Today's Hot Stories - March 29, 2014
10 Headlines for Today(1) Imran Masood arrested for hate speech
(2) Sabir Ali asks BJP to put his induction on hold
(3) Chinese plane searching for MH370 spots 3 objects
(4) Infy appoints 9 executive officers
(5) Tamil Nadu tax demand against principles of natural justice, says Nokia
(6) EU to ban Indian mangoes, vegetables
(7) Gavaskar set to start IPL work in Dubai
(8) India seals semifinal spot with big win
(9) Sammy lets his bat do the talking
(10) e-wallet makes purchasing train tickets simpler, faster
5 Stories for Today
(1) Rakhi Sawant launches party, wants 'green chilli'
(2) Norway's former PM Stoltenberg named Nato chief
(3) Rising NPAs in PSU banks a concern: Rajan
(4) Bitcoin is property, not currency, rules US revenue department
(5) Narendra Modi's manifesto mantra: More jobs, tax relief, IIT-IIM in each state
(1) Rakhi Sawant launches party, wants 'green chilli'
Television entertainer Rakhi Sawant on Friday bid farewell to the industry and launched her political career by establishing a new party called Rashtriya Aam Party (RAAP). She will file her nomination for the Lok Sabha election from Mumbai Northwest on Saturday, hoping to receive the green chilli symbol that "resembles her persona".
Gaily displaying green chilli-shaped earrings and a bracelet, Sawant the party's only candidate for now, said, "I am neither an orphan politician nor an Independent. Now I have my own party. I am the vice-president." She defended the party's choice of name, which is a take-off on the Aam Aadmi Party, saying the two had nothing in common. "I will release a proper manifesto after a few days but I want to serve the poor and uplift the status of women. I will give my last drop of blood to serve the 'dukhi janata' and provide an alternative to those who are fed up with corruption," she said at a press conference in Oshiwara Friday.
The dramatic launch of the new outfit days before the general election draws doubts about the backing of a bigger force. RAAP's office bearers and fundraisers are local businessmen from Oshiwara, including Kishanlal Hans, chairman of the Heera Panna Mall, where the press conference was organized. Others on the dais were property dealer Shriprakash Dubey and some restaurateurs. Their wives make up the party's women's wing. "We have dabbled in politics by helping bigger parties before, but the problem is that one can invest a lifetime of work and not receive a nomination even for the assembly election," Dubey told TOI.
Mumbai Northwest spans the film-television neighbourhoods of Andheri, Goregaon and Dindoshi. Sitting Congress MP Gurudas Kamat is running neck and neck with the Shiv Sena-BJP combine's Gajanan Kirtikar. AAP has fielded Mayank Gandhi, the MNS has put up actor-director Mahesh Manjrekar, while entertainer Kamaal R Khan is the Samajwadi Party candidate.
Source: The Times of India
(2) Norway's former PM Stoltenberg named Nato chief
Nato chose former Norwegian Prime Minister Jens Stoltenberg as its next leader on Friday at a time when the Western military alliance must deal with a resurgent Russia following its annexation of Ukraine's Crimea.
Stoltenberg will take over as secretary-general of the 28-nation grouping on October 1, succeeding former Danish Prime Minister Anders Fogh Rasmussen, who has led Nato since 2009.
Stoltenberg, the first Norwegian to occupy Nato's top post, will take over at a time when Nato, seen by some as a Cold War relic, has gained new relevance because of concerns about what the Ukraine crisis says about a newly assertive Russia.
"Stoltenberg's Norway is seen as a very serious defence player and has always taken the challenge of Russia very, very seriously. I think there is a little bit of a signal there," said Daniel Keohane, a defence expert at the FRIDE thinktank. Stoltenberg will take over at a turning point in Nato's history.
The urgency of the Ukraine crisis means that the alliance, which is due to end combat operations in Afghanistan at the end of this year, is likely to refocus back onto its core task of defending its member countries.
Nato foreign ministers are expected to discuss next week in Brussels how they can reinforce the alliance's military presence in eastern European countries such as the Baltics and Poland, which are nervous that they are vulnerable.
Stoltenberg will also face a challenge in trying to persuade European countries to reverse, or at least end, sharp cuts in defence spending that many of them have adopted in response to the financial crisis.
Stoltenberg, who served for nearly 10 years as Norway's prime minister before losing elections last September, was backed by the United States, Nato's dominant power, and Germany. British Prime Minister David Cameron said on Wednesday that he also backed Stoltenberg.
Polish foreign minister Radoslaw Sikorski, regarded as another potential candidate for Nato leader, said on Twitter on Thursday that Stoltenberg would be "a good Nato secretary-general. Poland will support him."
Others in the frame to succeed Rasmussen were Belgian Defence Minister Pieter de Crem and former Italian foreign minister Franco Frattini.
