New Land Acquisition Law

New Land Acquisition Law 

Right to Fair Compensation and Transparency in Rehabilitation and Resettlement Act, 2013 replaced the vintage Land Acquisition Act, 1894 from January 1, 2014. As many as 13 existing Central pieces of legislation have to be amended within the year to bring their R & R and compensation provisions on a par with those of the new regime on buying land across the country.

Union Minister for Rural Development Mr. Jairam Ramesh announced the roll-out of the new law. He said that the clock had started ticking for 10 Ministries of which three ¾Railways, Power and Home ¾ have to amend two laws each accordingly. The Minister flagged the Coal Bearing Areas Acquisition and Development Act, 1957, the National Highway Act, 1956, and the Land Acquisition (Mines) Act, 1885 in particular. The Coal and mining-related laws have assumed significance in view of the agitations in Jharkhand and Odisha. The other laws that have to be amended are: the Atomic Energy Act, 1962; the Indian Tramways Act 1886; the Railways Act, 1989; the Ancient Monuments and Archaeological Sites and Remains Act, 1958; the Petroleum and Minerals Pipelines (Acquisition of Right of User in Land) Act, 1962; the Damodar Valley Corporation Act, 1948; the Electricity Act, 2003; Requisitioning and Acquisition of Immovable Property Act, 1952; the Resettlement of Displaced Persons (Land Acquisition) Act, 1948 and the Metro Railways (Construction of Works) Act, 1978.

Meanwhile, the Rural Development Ministry also notified the Rules to the new Act. These Rules are still open for change as the law mandates that 45 days be provided for factoring in comments from the public. However, Since all key stakeholders were consulted before drawing up the Rules, the Ministry did not foresee any hitch in this regard and was hopeful of placing them before Parliament by mid-February.

03:12 - By Unknown 1

Rupee Depreciation

REASONS OF RUPEE SLIDING

Domestic Factors

·        Widening current account deficit means demand for dollars higher than supplies.

·        Policy paralysis and slowing economic growth had already made foreign investors jittery about India.

·        Political uncertainty ahead of 2014 polls added to fears.

·        RBI curbs on dollar outflows seem to have backfired. Investors see it as possible precursor to capital controls, rush to take out dollars while they can.

·        Foreign investors nervous that profits may get offset by rupee depreciation. Hence they exit while they can still book a profit or trim losses.  Speculators add to volatility by buying up dollars, expecting to sell the US currency when it appreciates further.

Global Factor

·        As Us economy started recovering, It prompted investors who has filed to emerging markets to re-invest to US assets.

·        Foreign investors rattled by US Federal Reserve Chairman Ben Bemanke’s indicating that Fed’s bond buying programme could be tapered off.

·        Ironically, fears of possible end to US growth stimulus triggered anxiety about impact on global economy, including India.

RBI STEPS TO CHECK RUPEE SLIDING

·        TIGHTENS HEADING RULES FOR FIIs.: To strengthen the rupee, the RBI on August 1 made it mandatory for foreign institutional investors (FIIs) to obtain the consent of holders of participatory notes (P-Notes) and derivative instruments before hedging.

·        PUTS CURBS ON OVERSEAS INVESTMENTS: The Reserve Bank of India on August 14 rolled out the big guns in a bid to protect the rupee. For individuals–Annual limit under Liberalized Remittance Scheme cut from $ 200,000 to $ 75,000 per individual. This can’t be used to buy immovable property overseas, such purchases now need RBI nod. Even gifts to relatives abroad can’t exceed $ 75,000, unless RBI clears them. For Companies– Companies will now need RBI nod to invest overseas beyond 100% of their net worth. Earlier limit was 400%. Navratna PSUs, oil and gas exploration exempted. For Gold–Ban on import of coins and medallions. Import norms, for export and jewellery included, tightened further.

·        EASES CRR NORMS FOR SOME DEPOSITS: The RBI said in a statement on August 14 that incremental three-year foreign FCNRB and NRE deposits with reference base dates of July 26 and above will be exempted from the cash reserve and statutory liquidity ratios. The Cash Reserve Ratio (CRR) is the proportion of cash deposits banks have to keep with the central bank in cash.

