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New Delhi, Dec 19 () GST compensation payment of nine select states, including Gujarat, Maharashtra and Kerala, is expected to double to Rs 60,000-70,000 crore in 2019-20, according to a report.
 The timing of release of such grants by the Government of India (GoI) to these states would critically affect their cash flows, ICRA said in a report. 
 The states are Karnataka, Kerala, Gujarat, Maharashtra, Punjab, Haryana, Rajasthan, Tamil Nadu and West Bengal, the report said. 
 ICRA also expressed apprehension that "the central tax devolution (CTD) to these states in 2019-20 could be Rs 595-770 billion (Rs 59,500-77,000 crore) lower than what the GoI has budgeted, which has emerged as a key revenue risk for the states in this fiscal."
 Accordingly, a reduction in capital expenditure below the budgeted level appears imminent in the current fiscal.
 Subdued economic growth and reductions in GST rates have resulted in a muted 3.7 per cent rise in the headline GST collections in April-November 2019. 
 ICRA expects the actual SGST collections in the current fiscal to be considerably lower than the level of revenues protected under the GST (Compensation to States) Act, 2017, which is calculated based on a 14 per cent annual growth rate on the base year (FY2016) revenues subsumed into the GST. 
 This would necessitate a significant rise in the GST compensation grants required by the states from the Centre, it said.
 The CTD to all the 29 states has recorded a YoY contraction of 2.7 per cent in April-October 2019, it said, adding, this is likely to reflect a portion of the adjustment for the higher-than-warranted devolution that was made by the GoI to the states in FY2019. 
 "The CTD to the states in FY2019 was presumably based on the GoI's FY2019 Revised Estimates (RE) of gross tax revenues of Rs 22.5 trillion. However, the provisional data for FY2019 had pegged the GoI's gross tax revenues at Rs 20.8 trillion, Rs 1.7 trillion lower than the RE for that year," it said. 
 Accordingly, the tax devolution to all the 29 states was higher than mandated by Rs 0.6-0.7 trillion, it said.
 Additionally, the report expects the GoI's actual gross tax revenues to trail the FY2020 revised budget estimates (RBE) of Rs 24.6 trillion by a considerable Rs 3.0-3.5 trillion. 
 "After factoring in the shortfalls in gross tax collections in FY2019 and the estimated gap in FY2020, the aggregate CTD to all the Indian states may be as much as Rs 1.7-2.2 trillion lower in the current year than what was budgeted by the GoI," it said. 
 Based on the combined inter-se share in Central taxes of the nine states of 35.3 per cent, it estimates the shortfall in CTD to these states in the range of Rs 595-770 billion in FY2020, posing a key revenue risk in the current fiscal. DP MR
MR

GST compensation required by 9 large states could double to Rs 70,000 cr in FY'20: ICRA

