New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

New ISIS, al-Qaeda offshoots banned under UAPA

The Centre has banned new offshoots of terror organisations al-Qaeda and ISIS under the stringent anti-terror law — Unlawful Activities (Prevention) Act, according to an official order.

NSG commandos in Kashmir ahead of Amarnath Yatra

Amonth after the Union Home Ministry approved the deployment of elite counter-terror force National Security Guards (NSG) in Kashmir as part of the counter-insurgency (CI) grid, a contingent of the elite force has moved into the Valley.

FinMin looks into fresh Panama revelations

The finance ministry on Thursday said fresh revelations under the ‘Panama Paper’ leaks are being looked into by the multi-agency group, which includes the tax department and the RBI.

The probe, it said, would go on as per the standard operating procedures, which include examining information revealed in the media releases with the disclosures made by the alleged persons in the annual returns of income, particularly in the foreign assets schedule and foreign remittance details.

Railways wants officers back, right away

The railways ministry see­ms in no mood to relent on recalling officers from Rail Vikas Nigam, a PSU under its control, even as its means reduction in staff strength at the IPO-bound company.

It has issued show-cause notice to many officers and is in the process of firing more such letters noting that railways would deem them to have resigned, as they have not reported back to the cadre after expiry of the approved deputation.

RBI sticks to Feb 12 circular on power sector NPAs

Almost rejecting the power sector’s plea of exemption from the NPA re­s­olutions mechanism, the Reserve Bank of India on Thursday indicated to the fin­a­nce ministry that its Fe­bruary 12 circular prov­i­des enough space for resolution of bad loans and companies can even go for restructuring within the timeframe.

Consumer stocks outrun global peers on valuation matrix

Indian consumption stocks are seeing rising valuations even as peer stocks are stagnating or falling in other emerging markets (EMs) and the global markets. This has made analysts cautious about investing in stocks related to domestic consumption.

The latest India Strategy report of Bank of America Merrill Lynch (BofAML) says the price-earnings (PE) multiples for Indian staples, or consumption stocks, have defied gravity. The multiples have increased even though they remained flat to falling on other parts of the world.

FinMin open to raising PSB recapitalisation

The finance ministry is open to putting in a higher amount for bank recapitalisation than the Rs 2.11 lakh crore announced last year, if a need arises. However, the ministry thinks the Rs 2.11 lakh crore set aside to recapitalise public sector banks (PSBs) through bonds and funds would be sufficient for now, even though many banks are grappling with high provisioning, PCA restrictions, frauds and losses.

India hits back at US; hikes import duty on 29 products

Incensed by Washington’s refusal to exempt it from new tariffs, India has hiked duty on 29 products, including pulses and iron and steel products, imported from the US. The decision is seen as a retaliatory action against the tariff increase by Trump administration.

The duty hike would come into effect immediately for 28 products, while for artemia, a kind of shrimp, the rate hike would be effective from August 4, the finance ministry said in a notification. A duty of 120 per cent on imports of walnuts is the strongest action yet against the United States.

BJP plans tractor rally in Mandsaur on July 1

The BJP will organise a “tractor rally” in Madhya Pradesh’s Mandsaur on July 1 in an apparent show of strength in the Assembly election year with the district having emerged as a locus of farm politics following the death of five farmers in a protest last year. The state, where the BJP has been in power since 2003, goes to polls later this year.

The Congress, the saffron party’s main rival, has made the alleged farm distress a key plank of its campaign. Congress president Rahul Gandhi was in Mandsaur earlier this month in a show of his party’s solidarity with the farmers.