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INS

THE INOIAN NEWSPAPER SOCIETY

Tltink A Wltile The year was 1994. Sushmita Sen had become Miss Universe andAishwarya Rai Miss World. We had arrived on the international beauty pageant scenario. The new Indian economy, it seemed, had also attracted Venus to India. Our girls had finally mastered the ramp.

Member

The wins were not once in a blue moon. Not like Reita Faria became Miss World in 1966 and then we had a droughtfor 2 7 long years. Winning beauty pageants became a habitfor us. Diana Hayden become Miss World in 1997 and Yukta Mookhey in 1999.

Vol. XXV No. 4

Y2k, or the year 2000, again brought a double for us. Lara Dutta won the Miss Universe crown and Priyanka Chopra Miss World. Butjust when we began to believe that the LatinAmerican bronze beauties had now been replaced by Indian beauties. we again wentfor a dry spell.

The Indian Newspaper Society JANUARY 2018 Total no. of pages: 132 (including cover)

Price: f50 EDITOR Dr. Sanjay

EXECUTIVE EDITOR ·. Chetananand Singh

MTyra "'Nagendra K Sinha MK Pandey K Kundan Rajeev Kumar Singh . · Narendra Kumar M�nindra Pratap Singh · Umakant Shukla Mrinal Anand Prakash Kumar_

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Abhyanand Sinha Pankaj Narang

It has taken us 17 long years to get another crown. And when Manushi Chhillar became Miss World in 2017 wefinally levelled with Venezuela -six crowns each. This shows that we have the potential but there can be no cakewalk in the international arena. Its a tough, competitive world out there and you need to give your JOO per cent in a Virat Kohli-esque way to leave your mark on the world. No matter what our goal is, preparation is a must to achieve it. W hether it is looks or brains, they can be worked upon. Right exercise with the right guru can work wonders. Chhillar looks pretty ordinary in her medical-student photographs but she was simply ravishing at the Sanya CityArena in Sanya, China. 118 contestants competed from all over the world. You .have to be smart to get shortlisted from among these. But the icing on the cake comes with the Q&A round where wit and sensibility need tojoin hands. On being asked, "Which person deserves the highest salary and why?", Manushi said it was the mother. "It is notjust about cash but also the love and respect you give to someone. " Lets all take inspirationfrom our mothers and do our country proud in our respective fields.

No part of tltis magazine can he reproduced in anyform without tlte prior permission of tlte publisher.