·        TO BUY ` 8,000 CRORE BONDS TO EASE LIQUIDITY: The Reserve Bank of India moved in on August 20 to ease up availability of cash in the markets. The RBI will buy government bonds for Rs 8,000 crore as may be warranted by the evolving market conditions. RBI has now permitted banks to retain

03:11 - By Unknown 0

TELANGANA ISSUE

The Union Cabinet on December 5 approved a Bill for creation of a Telangana State with 10 districts, paving the way for the bifurcation of Andhra Pradesh to give birth to the country’s 29 State. Some of the highlights of the Bill are

1. Telangana will have 10 districts and the rest of Andhra Pradesh will have 13 districts

2. The Greater Hyderabad Municipal Corporation area will remain the common capital for both states for a period not exceeding 10 years

3. An expert committee will identify an alternative capital for Telangana within 45 days of gazette notification. 

4. The Governor of Telangana will have a special responsibility for security of life, liberty and property of all those who reside in the common capital area.

5. Andhra Pradesh Legislative Council will have 50 seats, Telangana will have 40. 

6. There will be seven Rajya Sabha seats from Telangana and 11 from Andhra Pradesh. 

7. There will be 17 Lok Sabha MPs from Telangana and 25 from Andhra Pradesh.

8. Telangana will have 119 assembly seats and Andhra Pradesh 175.

As soon as the news about the Centre’s decision regarding the formation of Telangana broke, all the 10 districts that are supposed to constitute the new State erupted in joy. But the Telangana Rashtra Samithi camp did not express as much joy as it could have due to the fact that Hyderabad was decided to be the shared capital for 10 years. 

It could lead to unrest and long concerted agitations in parts of Uttar Pradesh, Maharashtra, Assam and West Bengal, where people have been demanding the formation of new States, i.e. Harit Pradesh or Paschim Pradesh and Bundelkhand; Vidarbha; Bodoland; the Gorkhaland, respectively. Significantly, the Home Ministry has already received a resolution passed by the Uttar Pradesh Assembly for division of the State into four parts– Purvanchal, Bundelkhand, Avadh Pradesh and Paschim Pradesh. The other such demands raised in the recent past include Saurashtra in Gujarat, Coorg in Karnataka, Koshalanchal in Odisha, and Mithilanchal in north Bihar. Several seasoned leaders have expressed their opposition to the recent decision, as it would give birth to a dangerous trend and lead to the fragmentation of India. 

03:11 - By Unknown 0

Test-Fires Agni-V

 India on September 15, 2013 successfully test-fired its inter-continental surface-to-surface ballistic missile Agni-V, with a strike range of 5,000 km and capability of delivering a nuclear warhead with high precision, from a base off Odisha coast.

The missile had its maiden launch last year. “A symbol of DRDO’s technological excellence and India’s strength, Agni-V missile took off majestically from the launch complex of the Integrated Test Range (ITR) at Wheeler’s Island,” a DRDO official said.

Describing the second trial of Agni-V, developed by the Defence Reasearch and Development Organisation, as fully successful, the official said the missile flew on a predefined path and reached its destination with expected precision.

The indigenously developed missile, which can carry a nuclear warhead of more than one tonne, is capable of striking its target more than 5,000 km away. It is about 17 metre long with a launch weight of about 50 tonnes.

The missile, powered by three-stage solid rocket motors, had a flawless launch in auto mode and followed its entire trajectory in textbook manner, dropping three motors at predefined stages into the ocean, the release said. Ships located in mid-range and at target point tracked the vehicle and witnessed the final event.

AGNI TAKES INDIA INTO BIG LEAGUE

·  Agni-V is India’s first long range missile capable of reaching deep into China and as far as Europe

·     Developed by the DRDO, the Agni-V weighs 50-tonnes and is 17–metres high

·     The missile is designed to deliver nuclear warheads of 1000 kg at a range of 5000 km

·     Only China, France, Russia, the United States and Britain have long-range missiles like Agni-V

·      It was first tested in April 2012.

MORE TO GO

·      The DRDO is expected to conduct at least three more tests before declaring the ballistic missile operational and ready for being inducted into the military. That may take two to three years.

