairman, Getamber Anand said in a statement. The Goa Foundation, an environmental, non governmental organisation welcomed the order. Incidentally,the Supreme Court order was based on a suggestion to this effect made by Additional Solicitor General for the Ministry of Environment & Forests, A.N.S. Nadkarni, said Claude Alvares, director, Goa Foundation
RISKS REMAIN: ON GDP GROWTH
'No construction sans solid waste management policy' (GS-3) (Page-13) The Supreme Court said it was "pathetic" that some States and Union Territories had not bothered to frame a lid waste management policy. The court ordered that further construction activities be stopped in some States and Union Territories that remained unmindful of the interests of their people to live in a clean environment. A Bench headed by Justice Madan B. Lokur imposed fines on some States and the Union Territory of Chandigarh for not placing on record their respective policies under the Solid Waste Management Rules, 2016. while Andhra Pradesh was ordered to pay 5 lakh, Maharashtra, Madhya Pradesh, Uttarakhand and Chandigarh were imposed costs of 3 lakh each. A. The amount would have to be deposited with the Supreme Court Legal Services Committee within two weeks and would be used for juvenile justice issues
A. The SC noted that other States, including, Bihar,Tamil Nadu and Arunachal Pradesh had deposited the costs imposed on them on July 10 "In case the States have the interest of the people in mind and cleanliness and sanitation, they should frame a Policy in terms of the Solid Waste Management Rules so that the States remain clean. The attitude of the States/Union Territories in not yet framing a Policy even after two years is pathetic, to say the least. Further constructions in the States/Union Territories are stayed until the policy is framed," the Supreme Court observed in its order on August 31 Next hearing on Oct. 9 The court scheduled the case for further hearing on October 9. It is hearing the case suo motu since the death of a seven- year-old boy due to dengue in Delhi in 2015. Justice Lokur had condemned the attitude of the authorities at one point, saying "if they want the people to live in dirt, filth and garbage, what can be done then."
During the earlier hearing on July 10,some States did not attend court Hence, the Bench imposed lakh each on the defaulting States and UTs whose lawyers were present in court. These included Bihar, Chhattisgarh, Goa, Himachal Pradesh, Jammu and Kashmir, Karnataka, Kerala, Meghalaya, Punjab, West Bengal, Lakshadweep and Puducherry. For the remaining States/Union Territories, who were either not present or not represented by lawyers, the burden of costs went up to 2 lakh "The tragedy is that more than two-third of the States / Union Territories in the country have neither bothered to comply with the orders passed by the Court nor bothered to comply with the directions given by the Ministry of Environment and Forests, Government of India," the Supreme Court had observed then, calling it a "shocking state of affairs"
Reserve Bank tightens ombudsman scheme (Page-14) (GS-3) The Reserve Bank of India has tightened the banking ombudsman scheme with the objective to strengthen the grievance redressal mechanism for customers. The banking regulator has asked all commercial banks having 10 or more banking outlets to have an independent internal ombudsman (IO) to review customer complaints that are either partly or fully rejected by the banks. . "The IO shall, inter alia, examine customer complaints which are in the nature of deficiency in service on the part of the bank, that are partly or wholly rejected by the bank," RBl said in a statement.The instructions are not applicable for Regional Rural Banks sponsored by commercial banks. S. As banks should internally escalate complaints that are not fully redressed to their respective IOs before conveying the final decision to the complainant, customers need not approach the IO directly, the RBl said.
Graduate in Economics. Gold medal in Dissertation, Prepared various documents on Demonetisation and GST, Share-trading and many more