In this issue ... MOODY'S RATING UPGRADE

Recognises the changing face of the economy 4 DELHI'S POLLUTION

32

PRACTICE SET

RBI Assistant 33

PRACTICE SETS

The dirty air is a rising concern

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CURRENT TOPICS

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MOODY'S RATING UPGRADE

Recognises the changing face of the economy •

Uday Kumar

•

, Moody's Investors Service raised Moody in 1909 to produce manuals of own reform agenda. And those will India's sovereign rating for the first time statistics related to stocks and bonds drive our economic development." since 2004, overlooking a haze of short­ and bond ratings. In 1975, the company Moody's action was in li11e with the term economic uncertainties to bet on was identified as a Nationally Bloomberg Economics model-which the nation's prospects from a raft of Recognised Statistical Rating predicted an upgrade based on the policy changes by Prime Minister Organisation (NRSRO) by the US divergence between actual ratings and NarendraModi. The rating agency has Securities and Exchange Commission. CDS implied credit ratings -and could Along with its close competitors, tip the balance towards a rate cut when hailed wide-ranging economic and institutional reforms of the BJP govt Moody's play a key role in global RBI decides on policy Dec 6. The cash ban and goods and over the last three years, citing them capital markets as three supplementary as big reasons for the upgrade of credit analysis providers for banks and services tax have undermined growth other financial institutions in assessing in the near term, acknowledges India's sovereign rating. Rupee, bonds and stocks rallied the credit risk of particular securities. Moody's. In the longer term, however, after the ratings firm upgraded India to This form of third-party analysis is the GST will promote productivity by Baa2 from Baa3 and said reforms being particularly useful for smaller and less removing barriers to interstate trade. pushed through by Modi's govt will sophisticated investors to use as an Moody's also cited Modi's help stabilise rising levels of debt. external comparison for their own improvements to the monetary policy framework, measures to clean up bad That's a one-level shift from the lowest judgments. Moody's rating oflndia reflects the loans, and efforts to bring more areas investment-grade' ranking and puts India in line with the Philippines and willingness ofMoody's to look beyond into the formal economy. The govt has Italy. While govt officials hailed the the transitory disruptive effects of also won praise from ratings firms for a move as long overdue, some investors difficult reforms. The upgrade will $32-bn programme to recapitalise termed it a surprise given that India lower borrowing costs for India's govt banks that economists say will revive recently surrendered its status as the and companies. While rating lending and stoke demand on the world's fastest-growing major companies may have lost some of their ground. Moody's forecasts GDP economy amid sweeping policy allure globally following the 2008 growth of 6. 7 per cent for the fiscal year change. financial crisis, their assessments are through Mar 2018, with a pick-up to Prima facie, Moody's upgrade is still seen as a stamp of credibility for 7.5 per cent in the following year and a minor event. It means nothing to emerging markets where national "similarly robust" levels from 2019 voters, and will not helpModi win any statistics can often be dodgy. onward. elections. It does not mean much even The upgrade is another good news The question now is whether S&P for big corporations, which have been and Fitch will follow, according to for the Govt. The World Bank said it's able to borrow more cheaply for Nomura Holdings Inc, which expects getting easier to do business in India, months, since the m arkets have the companies to wait for the govt's which jumped 30 places to rank I 00th anticipated the formal upgrade. But it fiscal position before making any in the latest ranking. Pew Research does provide comfort to long-haul changes. Fitch and S&P declined to Center said Modi remained a popular investors that India most needs. comment onMoody's action, and S&P leader and public confidence in the Moody's Investors Service, often reiterated Oct 24 comments that "for economy and the overall direction had referred to as Moody's, is the bond an upgrade, India would have to improved. While these burnish Modi's credit rating business of Moody's address its weak fiscal balance sheet global credibility, questions have been Corporation, representing the and weak fiscal performance." Both raised at home about the health of the company's traditional line of business companies now rate India a notch $2-tn economy. Critics have and its historical name. Moody's below Moody's. questioned the wisdom of the cash ban. provides international fin ancial Moody's move "is an overdue Opinion polls show that while his party research on bonds issued by correction," said Chief Economic will win Gujarat elections, it could be a commercial and govt entities. Along Adviser Arvind Subramanian. "This is close contest. than what has been seen with Standard & Poor's (S&P) and Fitch a recognition of India's macro­ in decades. Group, it is considered one of the Big economic reforms. But it has also to be Uday Kumar is a Three credit rating agencies. kept in mind that these are external Deputy Commandant in Moody's was founded by J oh n factors. And the govt will pursue its Border Security Force 4 BANKING SERVICES CHRONICLE JANUARY 2018

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DELHI'S POLLUTION

The dirty air is a rising concern •

Anjali

•

As 2016 gave way to 2017, much as 13 per cent between 20IO and residents of Delhi and many other 2015. Unlike most other ambitious neighbouring cities suffered through nations, India has failed to set a the longest stretch of stifling air deadline for itself to meet its national pollution ever recorded in the country. air quality standards, which are much For years, this sprawling city on the more relaxed than those set by the Yamuna River has had the dirtiest air World Health Organisation (WHO). in the world. Air quality in Delhi-NCR Most cities are failing to meet the has been at the season's worst for the National Ambient Air Quality last couple ofweeks as the smoke from Standards (NAAQS) by a wide margin. stubble burning and moisture turned The capital Delhi, for example, has the region into a "gas chamber". They average PM! 0 concentrations of 268 choked through ten continuous days µg/m3 -that are 4.5 times higher than of thick, light-blocking haze, turning the NAAQS, and a whopping 13 times the cities to a standstill. Like last year, higher than the annual limit set by this stretch of bad air again began only WHO, the Greenpeace report points a few days before Diwali. The cities out. While the public debate around were enveloped by similar days ofhaze air pollution has been centring around composed of high concentrations of the capital, the status isn't much better particles less than 2.5 µm in diameter in other cities. Predictably, Delhi tops (PM2.5). Levels of PM2.5 are the the list of the most polluted cities but highest in India, which has 16 of the it is followed closely by Ghaziabad, Allahabad, and Bareilly in Uttar world's 30 most polluted cities. W hile Beijing's air quality has Pradesh; Faridabad in Haryana; Jharia generated more headlines worldwide, in Jharkhand; Alwar in Rajasthan; scientists say New Delhi's air is often Ranchi, Kusunda and Bastacola in significantly worse, especially during Jharkhand; Kanpur in Uttar Pradesh; the winter, when choking smog often and Patna In Bihar; with PMI0 levels settles over the sprawling city. Delhi's at 200 µg/m3 to 258 µg/m3 • "The most air is the world's most toxic in part polluted cities are spread across North because of high .. ,rncentrations of India, starting from Rajasthan and then PM2.5, which is believed to pose the moving along the Indo-Gangetic belt greatest health risk because• it to West Bengal. A closer analysis of penetrates deeply into lungs. The the data obtained through RTI and world is becoming cleaner even as · previous studies on air pollution, India, almost as a whole, is getting a pinpoint to continued use of fossil lot filthier, a new report by Greenpeace fuels as the main culprit for the India shows. China, which was roundly dangerous rise in the level ofpollutants criticised across the globe for its in the air across the country," the infamous haze and air pollution, has Greenpeace India report notes. been steadily getting cleaner, with air "People in Delhi are increasingly pollution levels having dipped by aware that the air is bad, but they have about 17 per cent between 2010 and no idea just how catastrophically bad 2015. The same goes for the largest it really is." Figures released by the greenhouse gas emitter, the US - Central Pollution Control Board (CPCB) which has seen a dip by 15 per cent­ show the average of 15 monitoring as well as the European Union (20 per stations over a particular day had a cent) between 2005 and 2013. Indian score of 460 on the Air Quality Index air, on the other hand, is getting greyer. (AQI), which falls in the 'severe' Air pollution levels have risen by as category. The CPCB's AQI scores for 5 BANKING SERVICES CHRONICLE JANUARY 2018