<ul class="summary-list"><li>2011 horror film "Megan is Missing" is going viral on <keyword id="6762469" type="UNKNOWN" weightage="60" keywordseo="TikTok">TikTok</keyword> 9 years after its release, with people posting their reactions to the movie and cautioning others to not watch it.</li><li>The movie is a fictional story about internet predators and child abduction.</li><li>It's been previously criticized for its extreme violence, with some critics calling it "torture porn."</li></ul>The 2011 horror film "Megan is Missing" is TikTok's newest pop-culture fixation, and people who watch the film are calling it "traumatizing" or saying that they "couldn't even finish it."The film, which was written, directed, edited, and co-produced by Michael Goi, was made in a found-footage style that follows the abduction of a teenage girl, Megan. The controversial film has drawn criticism in the past for its violence and sexualization of its adolescent protagonists, and <a href="https://ew.com/movies/megan-is-missing-horror-film-viral-tiktok/">as Entertainment Weekly reported</a>, was <a href="https://www.classificationoffice.govt.nz/assets/PDFs/2012-annual-report.pdf">banned in New Zealand.</a>Now, people on TikTok are re-living the viewing experience and posting their reactions on the app. The hashtag #<a href="https://www.tiktok.com/tag/meganismissing">meganismissing</a> has over 83 million views. It's not quite clear why "Megan is Missing" is going through a renaissance in 2020, but it's not unusual for cultural artifacts from decades past to become popular on TikTok, which is favored by Gen Z. <h2>'Megan is Missing' is a controversial found-footage style film about internet predators and abduction</h2>"Megan is Missing" takes place in the days leading up to the abduction of teenager Megan Stewart (Rachel Quinn), and follows her friend Amy (Amber Perkins) as she investigates Megan's disappearance. The film is focused on the danger of anonymous online chatting — Megan disappears after chatting with a man named Josh who claims to be a 17-year-old, says that he can't show his face because his webcam is broken, and fails to show up at a party where he and Megan were supposed to meet.The film, set in 2007, was picked up by distributor Anchor Bay and released in 2011. While the story it tells is fictional, it was marketed as being based on true events and was endorsed by Marc Klaas, whose <a href="https://www.history.com/this-day-in-history/a-12-year-old-girl-is-kidnapped">12-year-old daughter was kidnapped and killed in 1993</a>, <a href="https://www.theguardian.com/film/2017/jul/26/hounds-of-love-australia-gorefest-true-crime">the Guardian reported.</a> Director Michael Goi said in an interview with <a href="https://vimeo.com/20097220">Indie Film Nation</a> that he "wanted to do a movie about this subject" and that he thought it was important to "get the word out about it."Per the Guardian, film scholar Alexandra Heller-Nicholas, who has written on violence and rape in horror cinema, said that "Goi's motive was unquestionably positive — he's a good guy who really wanted to save kids' lives — but that didn't stop Megan is Missing from being dismissed as torture porn: ultimately it still looks and feels like an exploitation film."<h2>'Megan is Missing' began to take off on TikTok in mid-November</h2>Many of the videos in the #meganismissing tag on TikTok were posted within the past several days, and it appears that the film exploded on the app over the weekend of November 13. However, people had posted about the movie and their reactions to it before its biggest surge in November, with the film coming up as part of <a href="https://www.tiktok.com/@rae_spirits/video/6894844735958093062">film recommendation series</a> or in <a href="https://www.tiktok.com/@jexi._/video/6880688399079050502?_d=secCgsIARCbDRgBIAIoARI%2BCjzKI5VhqRv4wCXmqutlOIy2oGsAH7Q2AK8hvsYoeyg9WJpi0BauHOhL9PBDqg%2B1vTLxhANLCvRkNMFUBGsaAA%3D%3D&amp;language=en&amp;preview_pb=0&amp;sec_user_id=MS4wLjABAAAAYi4flqtsqutbJtQwlc0OzJESdYib06i4rvIo4Ro4daMbIpLAwZtB3FGQjci8DIIk&amp;share_item_id=6880688399079050502&amp;share_link_id=AEA3FF96-D0AF-40ED-8610-52F56E0B5D66&amp;timestamp=1605543371&amp;tt_from=copy&amp;u_code=aia5ieefmim7l&amp;user_id=236721550278823936&amp;utm_campaign=client_share&amp;utm_medium=ios&amp;utm_source=copy&amp;source=h5_mp;utm_medium=ios&amp;utm_source=copy&amp;source=h5_m">reaction videos</a>. In early October, some users were already posting about how wished they hadn't watched it. Now, people on TikTok are posting their reactions to the film or making videos about how they felt after watching it. Many are calling the film "traumatizing," and using the slowed and pitched down version of "Rät" by Penelope Scott in their posts. "Oh you're so traumatized it makes me wanna cry," Scott sings in the song. A slowed, pitched-down version of <a href="https://www.youtube.com/watch?v=8UVNT4wvIGY">Gotye's 2011 song "Somebody That I Used To Know"</a> also soundtracks many of the videos. The term "Megan" trended on Twitter on Sunday afternoon as people began to post about it. <h2>The director of the film joined TikTok to post a warning about it</h2>Michael Goi, the director, writer, editor, and co-producer of "Megan is Missing" appears to have made a TikTok account to talk about "Megan is Missing's" newfound popularity on the app."I got a text from Amber Perkins, the lead actress in my movie, that it was exploding on TikTok at the moment, and I didn't get to give you the customary warnings that I used to give people before they watched 'Megan is Missing,' which are: do not watch the movie in the middle of the night, do not watch the movie alone, and if you see the words 'Photo Number One' pop up on your screen, you have about four seconds to shut off the movie if you're already kind of freaking out before you start seeing things that maybe you don't want to see," Goi says in a video that now has approximately 1.5 million likes."Apologies to those who are already posting about how the movie has freaked them out, but fair warning to those of you who are still contemplating watching the film," he says. If you want to watch "Megan is Missing," you can rent it on <a href="https://www.amazon.com/Megan-Missing-Rachel-Quinn/dp/B004YZJY90">Amazon Prime</a>, <a href="https://www.youtube.com/watch?v=3NnroF3CXzc">YouTube</a>, and <a href="https://play.google.com/store/movies/details?id=3NnroF3CXzc">Google Play</a> — just do so with Goi's warnings in mind.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.insider.com/two-pretty-best-friends-tiktok-meme-creator-origin-2020-11">The latest TikTok meme denies the existence of 'two pretty best friends.' The creator says the line is inspired by real life.</a></li><li><a href="https://www.insider.com/tiktok-president-elect-joe-biden-victory-win-memes-tiktok-teens-2020-11">People on TikTok are reacting to President-elect Joe Biden's victory with memes</a></li><li><a href="https://www.insider.com/wendy-williams-masked-singer-video-tiktok-memes-native-new-yorker-2020-11">TikTok still can't get over Wendy Williams' wild performance on 'The Masked Singer'</a></li><li><a href="https://www.insider.com/tiktok-meme-whatever-you-like-ti-joe-biden-lyrics-election-2020-11">The 2008 song 'Whatever You Like' by T.I. went viral after fans claimed that it sounds like 'Joe Biden'</a></li></ul>

