What's new in india now.

Rupee VS Dollar, Pound , Euro .

2013-06-23T00:25:00.003-07:00

Rupee, which has fallen by more than 8% since May, will make studying or traveling overseas costlier as dollars turn expensive to buy meanwhile IT companies are getting benefits. It will also push up the prices of all imported goods such as crude oil and gadgets.

Finance Minister P Chidambaram’s assurance that there was no need for panic over the recent currency slide.

Current Currency Rates: June 23, 2013

1 USDollar = 59.27 Rupee

1 Canadian Dollar = 56.68 Rupee

1 British Pound = 91.44 Rupee

1 Euro = 77.88 Rupee

1 Australian Dollar = 54.81 Rupee

1 swiss Franc = 63.45 Rupee

Slowdown fears? Not for Gujarat’s taxmen

2011-12-21T03:44:00.000-08:00

AHMEDABAD: Amid slowdown fears, taxmen in Gujarat are a happy lot. The income tax department has registered an impressive growth in tax collections - overall as well as advance tax - in the state.

At a time when collections in many states have nosedived or have remained stagnant, the corporate and individual advance tax collections in Gujarat have increased by over 20%.

Tax officials say December tax collection from companies - the third of the total four instalments of advance tax payment - account for nearly 75% of the tax collection, and is an indicator of what is in store for the rest of the fiscal.

On December 17, the net tax collection from Gujarat for 2011-12 stood at 14,701.2 crore, which is 28.1% higher than Rs 11,474.4 registered on the same day last year. The advance taxes from corporates and individuals for the first three quarters in Gujarat stood at Rs 7,542 crore, an increase of 26.4% than Rs 5,966 crore previous year.

"Tax collections reflect robust growth. Gujarat's growth story lies in rising middle-class in the state. The state has been able to clock an agricultural growth of around eight to 10%, while India figures are at two to three per cent. Industries like pharmaceuticals, textiles, and a strong manufacturing sector have been the engine of the state's growth story," said Ravindra Dholakia, senior professor of economics, IIM-A.

20 minutes to run for your life, if Mullaperiyar dam bursts: Expert

2011-12-21T03:34:00.000-08:00

Mullaperiayar Dam

THIRUVANANTHAPURAM: If - and it is an admittedly big 'if' - an earthquake, measuring 6 on the Richter scale, rocks Idukki district and the 116-year-old gravity dam in Mullaperiyar bursts, with water level at 136 feet, the resultant flood would submerge 50 sq kms of land downstream. The thundering water would flow at a height of 36 feet, submerging buildings, uprooting trees and leaving a trail of destruction.

People living downstream would get 15-20 minutes to run for their lives, said John Mathai, a senior scientist with Centre for Earth Sciences (CESS) in Thiruvananthapuram. The scenario is scary but quite probable, he claimed. "Between 26 July and November 26, 2011, 26 low intensity tremors were recorded in the region. A major earthquake cannot be ruled out," Mathai told TOI.

Scientists at CESS have been conducting studies in the Idukki region since 2001 and have identified an active faultline in Idukki. CESS recently mapped the region to find out which areas would be inundated if there was a massive earthquake and Mullaperiyar dam burst. They also identified the high and the low points through which water would flow if the dam broke.

The study was done as part of the state's disaster management program following concerns expressed by residents that their lives and livelihood were at stake. Disaster management experts in Kerala will use the CESS map to identify higher ground where people can be safely evacuated in case of a flash flood.

Sensex up 500 points, Nifty nears 4,700

2011-12-21T03:27:00.000-08:00

Sensex

Indian stocks traded with over 3 per cent gains in the last hour of trade. The Sensex jumped over 500 points while the Nifty traded with nearly 150 points gains.

At 1510 hours, the Sensex was up 505 points at 15,680 while the Nifty index advanced 148 points to 4,692.

"The markets are due for a pretty big rally... You could easily rally 10-15 per cent on the indexes... The pessimism has been overdone... This rally will strengthen the rupee as well," Shankar Sharma of First Global said.

Banking stocks were the big gainers, rising over 4.5 per cent. Consumer durables and energy stocks also traded higher. All sectoral indices on the Bombay Stock Exchange traded in green.

Big Nifty gainers included Reliance Communications (up 9 per cent), Sesa Goa, ICICI Bank and Tata Power (up 7-8 per cent) and M&M (up 6.5 per cent).

The trigger for the global rally came from the nearly 3 per cent jump on the Dow overnight. European markets were up and Asian stocks also closed higher.
Big Nifty gainers included Reliance Communications (up 9 per cent), Sesa Goa, ICICI Bank and Tata Power (up 7-8 per cent) and M&M (up 6.5 per cent).