Noida, Ghaziabad and Gurgaon were at 492, 498 and 460 respectively, which is also in the 'severe' zone. The PM2.5 and PM IO reading of SAFAR (System ofAir Quality and Weather Forecasting and Research) was also in the 'severe' category. The heavy smog has largely impacted the life ofthe people in Delhi as heavy pollution has been posing challenges in reliable maintenance of power supply system, which gives a direct blow to the city metro commutes. Apart from this, it also restricts the movement of flights and trains. Delhi's air quality is likely to worsen in the days ahead; yet India's leaders seem callously indifferent Air pollution also contributes to both chronic and acute heart disease, the leading cause of death in India. The medical journal The lancet recently estimated that 2.5m Indians die prematurely each year due to air pollution, compared with 1.8m in China. It has long been suspected that air pollution may cause lung cancer. Studies have shown that exposure to air pollution can cause "oxidative stress," that is, damage to the cells of the body caused by oxidation. This, in turn, can lead to development of cancer. Studies in the US, Europe, and Asia have suggested that air pollution from traffic and the combustion ofcoal, diesel fuel, and wood, has a modest association with lung cancer risk. To control air pollution, the Delhi Govt is planning to re-launch its odd­ even transport scheme. Vehicle parking fees have also been hiked enormously. The govt also issued a health advisory for residents of the capital, especially children, the elderly and those suffering from asthma and heart ailments. Looking at the prevailing air

quality, the administration ordered schools in Noida, Ghaziabad and Delhi to close for junior classes. The Indian Medical Association called the smog a "public health emergency".

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Current Topics Paradise Papers' expose The largest ever leak of financial forced govts worldwide to strengthen data - a trove of 13.4 mn corporate efforts to combat tax evasion and forge records from Bermuda's Appleby and pacts to plug loopholes ia tax treaties, Singapore's Asiaciti, featuring 19 share information and carry out policy global tax havens which help the global changes. It is widely recognised that rich and powerful to come up with Appleby did issue a pre-warning to its complex offshore structures to dodge clients that its private files may have tax - underlines yet again the severe been compromised by a hack attack last challenges in combating tax evasion. year, which seemingly is the source of The Paradise Papers, the new set of the Paradise Papers. From the Indian perspective, the papers on offshore finances, being investigated by the International Central Board ofDirect Taxes (CBDT) Consortium of Investigative noted that the names of only a few Journalists (ICIJ) and Suddeutsche Indians (legal entities or individuals) Zeitung, Munich, shows a link to 714 have appeared so far in the media. Even Indian names, including prominent the ICU website has not yet released individuals and corporates, and raises the names and other particulars of all questions on the legitimacy of some the entities. The latest move by the of these offshore transactions and CBDT will enable tax sleuths to go after beneficiaries. the 714 Indian links, but prosecution This comes on top of the previous may not be easy in this case. ICU expose on British Virgin Islands In the wake of these exposes, and and the Panama P apers last year after the 2008 financial crisis, there has besides the HSBC leak, all of which been a visible resolve to tackle the