A disturbing 2011 child-abduction horror film called 'Megan is Missing' is going viral on TikTok 9 years after its release

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div><a href="http://www.businessinsider.com/category/alberto-nisman">Alberto Nisman</a>, the Argentine prosecutor who was found dead in his locked apartment in January, was a marked man when <a href="http://www.businessinsider.com/alberto-nisman-drugs-hezbollah-and-iran-2015-3">he died mysteriously</a>, and his most dangerous enemy appears to have been the People's Republic of Iran.In the trove of confidential diplomatic cables leaked online in 2010 by WikiLeaks, there appears to be evidence of Iran's hatred for Nisman.In 2007, Nisman had presented to Interpol the findings of his investigation into Iran's involvement in the deadly 1994 bombing of a Jewish community center in Buenos Aires that killed 85 people.When Nisman did that, Iranian officials went ballistic.Here's part of what a US diplomat cabled home from <a href="https://www.wikileaks.org/plusd/cables/07BUENOSAIRES182_a.html">Buenos Aires</a> (emphasis ours):As part of their efforts to derail the GOA's [Government of Argentina] presentation of its new findings and block the request for issuance of Red Notices, the Iranian delegation then threatened to issue arrest warrants for Argentine prosecutors Nisman and Martinez Burgos if they insisted on the detention of the former Iranian president and other officials. Ambassador Gonzalez provided details of how the senior Iranian police official had said that the GOI [Government of Iran] will demand that Interpol "arrest Nisman to present to the justice system in Iran." Gonzalez protested the GOI threat on the spot. This first threat was followed by a statement by the GOI Legal Advisor, who mentioned that the GOI "Religious prosecutor" is considering presenting a case against Nisman personally for his defaming remarks about Iran and Iranian officials. He said that the GOI would prosecute whomever says things like Nisman is saying against the Iranian state. A third GOI threat related to their stated intention to sue GOA officials for their judicial actions as the GOI reportedly did in the wake of the unsuccessful efforts in 1995 to extradite the former Iranian Ambassador to Argentina at the time of the 1994 bombing to Argentina from the UK.[...]As indicated in Argentine news daily La Nacion, the prompt registration of the complaint and level of the Argentine official delivering it demonstrate the great importance this issue carries in Argentina. (Note: Last November, the Iranian Attorney General threatened the arrest of Argentine prosecutors under the assertion that they had violated the Iranian Penal Code by propagandizing against the Islamic Republic of Iran. End Note.)By other accounts, though, the US diplomat sounded confident that Nisman had made a better case than any other prosecutor "and that the evidence" was "very strong."Nisman had been tasked with investigating the bombing by then-Argentine President Nestor Kirchner in 2005. At that point, finding the perpetrators was a top priority for the regime until suddenly it wasn't.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Nisman had revitalized the investigation this year, and before he died he was about to testify to the Argentine Legislature that current President Cristina Fernandez (Nestor's widow) had tried to cover up Iran's involvement in the Jewish community center bombing. In his investigation, he said that Fernandez hid Iran's involvement in order to secure an oil-for-food exchange with Iran.But that's not all Nisman uncovered. In a 2013 report - consisting of 502 pages of wire taps, interviews, and other evidence - he detailed Iran's and Hezbollah's growing influence in South America. Nisman's belief was that Iran, with the help of Hugo Chavez's regime in Venezuela and the FARC in Colombia, built Hezbollah cells in remote parts of South America. That idea was confirmed in congressional testimony by a former <a href="http://docs.house.gov/meetings/FA/FA07/20150318/103177/HHRG-114-FA07-Wstate-Lpez-DolzD-20150318.pdf">vice foreign minister of Peru last week</a>."Iran and Hezbollah, two forces hostile to US interests, have made significant inroads in Peru, almost without detection, in part because of our weak institutions, prevalent criminal enterprise, and various stateless areas," Peru's former vice interior minister said in Wednesday's House hearing, noting that Peru was not hostile to the US. "These elements are particularly weak in the southern mountainous region of my country."The State Department did read Nisman's 2013 work, but, according to security consultant Douglas Farah, who testified before the US Senate Committee on Foreign Relations last week, his warning was largely ignored.Shortly after Nisman's 2013 report the U.S. Department of State issued a Congressionally mandated report on Iran's activities in Latin America which completely ignored Nisman's fieldwork, as well as dissenting views within the U.S. government - most notably U.S. Southern Command, which has military responsibility for the region. Instead the State Department concluded that, while Iran's interest in Latin America "is of concern," Iranian "influence in Latin America and the Caribbean is waning."11 In September 2014 the Government Accountability Office (GAO) issued a sharp critique of the State Department effort, noting the report only fully addressed two of the 12 issues raised, while partially addressing six issues, and leaving four completely unaddressed.Meanwhile, in Argentina, despite appeals from other prosecutors, no judge will pick up where Nisman left off. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/patagonia-nesting-birds-argentina-drone-video-2015-3">Scientists have captured an incredible drone video of 5,000 birds nesting on a beach in Argentina</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Fmc2VzczoTmio_f_YCZDnNktbyu9SX41" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Iranian officials completely lost it when a now deceased Argentine prosecutor confronted them in 2007