Lokpal Bill: Ready to fight, says Sonia, in warning to Team Anna and opposition

2011-12-21T03:25:00.000-08:00

The main opposition party, the BJP, has expressed its reservations over the Bill, mainly because its suggestion to give the new Lokpal administrative control over the CBI has been rejected. The BJP also believes that the selection process for the nine members of the Lokpal gives too much clout to the government.

In the current draft, the Lokpal has no investigative branch. It can refer cases of corruption to the CBI, who will report to it only on those cases. "The government cannot keep administrative control over the CBI. That allows the government a say over the budget, transfers, postings, appointments of the CBI," said Ms Bedi.

The BJP and the Left have both been arguing for more distance between the government and the CBI by granting administrative superintendence of the investigating agency to the Lokpal. The party's Arun Jaitley had said that the process of selecting the CBI chief must also change so that the decision is not the government's alone. The Bill suggests the Director of the CBI will be appointed by the PM, the Leader of the Opposition and the Chief Justice of India.
The Left says it will not critique the bill till it is shared with Parliament. Sitaram Yechury of the CPM also suggested that Team Anna's reaction may be premature. "Team Anna seems to know more than Parliament...if that's the case, it's worrying," he said. Political parties have repeatedly made the point that the activists must let Parliament work out the details of the Lokpal Bill.

New Delhi: UPA Chairperson Sonia Gandhi has signalled that the government is ready for war with both the opposition and Team Anna over the Lokpal Bill once it is introduced in Parliament. She told a meeting of Congress MPs this morning that the Lokpal Bill is "path-breaking" and that "Team Anna must accept it." Kiran Bedi, a close aide of activist Anna Hazare, retorted, "It's not a path-breaking bill, it's a heart-breaking bill."

Anna Hazare

After she stepped out of the meeting, reporters asked Mrs Gandhi if the government is ready for a fight over the Lokpal Bill, given that 74-year-old Anna and his team of supporters are unhappy with it. "I am always ready for a fight," she replied. Anna begins a three-day fast on December 27 in protest against the "betrayal of the people."

At the meeting of the Congress Parliamentary Party, Mrs Gandhi said, "We are being criticised and attacked for not tackling the scourge of corruption. This is deliberate and malicious misinformation."

The contentious bill, intended to curb corruption among government servants, will be introduced by the government in Parliament tomorrow. It was cleared by the Cabinet last night.

New Lokpal Bill to be introduced in Lok Sabha tomorrow

2011-12-21T03:08:00.001-08:00

NEW DELHI: A new Lokpal Bill will be introduced in the Lok Sabha tomorrow and the existing one withdrawn.

This was conveyed by the government to the main opposition party, the BJP, on Wednesday along with the intention to have a three-day additional sitting of Parliament from December 27 to take up this crucial bill. BJP gave its nod to this proposal.

Earlier today, finance minister Pranab Mukherjee held a meeting with Leader of Opposition in Lok Sabha - Sushma Swaraj, her counterpart in Rajya Sabha - Arun Jaitley and BJP leader L K Advani to discuss the issue.

Mukherjee conveyed to the BJP that the Lokpal Bill passed by the Cabinet last night could be circulated to MPs only later this evening, according to sources.

He also said that the existing Lokpal Bill- introduced in the Monsoon Session of Parliament- will be withdrawn in the Lok Sabha tomorrow and the new bill introduced. Mukherjee said that in this scenario, there was little option but to extend the winter session by three more days and discuss the Lokpal Bill from December 27 to 29.

BJP agreed to the proposal after initial reluctance. BJP party sources said its opposition is to the content of the bill rather than extension of this session.
The Business Advisory Committee (BAC) will meet this evening to decide on the extension.
Government is keen to ensure passage of the Lokpal Bill along with two crucial legislations- Judicial Accountability Bill and Whistleblower Protection Bill -- during the current session. But since only two days are left, it wants additional sitting after the Christmas break.

The BAC had yesterday decided to hold an additional three day sitting from December 27 but later several MPs opposed it, prompting the government to say it will have a rethink.

Several MPs, including from the UPA coalition, are still opposed to the three day extension of the session.
Lokpal Bill was cleared last night by the Union Cabinet. The new bill will be a Constitution amendment Bill which will also bring the Prime Minister under the ambit of Lokpal with certain riders.

The bill, however, keeps the CBI out of purview of Lokpal except on cases which are referred to it by the latter. The Lokpal will have its own wings for preliminary inquiries and prosecution.
The Lokpal will be a nine-member body including the chairperson.