"dark side of capitalism". The data leak, which reveals the global trail of many Indian corporates in tax havens, has to be viewed against this framework. For sure, not all these offshore structures are illegal. Many large Indian firms have global operations now and may, like their global peers, take recourse to "aggressive" tax planning. There is a larger message from this expose to the govt, individuals and corporate finns. To begin with, there must be a tighter regulation of cross­ border flows. That doesn't mean unleashing a raid raj and using the revelations which flow from the data leak as a weapon to crack down and create an atmosphere ofdistrust which can dampen business sentiment. As more Indian companies extend their global footprint, we could see more such complex offshore structures being designed.

The initial revenue shock following the rollout of the goods and services tax (GST) seems to have abated, with states steadily improving collections aided by relaxations in deadline, waiver of late payment fee and steps to encourage compliance, showed data fro m the GST Council. Average shortfall in GST revenue collected by states narrowed to 24 per cent in Sep and 17.6 per cent in Oct from 28.4 per cent in Aug, supporting the optimism of state finance ministers. Monthly GST receipts ofstates relate to sales in the previous month. GST, which subsumed more than a dozen Central and State levies like excise duty, service tax and VAT, was implemented from Jul I. The revenue collected include those on account of customs duty, Integrated GST (IGST) from imports, countervailing duty (CVD), special addition duty (SAD) and cess collection on imported items. But even before the latest tax cuts were announced, the combined Central and State GST revenues, including

improvement in Sep is the remittances from small businesses which are required to file returns and pay taxes on a quarterly basis under a special window for them called the composition sci. �. GST proceeds do not include tax collection from items such as select fuels, liquor, electricity and land that are kept outside the indirect tax. Basic customs duty levied by the Union govt is also outside the purview ofGST. The indirect tax reform held the promise of widening the tax base and making taxation more transparent but the sophisticated IT-driven processing ofreturns envisaged in GST has made compliance tough for many small businesses, which prompted the GST Council to continue some pre-GST era schemes for exporters and suspend the rigorous matching of invoices from suppliers and buyers till the end of the current fiscal year. At its last meeting, the Council also reduced the late payment fee for those filing "nil tax" return to �20 from �200 earlier.

GST collection improves cess, recovered from the blip seen in Aug. In Oct, the combined GST revenue was �95,131 er, up more than 2 per cent from the preceding month. State GST receipts rebounded with a growth of over 44 per cent in Sep from the previous month and increased further by 8.5 per cent in Oct to �35,634 er. The total state GST target is roughly �43,000 er a month. Delhi tops the list of states and UTs with the least revenue shortfall, f ollowed by Maharashtra, Andhra, Tamil Nadu, Telangana, Kerala and Haryana. The problem of revenue shortfall is acute in the case of Puducherry, Uttarakhand, H imachal Pradesh, Chhattisgarh, Bihar and Goa. The waning effects of the slowdown in production because of uncertainties related to GST introduction in Jul is aiding the improvement in revenue growth. Economists say the slowdown in economic growth seen in the Jun quarter - to a three-year-low of 5.7 per cent -- has already bottomed out. Another reason for revenue 6 BANKING SERVICES CHRON!CLE JANUARY 2018

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Current Topics

GST rate cuts Months after its launch on Jul l , 20 l 7, the Goods and Services Tax (OST) has undergone a big overhaul. The OST Council reduced rates on 2l 0 items, of which 180 were in the top 28 per cent bracket. What brought about such a sudden overhaul and that too so soon? Well, it was neither sudden nor too soon. The rates in the top bracket were being discussed by the Centre and the states for long. What nudged the govt was the surplus it earned during Aug. According .to a report, the states had expected a shortfall oH'l 7,000 er in Jul, but by Aug it came down to <7 ,000 er. Nearly<8,000 er was also collected from the compensation cess levied on automobiles, aerated drinks and tobacco. Despite claims by the opposition parties that they pressured the govt into cutting rates, the changes were not hastily planned. According to a report, a OST Council sub-committee had delivered its recommendations a

