Today's Hot Stories - March 05, 2014
10 Headlines for Today(1) Arvind Kejriwal does not rule out fighting polls against Modi
(2) Sheila Dikshit to be appointed as Kerala Governor
(3) Tensions ease as Putin orders troops to pull back from border
(4) Odisha doesn’t have special disadvantage to get special status: Montek
(5) Sahara Group stocks fall 5% as Roy, two directors sent to jail
(6) Australia rejects Qantas' request for AU$ 3 billion loan
(7) Brazil celebrates 100-day mark to World Cup
(8) Anand, Jwala-Ashwini lose in All England qualifiers
(9) India win toss, elect to bowl against Afghanistan
(10) Dental care on wheels, across India
5 Stories for Today
(1) Nine phase Lok Sabha elections from April 7
(2) US plans $280 million military aid to Pakistan, cuts civilian aid
(3) Fund houses line up FMP issues
(4) Google launches indoor maps in India
(5) India not to achieve $325 billion export target this fiscal: FIEO
(1) Nine phase Lok Sabha elections from April 7
Elections for the 16th Lok Sabha will be held from April 7 to May 12 spread over nine days in the highest number of polling days so far involving an electorate of 81.4 crore, the Election Commission announced on Wednesday.
Counting of votes in all the 543 Lok Sabha constituencies will be held on a single day on May 16, Chief Election Commissioner V S Sampath announced at a press conference flanked by ECs H.S. Brahma and S.N.A. Zaidi.
Assembly elections will also be held simultaneously in the states of Andhra Pradesh, including Telangana region, Odisha and Sikkim.
Nation will go to polls on April 7, 9, 10, 12, 17, 24, 30, May 7 and May 12.
The first polling day on April 7 will cover six Lok Sabha constituencies in two states, while the second on April 9 will cover seven constituencies in five states.
92 constituencies will go to polls in 14 states on the third day on April 10, while a small number of five constituencies in three states will be covered on the fourth day on April 12.
The largest chunk of 122 Lok Sabha seats will go to polls in 13 states on April 17, the fifth day of poll, while the sixth day will witness polling in 117 seats in 12 states on April 24.
The seventh day of polling on April 30 will choose representatives in 89 constituencies spread over nine states and the eighth day on May 7 will cover 64 seats in seven states.
Polling will conclude on the ninth day on May 12 with elections in 41 constituencies in three states.
Announcing the election schedule, Chief Election Commissioner V.S. Sampath said, this should not be viewed as phases. “They are poll days,” he said.
Special camps will be organised at all polling stations on March 9 for voters to verify, add or modify their details in the electoral list.
Election Commission has decided to distribute photo election slips with polling station details at his/her doorstep, within 3-7 days from the date of the poll.
With the election schedule announced on Wednesday, Model Code of Conduct for elections comes into force with immediate effect.
State-wise polling days:
Andhra Pradesh: April 30, May 7
Arunachal Pradesh: April 9
Assam: April 7, 12, 24
Bihar: April 10, 17, 24, 30, May 7 and 12
Chhattisgarh: April 10, 17, 24
Goa: April 17
Gujarat: - April 30
Haryana: April 10
Himachal Pradesh: May 7
Jammu and Kashmir: April 10, 17, 24, 30, May 7
Jharkhand - April 10, 17, 24
Karnataka: April 17
Kerala: April 10
Madhya Pradesh: April 10, 17, 24
Maharashtra: April 10, 17, 24
Manipur: April 9, 17
Meghalaya: April 9
Mizoram: April 9
Nagaland: April 9
Odisha: April 10, 17
Punjab: April 30
Rajasthan: April 17, 24
Sikkim: April 12
Tamil Nadu: April 24
Tripura: April 7, 12
Uttar Pradesh: April 10, 17, 24, 30, May 7, 12
Uttarakhand: May 7
West Bengal: April 17, 24, 30, May 7, 12
Andaman and Nicobar Islands: April 10
Chandigarh: April 10
Dadra and Nagar Haveli: April 30
Daman and Diu: April 30
Lakshadweep: April 10
NCT/Delhi: April 10
Puducherry: April 24
Source: The Hindu
(2) US plans $280 million military aid to Pakistan, cuts civilian aid
Arguing that Pakistan will remain a key player in counter terrorism post-2014, the US has proposed USD 280 million in military assistance to the country, although it wants to cut civilian aid in an effort to acknowledge India's concerns about misuse of the funds.