·       Agni-V is part of Agni series of missiles developed by DRDO which includes Agni-1 with a 700 km range, Agni—II with 2,000 km, Agni-III with a  3,000 km range and Agni-IV with 4,000 km  range

03:09 - By Unknown 1

THE US SHUTDOWN

THE US Congress passed a Bipartisan Bill Which was signed into law by President Barack Obama on October 17 to end a 16-day government shutdown and avert a historic debt default by the world’s largest economy that could have global repercussions. The Bill will fund the government through January 15 and allow the US Treasury to increase the Nation’s borrowing authority through February 7, 2014.

       The crisis began on October 1 with the partial shutdown of the US federal government after House Republicans refused to accept temporary funding measures unless President Barack Obama agreed to defund or delay his healthcare overhaul law. It escalated when House Republicans also refused to move on needed approval for raising the amount of money the Treasury can borrow to pay US bills, raising the specter of a catastrophic default. The 16-day long shutdown of October 2013 was the third longest shutdown in US history after the 18-day shutdown in 1978 and the 21-day shutdown in 1995-96.

WHAT IS THE US GOVERNMENT SHUTDOWN?

It is a political situation in which government stops providing for all but essential services. Unless Congress raises federal borrowing cap, government will shutdown.

WHY THE SHUTDOWN?

The US government’s fiscal year runs from October 1 to September 30. So the budget year ends on September 30. Government needed approval from the Congress for fresh spending for financial year 2014. This didn’t come because of differences between Democratic-led Senate and Republican controlled House over Obama’s healthcare law. House Republicans refused to pass the spending Bills (their Budget) that fund the government without provisions that would stop, delay Obamacare. Senate Democrats refused to link healthcare law with spending bill. Therefore Budget has not been passed till date.

WHAT WAS SHUTDOWN?

·         Tourist sports and national parks were closed.

·    The latter’s closure means loss of 750,000 daily visitors, an economic loss of minimum $30 million for each day.

·         No federal loans disbursed.

·         No passports, gun permit-All offices that issue licences were shut.

·         All military personnel continued normal duty, but civilian employees furloughed.

·         Federal Reserve and other financial agencies stay mostly opened.

·         Criminal litigation continued.

·         Civil litigation curtailed.

·         Supreme Court was functioning.

·         Government research hospitals took no new patients.

THE PREZ IS ESSENTIAL!

·         The president gets his salary during shutdown.

·         His salary-$400,000 p.a, mandatory spends.

·         House and Senate members get paid.

·         President’s staff of 1265 at White House dwindles to 436.

EFFECTS OF SHUTDOWN

·    During the shutdown most non-exempt government employees were furloughed. This put about 800,000 public servants on unpaid leave. The White House estimates that a one-week shutdown could cost the US Economy $10 billion.

·     Small businesses faced delays in receiving loans from the Small Business Administration. Many of these companies might need to turn to alternative funding sources that charge much higher interest rate. One alternative source of credit charged interest rates of between 40 per cent to 100 per cent.

·    Since US Customs and Border Protection, the agency which regulates trade and inspects cargoes has not shutdown, imports and exports continued. However, many products required approval from other agencies before they can be brought into or out of the country. With many of these regulators furloughed, importers and exporters experienced delays.

·  The shutdown has interrupted Federal funding to Native Americans-especially tribes including programmes that involve health, nutrition and foster care. Some of them have had to suspend programmes immediately.

·    According to the Los Angeles Times a two-week shutdown would reduce GDP growth in the fourth quarter by 0.3 to 0.4 percentage point. By comparison, the GDP has grown by less than 2 per cent in 2013.

·    President Obama’s trip to Brunei, Malaysia, the Philippines, and Indonesia, where he was scheduled to attend the 2013 Asia-Pacific Economic Cooperation meeting in Bali would be cancelled due to the government shutdown. In addition, the Obama administration’s efforts to push forward the proposed Trans-Pacific Strategic Economic Partnership trade pact with eleven other countries including Japan, Australia and Chile were compromised.

·     The shutdown has undermined American strategic plan to protect its interests from rising Chinese Influence.

03:07 - By Unknown 0

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10:38 - By Unknown 0

Some Important Points You Need To Know About Bitcoins

In this post, we attempt to identify some Important Points  about Bitcoins to give you a clearer understanding of what it is, what it does and how you can use it to buy products or services online.

This article was written in an attempt to create awareness to readers about this technology.

1. What Are Bitcoins?

The Bitcoin is a form of currency without notes and coins, it is a digital currency.