fortnight ago, and these very recommendations became the basis for the tax cuts. The tax cuts exhibit the govt's capacity to remain agile in the face of challenges. And it can further cut rates in near future. Indian OST rates are far higher than in most other countries. One reason is the problem of inadequate coverage. Only about half of the Indian economy comes under the ambit of GST, so whatever is taxed has to be taxed stiffiy. Important items such as petroleum, natural gas, alcohol, electricity, real estate, and construction have been kept outside the OST net, mostly for political reasons. The Union govt needs to work with the states to bring these items into the OST net. One result would be that wider coverage will create space for more moderate OST rates. However, it needs to be reiterated that even the messy GST we now have is far superior to the numbing maze of indirect taxes that it has replaced. The

fundamental premise of OST is still important. OST will integrate the Indian market, promote economic efficiency by taxing final consumption rather than intermediate goods, encourage voluntary compliance and create a new architecture for cooperative federalism. The govt views OST as a system that evolves with challenges. This could mean at least a year of gradual changes, which will ultimately transform OST into an easier and more efficient system. The gradual cuts can ultimately lead tojust two or three slabs but the pace of changes in OST will depend on the revenues the govt earns from it. The GST council has its work cut out in the months ahead. It needs to move towards a system of three rates, a moderate standard rate at which most items are taxed, a widening of the OST net to include items such as petroleum and real estate, removal of cesses, and, above all, streamlining of compliance procedures.

RBI cancels OMO sale The Reserve Bank of India (RBI), in a rare move, cancelled a bond sale via open market operation (OMO) worth <10,000 er ($1.54 bn) that was scheduled in Nov 2017, citing "evolving liquidity conditions". The OMO sale of govt securities was withdrawn due to recent market developments and based on a fresh review of the current and evolving liquidity conditions. So far this fiscal, RBI has sold bonds worth<90,000 er through OMOs in a bid to absorb excess liquidity from the banking system. In the past, OMO sales by RBI, worries over a possible fiscal s lippage by the govt, and increase in crude oil prices led to a rise in bond yields. Bond yields and bond prices move in opposite directions. The central bank has conducted nine OMO sales in 2017, all of them in the second halfof the year, to drain excess liquidity from the banking system. Continuous OMO sales have been a key reason for the massive sell-off in the bond market since Jun-end, in

addition to concerns over inflation and fiscal discipline. OMOs are market operations conducted by the RB1 by way of sale/ purchase of Govt securities to/from the market with an objective to adjust the rupee liquidity conditions in the market on a durable basis. When the RBI feels there is excess liquidity in the market, it resorts to sale of securities, thereby sucking out the rupee liquidity. Similarly, when the liquidity conditions are tight, the RBI will buy securities from the market, thereby releasing liquidity into the market. The central bank can either buy or sell govt bonds in the open market (this is where the name was historically derived from) or, in what is now mostly the preferred solution, enter into a repo or secured lending transaction with a commercial bank: the central bank gives the money as a deposit for a defined period and synchronously takes an eligible asset as collateral. RBI uses OMO as the primary means of implementing monetary 7 BANKING SERVICES CHRONICLE JANUARY 2018

policy. The usual aim of OMOs is aside from supplying commercial banks with liquidity and sometimes taking surplus liquidity from commercial banks - to manipulate the short-term interest rate and the supply of base money in an economy, and th.us indirectly control the total money supply. This involves meeting. the demand of base money at the target interest rate by buying and selling govt securities, or other financial instruments. Monetary targets, such as inflation, interest rates, or exchange rates, are used to guide this implementation. OMOs are more effective in adjusting market liquidity. According to this scheme, the RBI issues additional treasury bills (T-bills) and securities to absorb the liquidity. And the money goes into the Market Stabilisation Scheme Account (MSSA). The RBI cannot use this account for paying any interest or discounts and cannot credit any premiums to this account.