Stoltenberg is considered a skilful economic operator who got Norway through the global financial crisis relatively unharmed as the government used its massive stored oil wealth to boost spending, create demand and keep unemployment low.
His governments backed Nato's military campaigns in Afghanistan and Libya. During his time as prime minister, the country also began to place orders for Joint Strike Fighter aircraft from US manufacturer Lockheed Martin Corp to replace an ageing fleet of F-16s.
Stoltenberg was Norway's prime minister when far right militant Anders Behring Breivik went on a bombing and shooting spree in 2011 that killed 77 people.
Source: The Economic Times
(3) Rising NPAs in PSU banks a concern: Rajan
Expressing concern over rising non-performing assets (NPAs), Reserve Bank of India Governor Raghuram Rajan, on Friday, said the situation would improve with stabilisation of the economy.
“Rising NPAs in PSU banks are a concern...Here in India, especially in PSBs, not in private banks, we have growing NPAs. Hopefully, it will stabilise. It has become somewhat an issue,” he said at an event here.
NPAs or bad loans of PSU banks rose by 28.5 per cent from Rs.1.83 lakh crore in March 2013, to Rs.2.36 lakh crore in September 2013.
Referring to the economy, Dr. Rajan said though India was going through a period of turmoil, growth appeared to be stabilising.
Having touched a decade-low of 4.5 per cent in 2012-13, the economic growth rate is projected to improve to 4.9 per cent in the current financial year ending March 31.
The issue of rising NPAs was also flagged by ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar, who attributed it to external factors.
She said the banking sector had successfully overcome the 2008 crisis, and would improve further with the revival in the economy.
Source: The Hindu
(4) Bitcoin is property, not currency, rules US revenue department
The US Internal Revenue Service said on Tuesday that bitcoins and other virtual currencies are to be treated, for tax purposes, as property and not as legal tender currency.
"General tax principles that apply to property transactions apply to transactions using virtual currency," the IRS said in a statement, meaning that bitcoins would be taxed as ordinary income or as assets subject to capital gains taxes, depending on the circumstance.
Bitcoin started circulating in 2009. Its present market value is around $8 billion, with up to 80,000 transactions occurring daily, according to accounting firm PricewaterhouseCoopers.
Recent incidents have brought the currency under regulatory scrutiny, such as the bankruptcy of Tokyo-based Mt Gox bitcoin exchange. Unlike conventional money, bitcoin is generated by computers and is independent of control or backing by any government or central bank, which has led to calls for more guidance on US tax treatment.
The IRS statement deals a blow to bitcoin "miners," who unlock new bitcoins online. The IRS said miners must include the fair market value of the virtual currency as gross income on the date of receipt.
This change "is a disincentive to start looking for bitcoins," said John Barrie, a partner with law firm Bryan Cave LLP, who advises charities that receive bitcoins as donations.
Source: Hindustan Times
(5) Narendra Modi's manifesto mantra: More jobs, tax relief, IIT-IIM in each state
The Bharatiya Janata Party's (BJP) manifesto for the Lok Sabha polls is expected to focus heavily on reviving the economy and include promises to substantially ease the financial burden on the middle class through a significantly relaxed tax regime.
While sensitive issues such as Ram Mandir, Article 370 and Ram Setu, among others, will continue to find a place as “non-negotiables” as they are a part of the BJP’s core beliefs, the thrust will be economic, with the focus on job creation, empowering women, education and science and technology.
An IIT and IIM in each state, a clear system for environmental clearances that can hold the government accountable for delays, and boosting jobs in manufacturing and tourism are on the cards.
The document is expected to run into more than 50 pages and contain a roadmap to revive the economy with specific actionable points.
Keeping in mind its core vote bank — the middle class — a major tax rationalisation proposal is expected to find prominent place. A strong anti-terror bill, cheap housing in urban areas and uninterrupted power supply for all will also be promised.
The manifesto, it is learnt, will also systematically dissect the UPA’s performance through the last decade and tear into it with the backing of data, besides promising the dawn of a “new era”.
“The BJP manifesto will be quite unlike any other. It will come with specific action points...no high octane words... this is about just getting on the job right away,” said one source.
The manifesto is expected to be released by the party’s prime ministerial candidate Narendra Modi either on March 31 — the beginning of the Hindu new year — or the first few days of Navratri, depending on Modi’s availability.
Education is expected to be one of the longest chapters and will also be a theme across all sectors. Major incentives are expected to be given to attract and retain teachers in view of the huge vacancies across institutes.
Learning from the widespread criticism the UPA government drew for holding back projects worth crores over green clearances, the BJP manifesto is also expected to assure a streamlined system for environment and forest clearances that will enable project proponents to hold the government accountable for delays.
This time-bound system with a clear grievance framework will make space for the environment ministry to give policy directives that will also be coordinated by the Prime Minister’s Office to ensure a synch between stakeholder ministries. Similarly, a clear framework for the use of natural and national resources will be a part of the manifesto.
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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