In this era of Internet and digitization, we’ve moved from phone to VoIP calls, face-to-face meeting to video conferencing, fax to email, cable television to IP TV, and the list goes on.

2. Who Developed The Idea Of Bitcoins?

The concept of Bitcoins was developed by Satoshi Nakamoto, who resides in total anonymity. He is said to be from Japan but his mail ID was from Germany, plus the bitcoin software was not available in Japanese.

He developed the system and the Bitcoin software (that is used to run the system) in 2009 but disappeared into thin air in 2010. The other developers of the system stopped hearing from him in 2010, and plenty of speculation turned up about his real identity.

Some even suggested that his name was just a mash up of popular Japanese companies — Samsung, Toshiba, Motorola. But what he created was definitely the fantasy of every tech guy in the world.

3. What Is So Special About The Bitcoin System?

The Bitcoin is a system which allows you to do anonymous currency transactions and no one will come to know about the payment or about all other info related to the payment, including who sent it, who received it, etc.

Satoshi did it by making the system – a peer-to-peer network – controlled by no central authority but run by a network of contributors and freedom enthusiasts, who donated their time and energy to this innovation. Essentially, people can do money transactions and no authority or organization will come to know about it.

4. What Is Double Spending?

We can make many copies of digital data, e.g. people copy software and sell it as counterfeit or pirated copies. We may face the same problem with digital currency – one can copy the digital currency (let’s suppose USD10) and use it as many time as he/she like (as many notes of USD10).

Satoshi solved this problem by showing all transactions in a public list. Whenever a new transaction is made, its validity is checked by confirming from the list that the digital currency was not used before. This way, no one can copy the currency and use it for more than one time. It’s a simple but effective idea to stop double spending of the same bitcoin.

5. How Does A Public Listing Make Things Anonymous?

The public listing only shows the transaction ID and the amount of currency transferred. You will be anonymous in the system because you don’t need to provide any of your personal details like your name, address, email, phone number, etc. In comparison, when you use payment gateways like Paypal you have to give up all these personal details.

6. How Do You Use Bitcoins Then?

Bitcoins are kept in a digital wallet which you can keep in your computer, or on a website online,which will manage and secure your wallet for you. You can have as many wallets and bitcoin addresses (where you receive money from others) as you like.

What’s more, you can use Bitcoin software on top of Tor to prevent anyone from tracking your IP address – total anonymity guaranteed!

7. How Many People Are Using This?

At this very moment, 10.71 million Bitcoins are in existence, which is like 207.929 million USD worth! In fact, the Canadian government is working on their own crypto-currency, named MintChip. (a glance:)

In one day, more than 45,000 transactions of a total of BTC 2.5 million (worth of USD48.5 million) is handled by the bitcoin network.

8. How Do I Acquire Bitcoins?

Using and getting Bitcoins is really easy. There are various ways to get Bitcoins:

i. ‘Mining’

ii. Currency exchange (bitcoin in return for Dollars or Euros) via bitcoin provider services likeMt.Gox

iii. Providing services to others in return of Bitcoins

9. What’s Mining?

Mining is a process of extracting Bitcoins currency. Bitcoin mining is a business – most people mint Bitcoins to gain profit. Bitcoins are minted using a special software (known as Bitcoin Miner) which tries to find a new block in the chain of Bitcoin network.

Whenever a new block is found, its owner is gifted with 50 Bitcoins. Technically, a computer has to perform long and tough hash calculations to find a new block.

10. How Do You Spend A Bitcoin?

Spending Bitcoins is a bit easier. You can send Bitcoins to a person, buy goods, or donate to non-profit foundations who accept it, such as Wikileaks, P2P Foundation, Operation Anonymous,Free Software Foundation, Archive.org.

You can send Bitcoins to anyone once you know their bitcoin address.

Wrap Up

The Bitcoin system is being quickly adopted. BTC1 having a worth of USD6 a year ago is now worth of USD19+. Security experts and digital freedom enthusiasts praise Bitcoin system for being a one-of-the-kind system that opens doors to possibilities. 

Because of its guaranteed anonymity feature, it’s used by people who are concerned of their privacy. As no authority can trace the transactions, this also lead to misuse of the system for example, in illegal work.

04:36 - By Unknown 0