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Current Topics

India moves up in GDP index India has moved up one position Among BRICS countries, India has the countries in the world in terms of per to 126th in terms of per capita gross lowest per capita GDP. Russia boasts capita GDP also include Singapore(4th, domestic product(GDP) of countries, of a GDP per capita of$27,900, while $90,530), Brunei(5th,$76,740), Ireland still ranked lower than all its BRICS for China, it stood at$16,620, Brazil at (6th,$72,630), Norway(7th,$70,590), Kuwait (8th, $69,670), United Arab peers. The International Monetary $15,500 and South Africa at$13,400. Of the almost 200 countries in the Emirates(9th,$68,250) and Switzerland Fund(IMF) data, which forms part of its latest World Economic Outlook world, many generate billions, and even (10th,$61,360). The US has failed to report, ranks over 200 countries in trillions, in revenue each year. But make it to the top IO and is ranked 13th terms of per capita GDP based on which one comes out on top as the with a per capita GDP of$59,500, while purchasing power parity (PPP). PPP richest country in the world? The the UK is ranked even lower. between two countries is the rate at rankings are based on IMF's Oct 2017 The world's poorest countries are which the currency of one country data on GDP per capita based on PPP. in Africa. There are many theories as needs to be converted into that of a Many of the highest-ranking countries, to why African countries are so poor. second country to ensure that a given like Brunei and Qatar, have fuel and oil One of the most credible is simply amount of the first country's currency propelling their economies. However, because of their size. Small countries will purchase the same volume of GDP growth for what are often the cannot build economies of scale. goods and services in the second richest countries has changed as the Unlike US companies, they don't have country as it does in the first. price of oil dropped in 2014. a large domestic market they can easily India has seen its per capita GDP Investment and strong banking use as a test market. rise to$7,170 in 2017, from $6,690 in systems have also helped propel Second, many African countries are 2016, helping improve its rank by one economic growth in other countries like landlocked, meaning they have no port. position. Qatar remains top-ranked Iceland and Ireland. Interestingly, as They must rely on neighbouring with per capita GDP of $ I ,24,930, per a recent Credit Suisse report, India countries to get their goods to market. followed by Macao at the second is home to 2.45 lakh millionaires with a That increases their cost, making their position with $1, 14,430 and total household wealth of $5 tn. prices less competitive. Luxembourg third with $1,09,190. As per the IMF data, the richest I 0

Anti-hijacking law amended As the National Investigation the Act. Through an executive order, Agency (NIA) probes the first case the ministry can delegate powers under the amended Anti-Hijacking Act, under the Act to the home ministry. the civil aviation ministry plans to On Nov 7, the civil aviation ministry delegate certain powers under the issued a notification authorising the stringent law to the home ministry. NIA to carry out probe in the Jet Once the powers are delegated, the Airways incident. A Jet Airways flight home ministry would not have to refer 9W 339 that had taken offfrom Mumbai every case with respect to issuing with 115 passengers and seven crew notification for designating an members was diverted to Ahmedabad investigation officer under the Act. airport around 3 .45 am on Oct 30. The The incident of a Mumbai-D elhi Jet note, allegedly placed by Mumbai­ Airways flight making an emergency based Gujarati jeweller Birju Kishore landing at Ahmedabad airport on Oct Salla, stated that there were hijackers 30 following a hijack threat is the first and a bomb in the cargo area. case to be taken up under the amended The country's new anti-hijacking act. The NIA that comes under the law, which prescribes capital home ministry is probing the case of punishment in the event of death of an individual who has been detained "any person", has come into force for allegedly planting a note about following a govt notification. hijackers and a bomb in the toilet of The 2016 Anti-Hijacking Act the Jet Airways flight. replaces a 1982-vintage law, according Govt plans to delegate certain to which hijackers could be tried for powers under the Act to the Ministry death penalty only in the event of of Home Affairs. This law comes under death of hostages, such as flight crew, the civil aviation ministry and only it passengers and security personnel. In can issue notifications pertaining to the new law, the definition has been 8 BANKING SERVICES CHRONICLE JANUARY 2018

expanded to include death of"security personnel on board" or "ground support staff' as well. In other cases of hijacking, guilty will be punished with imprisonment for life and fine, besides confiscation of movable and immovable property held by him or her. The new law, which was notified on Jul 5, includes several acts within the definition of hijacking including making a threat, attempts or abetment to commit the offence. Those who organise or direct others to commit such offence will also be consideted to have committed the offence of hijacking. A bill to repeal 1982's Anti­ Hijacking Act in this regard was introduced in the Rajya Sabha by Civil Aviation Minister Ashok Gajapathi Raju on D ec 17, 2014. The bill was finally passed in May 20 I 6. The new law mandates the Central Govt to confer powers of investigation, arrest and prosecution on any officer of the central govt or NIA.