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<ul><li>The decisions are unilateral, illegal and unconstitutional and will be challenged as such by the National Conference, said former CM Omar Abdullah.</li><li>It will have catastrophic consequences for the subcontinent, said Mehbooba Mufti, former CM. </li><li>Both Abdullah and Mufti have been under house arrest since Sunday night.</li></ul>Kashmir’s political leaders have expressed their anger and anguish at government’s move to take away the state’s special status and dissolve it into two union territories. Former Chief Ministers Omar Abdullah and Mehbooba Mufti who were placed under house arrest expressed their shock and feeling of betrayal as the bill was moved in the parliament. Union Home Minister <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword> abrogated Article 370 and Article 35A, which does away with the special status given to the state of <keyword id="23412" type="CITY" weightage="20" keywordseo="Jammu-Kashmir">Jammu &amp; Kashmir</keyword>. Opposition leaders in the state and former Chief Ministers Omar Abdullah and Mehbooba Mufti expressed their shock and feeling of betrayal as the bill was moved in the parliament. Both the leaders have been under house arrest since Sunday night. Betrayal of trust: Omar Abdullah Former Chief Minister and leader of the Jammu &amp; Kashmir National Conference Abdullah released a statement soon after the amendment was moved in the Parliament. “Government of India’s unilateral and shocking decisions today are a total betrayal of the trust that the people of Jammu and Kashmir had reposed in India when the state acceded to it in 1947. The decision will have far reaching and dangerous consequences. This is an aggression against people of the state as had been warned by an all parties meeting in Srinagar yesterday. GOI has resorted to deceit and stealth in recent weeks to lay ground for these disastrous decisions. Our darkest apprehensions have been unfortunately come true after the GOI and its representatives in J&amp;K lied to us that nothing major was planned. The announcement was made after the entire state, particularly the Kashmir Valley, was turned into a garrison. Those of who gave the democratic voice to the people of Jammu &amp; Kashmir, are incarcerated as lakhs of armed security personnel have been put on the ground. The scrapping of Articles 370 and 35A raise fundamental questions on the State’s accession because that was done on the very terms enunciated in these articles. The decisions are unilateral, illegal and unconstitutional and will be challenged as such by the National Conference. A long and tough battle lies ahead, we are ready for that.” Darkest day in Indian democracy: Mehbooba Mufti Mehbooba Mufti, leader of the Jammu and Kashmir Peoples Democratic Party and former Chief Minister of Jammu &amp; Kashmir took to Twitter and said, “Today marks the darkest day in Indian democracy. Decision of J&amp;K leadership to reject two-nation theory in 1947 and align with India has backfired. Unilateral decision of GOI to scrap Article 370 is illegal and unconstitutional which will make India an occupational force in J&amp;K.” Mufti further wrote, “It will have catastrophic consequences for the subcontinent. GOIs intentions are clear. They want the territory of J&amp;K by terrorising its people. India has failed Kashmir in keeping its promises. People like us who placed faith in Parliament, the temple of democracy have been deceived. Those elements in J&amp;K who rejected the constitution &amp; sought resolution under the UN have been vindicated. This will exacerbate the alienation Kashmiris feel.” Constitution has been torn: Ghulam Nabi Azad Voicing his dissent in the parliament, leader of Opposition Ghulam Nabi Azad said, “Kashmir is under curfew and the state looks like its in a war situation. We stand by the constitution of India. We would lay down our life for it, but I condemn the act of those who burn or tear the constitution.”