Marred by financial constraints, the Obama administration has proposed to substantially cut civilian aid to Pakistan to USD 446 million for the next fiscal year as against USD 703 million in 2013, which among other things the State Department argued is aimed at improving ties with India.
"The OCO (Overseas Contingency Operations) resources will support critical US activities such as sustaining close cooperation with Pakistan, ensuring the safety of Pakistani nuclear installations, working with Pakistan to facilitate the peace process in Afghanistan, and promoting improved relations with India," the State Department said as it proposed USD 446 million in civilian aid to Pakistan.
"FY 2015 funding for Pakistan is crucial to meeting key US strategic priorities of combating terrorism, strengthening security in both Pakistan and the region, and maintaining stability in Afghanistan post-transition,"the department said.
"Pakistan will remain a key player in US counter terrorism and nuclear nonproliferation efforts in FY 2015, as well as in our long-term objectives of economic development and stability in the region," the State Department said in its annual budget proposals to the Congress.
"Developing an enduring and collaborative relationship with an increasingly stable and prosperous Pakistan that plays a constructive role in the region will therefore continue to be a priority for the United States," the State Department said proposing USD 100 million to Pakistan under the Economic Support Fund (ESF) for the fiscal year 2015.
Under the Foreign Military Financing (FMF) category, the US maintained USD 280 million in military aid to Pakistan for the fiscal year 2015 beginning in October 2014.
Given the ongoing transition in Afghanistan and continued terrorist attacks against civilian and military targets throughout Pakistan, FMF is essential to Pakistan's efforts to increase stability in its western border region and ensure overall stability within its own borders, the department said.
"The USD 280 million Pakistan requests will enhance the Pakistan Army, Frontier Corps, Air Force, and Navy's ability to conduct counter insurgency (COIN) and counter terrorism (CT) operations against militants throughout its borders and will improve Pakistan's ability to deter threats emanating from those areas, and encourage continued US-Pakistan military-to-military engagement," the State Department said.
The OCO supports a robust diplomatic presence and critical assistance programmes to support the government and its people following Pakistan's first democratic transition.
"These funds will help facilitate increased stability and prosperity in this strategically important nation and will enable us to sustain a presence necessary to achieve essential strategic priorities of eliminating terrorism and enhancing stability in Pakistan and the region following the transition in Afghanistan," the State Department said.
Pakistan lies at the heart of the US' counter terrorism strategy, the peace process in Afghanistan, nuclear non-proliferation efforts, and economic integration in South and Central Asia, it said.
Source: The Times of India
(3) Fund houses line up FMP issues
The coming weeks will see a surge in fixed maturity plan issues by mutual funds. Almost every large fund house has drawn up plans for an FMP in a hope to beef up assets under management. One of the major advantages of investing in an FMP is that for tax purposes, returns can be adjusted for inflation. Considering that RBI has forecast 6% inflation by January 2015, investors can avoid an income tax liability in an FMP with double indexation benefit, which makes it virtually a tax-free investment.
The double-indexation benefit is a tax loophole which allows investors to claim indexation benefit on an investment across two fiscals, even if the tenure of the mutual fund is only 370 days. This is how it works: If a fund is launched towards the end of March 2014 and has a maturity of 370 days, the scheme will be redeemed only in April 2016. This will result in the purchase and sale being spread over two financial years, allowing the investor to take advantage of adjusting returns for inflation for two financial years.
"March is also a time when there is tightness in the money market because of advance tax payments to the government. This gives mutual funds an opportunity to invest in certificate of deposits (CDs), which provide a return of up to 9.8%," said Nilesh Sathe, CEO, LIC Mutual Fund. Besides CDs, several top-rated corporates offer high returns on commercial papers. Since FMPs are close-ended, MFs can come up with NFOs, which allow for more intensive marketing rather that sell through distributors.