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Current Topics

31stASEAN summit Leaders of Southeast Asian nations domestic product and investment. grappled with pressing regional issues Today, ASEAN has established itself during the summit in Manila 13-14 Nov, as an economic force with a combined 2017. The Association of Southeast GDP of $2.55 tn and each member Asian Nations (ASEAN) has been country has posted an average annual criticised for being an unwieldy bloc rate of7.0 per cent in economic growth. of 602 mn - incapable of swiftly The Philippine chairmanship of the arriving at decisions on key problems 31st Asean Summit and Related because of its policy of consensus and Summits was an unqualified success. non-interference in each other's affairs. The agreements reached in Manila However, despite these shortcomings, on the protection of migrant workers, its summits and meetings have become the launch of negotiations on a sea an opportunity for regional, Asian and code of conduct, and new trade deals global players to gather and talk about - belie Western characterisations of Asean as a mere talk shop. the problems confronting them. ASEAN, which observed its 50th A concrete effort to bridge the anniversary in Aug 2017, is credited policy gap and allow the citizens of for bringing in stability and economic Asean countries to benefit from the development in the region. From the region's integration efforts was the small group of Malaysia, Philippines "Consensus Document on the and Indonesia, it has blossomed into Protection and Promotion of the Rights one cohesive association now also of Migrant Workers" that would benefit comprising Brunei, Vietnam, Laos, more than 210,000 workers in the Asean Myanmar, Cambodia, Singapore and ·region. The Manila summit saw US Thailand. It now compares with the President Donald Trump introducing European Union in terms of gross W ashington's new Indo-Pacific

strategy, consolidating its alliances with India, Japan and Australia to check China's superpower ambitions. Beginning a diplomatic initiative, India participated in the first formal official-level discussions here under the recently floated regional coalition known as the 'Quad', the quadrilateral formation that includes Japan, India, US and Australia. The quadrilateral talks were held even as Prime Minister Narendra Modi interacted with Premier Shinzo Abe of Japan and Trump at a gala dinner thrown by President Rodrigo Duterte of the Philippines. Asean has successfully evolved as an intergovernmental organisation. It is no longer a reactionary response of newly independent, loosely allied states to the Cold War. Rather, Asean is a political, security, sociocultural, and most important, an economic community of 10 nations collectively representing Asia's third largest economy and the world's third largest market.

Bhandari elected to ICJ India's nominee Dalveer Bhandari finally emerged triumphant and has been elected judge at the International Court of Justice (ICJ). He was locked with Britain's Christopher Greenwood, who was seeking re-election at the Hague-based ICJ, in a major battle as 11 rounds of elections had failed to yield results. UN General Assembly President Miroslav Lajcak held several rounds of consultations at the UN·. headquarters in New York ahead of the crucial election to break the deadlock between India and the UK for the last seat at the ICJ. After five rounds of simultaneous voting in the UN Security Council and the General Assembly in New York, four other judges from Brazil, Lebanon, France and Somalia were all elected to what is known as the "world court" in The Hague. Justice Greenwood of UK, who has already served one nine-year term on the court, faced Justice Bhandari, in a battle for the last place on the ICJ. The UK candidate was

forced into a run-off election for the final remaining place on the court, in a humiliating blow to British diplomatic prestige at the United Nations. The ICJ will be without a British judge for the first time since 1946. It hears disputes over sovereignty and international borders from around the world. Losing a British presence on the court would be an international political embarrassment for UK and major diplomatic victory for India. Greenwood, who is in his early 60s, was previously professor of international law at the London School of Economics. His most controversial public role was in the run-up to the invasion of Iraq. He was instructed by the then attorney general, Lord Goldsmith, to examine the arguments over the legality of using force against Saddam Hussein and concluded that the use of force was justified. Surprisingly, Greenwood did not win a majority in the United Nations General Assembly, while Bhandari did. However, in the 15-member Security 9 BANKING SERVICES CIIRONICLE JANUARY 20!8

Council, Greenwood had the upper hand, leading to a deadlock. This continued for another six rounds, during which India stepped up its diplomatic efforts to earn a victory for Bhandari, pushing the line that he had won the popular majority but was being kept out by the elite club represented by the Security Council. Ultimately, the UK withdrew, saying "the current deadlock is unlikely to be broken by further rounds of voting". The other judges elected by the UN in Nov 2017 were Ronny Abraham of France, Abdulqawi Ahmed Yusuf of Somalia, Antonio Augusto Can9ado Trindade of Brazil and NawafSalam of Lebanon. The Hague-based ICJ has 15 judges on its bench. Elections for one­ third of its judges are held every three years. Four of the !CJ judges were elected earlier when they received the required majority of votes in both the General Assembly (193 members) and the 15-member UN Security Council.