‘Betrayal, catastrophe, dangerous’ J&K leaders livid as India scraps Article 370 and bifurcates the state

New Delhi, Jan 30 () Entities can bid for national carrier Air India on the basis of the financial strength of their affiliates, a proposition that could attract more bidders.
 In its second attempt in as many years to divest loss-making Air India, the government came out with the Preliminary Information Memorandum (PIM) on Monday.
 The government has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.
 As per the PIM, a bidder may also "qualify on the basis of net worth of its affiliate, provided such IB (Interested Bidder) itself has a positive net worth...," subject to certain conditions.
 This means that an entity can bid based on the financial strength of its parent, according to a source involved in the disinvestment process.
 Such a provision could also help in attracting more bidders.
 In case an IB is taking the benefit of financial strength of its affiliate, then the net worth of only the affiliate would be used for the purposes of evaluation of financial capability of the IB, as per the PIM.
 To make the disinvestment more attractive, the government has eased the bidding norms. Prospective bidders now need to have a minimum of Rs 3,500 crore net worth.
 In 2018, when the government tried to divest Air India, the net worth criteria was fixed at Rs 5,000 crore.
 Meanwhile, the source said that complete foreign ownership of the national carrier would not be possible.
 Under the Foreign Direct Investment (FDI) norms, the Substantial Ownership and Effective Control (SOEC) framework and provisions in the bilateral agreements, it would not be practical for Air India to have 100 per cent foreign ownership, the source said.
 Through the automatic route, a foreign investor or an airline can have up to 49 per cent stake in an Indian carrier. The limit can be 100 per cent under approval route but would not be applicable for overseas airlines.
 In the case of Air India, only 49 per cent FDI is allowed through the approval route, the source said.
 As per the SOEC framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals.
 In the case of Air India, the government has signed bilateral flying rights agreements with more than 100 countries. As per these pacts, flying rights would be given to carriers that are substantially owned by the Indian government or Indian nationals, the source said.
 According to the source, in case the substantial ownership of the carrier is to be changed, then all these pacts would have to be renegotiated. In such a situation, the countries concerned might also ask for increased bilateral flying rights, the source added.
 Bilateral flying rights refers to an agreement between two countries that allows each other's airlines to operate services with a specific number of seats.
 Among others, the government would withdraw its guarantee extended to loans taken by Air India.
 "Government of India (GOI) may prescribe additional conditions (including but not limited to replacement of all GOI guarantee or other GOI support extended on behalf of the companies) in the Request for Proposal (RFP)," the PIM said.
 Qualified Interested Bidders (QIBs) would be required to demonstrate availability of funds for the proposed transaction "including but not limited to appropriate expression of support from financial institution(s)... confirming ability of the IB to discharge all its obligations defined under RFP and definitive documents related to the proposed transaction," it noted.
 The successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction. Air India is in the red for long. RAM ABM