Last financial year, over Rs 70,000 crore was raised through FMPs - much lower than the Rs 1.3-lakh crore raised in FY12. This year mutual funds are hoping to better last fiscal's collections if yields rise in mid-March.
Although FMPs have much lower fee earnings compared to equity funds or long-term funds, the volumes are very high as investors see these as a substitute for fixed deposits. Investors have the option to choose the income or growth option. In the income option, returns are taxed at 12.5%. But in the growth option, a long-term capital gains tax of 20% is applicable if the investor chooses to offset his return against inflation (indexation benefit). Without the indexation benefit, capital gains tax of 10% is applicable.
Although FMPs are targeted at fixed deposit investors, there is an element of credit risk as highly rated companies have also slipped suddenly into default. But such defaults are rare and investments in CDs of public sector banks are considered risk free by mutual funds. UBI, the only distressed public sector bank, has also redeemed its CDs in time despite its problem with bad loans.
Source: The Economic Times
(4) Google launches indoor maps in India
The service will be available free to Android and iOS users.
Technology giant Google has launched indoor maps in India that will help users browse through and locate specific locations inside venues like malls and museums.
The service, available as part of Google Maps, is already available in countries like the U.S., Japan, Singapore, Hong Kong and the Netherlands.
“Using indoor maps, users will find it easy to locate stores, especially in an unfamiliar shopping mall or when they plan a visit to a museum like Salar jung in Hyderabad. With Indoor Google Maps in India, people can access detailed floor plans for 75 popular indoor venues with a few easy swipes,” Google India Director and Product Manager (Maps) Suren Ruhela told PTI.
The service will be available free to Android and iOS users, he added.
Some of the major locations include Ambience Mall in Gurgaon and Select City Walk in Delhi.
“To date, we’ve worked with 75 partners across 22 cities in India to bring indoor maps,” he said, adding that the list will be expanded in the coming days.
Apart from the metros, indoor maps will cover locations in cities like Bhopal, Coimbatore, Chandigarh, Dehradun, Jaipur, Kochi, Lucknow, Ludhiana and Moradabad.
Apart from malls, indoor maps would be available for National Gallery of Modern Art in Delhi, Salar jung museum in Hyderabad and Hyderabad International Convention Centre.
Source: Hindustan Times
(5) India not to achieve $325 billion export target this fiscal: FIEO
India's exports will not be able to achieve the target of USD 325 billion in the current fiscal and will fall short by about USD 10 billion, FIEO today said.
"Domestic factors like declining manufacturing growth and slow improvement in the global demand are the main reasons for slow growth in the country's exports.
"We will not be able to achieve the USD 325 billion exports target," Federation of Indian Exports Organisation (FIEO) President Rafeeq Ahmed said.
The country's merchandise exports would touch USD 312-315 billion by the end of this fiscal, ending March 31.
During April-January, exports grew by 5.71 per cent to USD 257 billion, while imports dipped by 7.81 per cent to USD 377 billion. The trade deficit was about USD 119 billion.
In the remaining two months (February and March), the country requires about USD 70 billion to reach the target.
Finance Minister P Chidambaram in the Interim Budget speech has said that India's exports are expected to grow by 6.3 per cent to USD 326 billion during the current fiscal.
In 2012-13, the outbound shipments declined by 1.8 per cent to USD 300.4 billion.
Ahmed said that liquidity is a big issue for exports and pending claims of refund of service tax, duty drawback, rebate claims and VAT are affecting exports.
"The government should not fix annual targets for exports. We should fix a target for five years and work accordingly," he added.
FIEO is working on a paper for the new Foreign Trade Policy for 2014-19.
"In the next two and a half months time, we will submit the paper with our recommendations to the new government. It will includes measures which should be taken up to boost exports," Ahmed said.
There is an urgent need to enhance investments in building infrastructure such as roads and ports, he said.
"Inadequate infrastructure is impacting exports. Transactions costs are very high," he said, adding that the banks should provide credit at affordable rates to exporters.
The manufacturing sector, which constitutes over 75 per cent of the index, declined by 1.6 per cent in December, as against a contraction of 0.8 per cent in the year-ago period.
Source: The Indian Express
Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.
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