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Current Topics

Pad1navati row Director Sanjay Leela Bhansali is bringing the most-anticipated period drama, Padmavati, which stars Shahid Kapoor, Deepika Padukone and Ranveer Singh in leading roles. However, the film has been trapped into controversy created by Shri Rajput Kami Sena for an alleged dream sequence between Rani Padmini and Alauddin Khilji and the Ghoomar song. Is it necessary to protest against Padmavati? Reportedly, since the development of the film, director Bhansali has been attacked by Kami Sena activists twice in Rajasthan as well as Kolhapur for making this period drama based on the historical incident of Chittor's queen Rani Padmini committing Jauhar (self-immolation) along with her companions to protect their honour and avoid getting captured by Alauddin Khilji and his army. Respectfully, for this act, Rani Padmini (Padmavati) is considered as the goddess of the people of Rajasthan. Then, why are the local

people protesting? Apparently, Bhansali made Padmavati on an epic written by Malik Muhammad Jayasi in 1540 CE, in which he created the whole picture of the incident. However, Kami Sena and other people of Rajasthan think that Bhansali has portrayed history in a wrong way. The film Padmavati was sent back to the filmmaker by the Central Board of Film Certification (CBFC) citing technical reasons. CBFC said, "The movie will be reviewed as per set norms once it is sent back to the CBFC after sorting out the issue". CBFC Chairman Prasoon Joshi criticised Bhansali and the producers of Padmavati for the screening of the film for select media houses even before it was certified by the board. "It is myopic to treat certification process haphazardly to suit convenience," Joshi said. "On one hand, the CBFC is being pressurised to accelerate the process, and on the other hand, it is an attempt to subvert the very process. It sets an

opportunistic precedent." The film has been facing protests from various groups for allegedly tampering with historical facts. Earlier, the Supreme Court had rejected a petition filed against the release of Padmavati, saying the CBFC was yet to issue a certificate to it. Besides, the CBFC was an independent body and the court should not intervene in their jurisdiction. The heated debate over the supposed dishonour caused to the Rajput community by Bhansali's Padmavati may not have given enough cause to the Censor Board to deny the release of the film, but it has certainly given the film international publicity, that could have only been achieved with a PR campaign worth crores. Trade experts believe that this unexpected rush of publicity could very well result in the film breaking all box-office records, despite the fact that the Rajputs are in no mood to let the film be released as it is.

Miss World 2017 Manushi Chhillar Their smiles may captivate the audience, but beauty alone wouldn't have been enough to win the crown at this year's Miss World competition in Sanya,China. "Beauty with a Purpose" was at the heart of the competition. That's the portion of the contest in which each contestant is judged on the impact she makes working with nonprofits, or starting her own, in the poorer parts of the world. Competitions like Miss World and Miss Universe have long come under fire for being superficial and for promoting outdated images of women. But between the sparkly gowns, talent shows and controversial swimsuit competitions, global issues can get a

global stage - even if just for a few minutes. India's Manushi Chhillar was, on 18th Nov,crowned as Miss World 2017. The 20-year-old medical student from Haryana had won Femina Miss India World 2017 in May 2017. Manushi had made it to the top 5 along with contestants from England, France,

Kenya and Mexico. The first and the second runners-up were Miss England Stephanie Hill and Miss Mexico Andrea Meza. I 08 women from across the world participated in the beauty pageant. Chhillar studied in St Thomas School in New Delhi and Bhagat Phool Singh Govt Medical College for Women in Sonepat. According to Chhillar's profile on the Miss World website, she aims to be a cardiac surgeon and has plans of opening non-profit hospitals in rural areas. Her profile also says she is a trained classical dancer and has a passion for outdoor sports like scuba diving, snorkelling and bungee

jumping.

The win for India comes 17 years after Priyanka Chopra brought home the coveted title in the year 2000, a year after Yukta Mookhey had made the country proud. In 1997, Diana Hayden had bagged the title, while Aishwarya Rai had the honours in 1994. Reita Faria was the first Indian to win the crown in the 1966. Chhillar is the sixth Indian

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woman to win the coveted title of Miss World. India is now level with Venezuela as both of them hold six victories over the course of the pageant's 67 years. For the big day, Chhillar chose a salmon pink crystal-embellished gown by Indian designer label Falguni & Shane Peacock. During other segments of the pageant, she was also spotted wearing other Indian designers including Manish Malhotra and Abu Jani Sandeep Khosla. After reaching the top five, Chhillar was asked during the Question and Answer round which profession deserved the highest salary and why. Replying to the question, she said it was not a question about a person's salary and that a mother was worthy of the highest respect. "I think a mother is of highest respect. I don't think it's just about cash but love and respect she gives to someone. She is the biggest inspiration in my life. Mother should get highest respect." And the answer clinched her the crown.

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