Air India sale: Entities can bid based on affiliates' financial strength

Mumbai, <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> plans to sell 20 per cent stake in <keyword id="194587" type="DOMAIN" weightage="20" keywordseo="National-Fertilizers-Ltd">National Fertilizers Ltd</keyword> (<keyword id="103436" type="COMPANY" weightage="20" keywordseo="NFL">NFL</keyword>) through 'offer for sale'. The Department of Investment and Public Asset Management (DIPAM) has invited tenders from law firms with experience and expertise in public offerings and OFS in capital markets to act as legal advisers and assist the government in the process. It has also sought tenders from merchant bankers for the sale process. "The GoI intends to disinvest 20 per cent paid up equity capital of NFL out of its shareholding of 74.71%, through 'Offer for Sale' (OFS) method of shares by promoters through the stock exchanges' as per <keyword id="63783" type="COMPANY" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (SEBI) Rule and Regulations," said a notification by the department. Further, the Centre is also considering allotting shares to eligible and willing employees of NFL at a discount on the issue or discovered price -- lowest cut off price -- up to a maximum of certain percentage of the OFS size subsequent to completion of the transaction under OFS. The percentage and extent shall be decided in due course. The deadline for submission of bids for both legal adviser and merchant banker for the OFS ends at 3 p.m. on March 2. Incorporated on August 23, 1974, <keyword id="194515" type="DOMAIN" weightage="20" keywordseo="National-Fertilizers">National Fertilizers</keyword> is a Mini Ratna company with an authorised capital of ₹1,000 crore and a paid-up capital of ₹490.58 crore out of which <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">Government of India</keyword> (GoI) holds 74.71 per cent shares and 25.29 per cent shares are held by financial institutions and others. The company employed 3,339 regular employees as on March 31, 2020. It has five gas-based ammonia-urea plants -- Nangal and Bathinda plants in Punjab, Panipat plant in Haryana and two plants at Vijaipur (District Guna), in Madhya Pradesh. Around 12.30 p.m., shares of NFL on the BSE were trading at ₹41.75, higher by 2.20 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/realme-smart-watch-s-pro-review-and-details-of-features/articleshow/80779962.cms">Realme Watch S Pro review – nailing the important features but the basics need more work</a> <a href="https://www.businessinsider.in/tech/news/what-is-facial-recognition-technology-and-how-india-is-using-it-to-track-down-protestors-and-individuals/articleshow/80782606.cms">India is ramping up the use of facial recognition to track down individuals without any laws to keep track of how this technology is being used</a> <a href="https://www.businessinsider.in/business/auto/news/heres-how-global-electric-car-makers-are-tweaking-their-models-to-make-it-viable-for-indian-roads/articleshow/80780009.cms">Here's how global electric car makers are tweaking their models to make it viable for Indian roads</a>

Government plans to sell 20% of its stake in National Fertilizers Ltd through 'offer for sale'

A group of more than 30 banks that country’s biggest lender <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> is leading, has decided that they would no more lend money to Punjab government's food purchases this season, knowing that questions about seemingly missing stocks worth as much as Rs 20,000 crore are still unanswered. 
 
This move has come after the central bank asked lenders to set aside money against loans to the tune of Rs 12,000 crore or more and treat them as NPAs, even though these loans are generally not in danger of default as they are considered to be sovereign debts. 
 
"We will not lend this season unless the problem is resolved," said one of the bankers. "How can we? The state has to come up with a concrete proposal on how they would repay and reconcile the stocks without which we won't lend," the banker added. 
 
This could lead to a disruption in India’s agricultural economy since the last two monsoons haven’t been quite good, and Punjab, the biggest food grain buyer of India would need as much as Rs 40,000 crore in loans. 
 
Bankers in the group are scheduled to meet today to discuss the issue, where in they would probably decide to lobby the regulator this week, and also raise the sovereign debt question. 
 
On the other hand, the Punjab government has said that there had been no misuse of funds, also pointing out that the grain purchases are done for the entire country. 
 
"Funds availed by the state government on account of food credit limits have been utilised for food procurement operations, in the national interest," the Punjab government said on Friday. "There has been no misutilisation of funds, and... the differential amount is on account of difference between claims and amounts received," it added. "The matter regarding the outstandings/receivables pertaining to the food credit account of the state is already under discussion with GoI (government of India)," it said. "A joint committee of GoI and state government has been looking into the gamut of issues on this account, and the matter is being deliberated upon so as to settle the claim of the FCI/GoP (government of Punjab)." 
 On a separate note, the Comptroller and Auditor General of India has raised questions about Punjab’s food grain procurement through various agencies like <keyword id="3327682" type="UNKNOWN" weightage="100" keywordseo="Punjab-State-Warehousing-Corp">Punjab State Warehousing Corp</keyword>, <keyword id="3327683" type="UNKNOWN" weightage="100" keywordseo="Punjab-Agro-Food-Corp">Punjab Agro Food Corp</keyword>, <keyword id="3327684" type="UNKNOWN" weightage="100" keywordseo="Punjab-Grain-Procurement-Corp">Punjab Grain Procurement Corp</keyword> and <keyword id="3327685" type="UNKNOWN" weightage="100" keywordseo="Punjab-State-Civil-Supplies-Corp">Punjab State Civil Supplies Corp</keyword>, since a majority of the number of vehicles supposedly used for transportation could not be traced. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/c/c4/Agriculture_in_India,_Farmer_Punjab.jpg">Image source</a>

This could be real bad news for Punjab. Banks might not lend anymore to the state government to purchase food

Mumbai, The <keyword id="50847" type="General" weightage="20" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> on Friday approved Rs 87,416 crore dividend payout to the central government for 2022-23, nearly triple of what it paid in the previous year. The dividend payout was Rs 30,307 crore for accounting year 2021-22. The decision was taken at the 602nd meeting of the Central Board of Directors of Reserve Bank of India held under the chairmanship of Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword>. "The board approved the transfer of Rs 87,416 crore as surplus to the central government for accounting year 2022-23, while deciding to keep the Contingency Risk Buffer at 6 per cent," <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> said in a statement. The board also reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The board also discussed the working of RBI during 2022-23 and approved the annual report and accounts of the central bank for the year. Madan Sabnavis, chief economist of Bank of Baroda said that this surplus transfer will come in very handy and ensure that the government managed it fiscal numbers with relative ease given that there are question marks on the divestment programme. "The Budget had looked at a number of Rs 48,000 crore as dividend from banks and RBI. RBI has overshot this number with the transfer of Rs 87,000 cr. This was enabled by higher earnings on sale of forex during the year, better returns on forex investments in US treasuries (though value of bonds would have fallen which has to be charged to the contingency reserve), revaluation of forex assets and adjustments in reserves as per the Bimal Jalan Committee recommendations. The RBI would have had higher pay-outs due to the higher SDF rates with the system being in surplus all through the year," Sabnavis said. According to him, public sector banks have also reported very good profits and announced dividend, there will be higher flows of dividends from this source too. Add to this the possible higher dividend payments by the oil marketing companies and the situation appears quite comfortable from a market perspective as this will not lead to higher market borrowings. (With inputs from PTI)

RBI approves Rs 87,416 cr dividend payout to the government for 2022-23

New Delhi, In a strong rebuttal to Congress charges, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday said <keyword id="20233623" type="General" weightage="20" keywordseo="atal-pension-yojana" source="keywords">Atal Pension Yojana</keyword> (APY) is designed based on the best practice choice architecture and guarantees a minimum of 8 per cent return. "Atal Pension Yojana is designed based on best practice choice architecture to automatically continue the premium payment unless the subscriber opts out. This is a deliberate and beneficial feature which is in the best interest of the subscribers," <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said in post on X. Instead of requiring people to decide each year to continue, they have to take a decision to discontinue, she said, adding, this makes many of them take the right decision and save for their retirement. Earlier in the day, the Congress attacked the Prime Minister Narendra Modi-led government over the Atal Pension Yojana, alleging it is a "very poorly-designed scheme" and a "paper tiger" that needs officials to hoodwink and coerce people into participating in it. Congress general secretary <keyword id="20035989" type="General" weightage="20" keywordseo="jairam-ramesh" source="keywords">Jairam Ramesh</keyword> said the scheme is a "fitting representation of the Modi government's policy making: headline management, with few benefits actually reaching the people". His attack came after a media report claimed that at least one of three subscribers who dropped out of the central government's pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so because their accounts were opened without their "explicit" permission. The report cited a recent sample study by the <keyword id="20608253" type="General" weightage="20" keywordseo="indian-council-of-social-science-research" source="keywords">Indian Council of Social Science Research</keyword> (ICSSR). Attacking Ramesh, Sitharaman said he did not bothered to check facts on the guaranteed pension scheme. "The minimum return under the APY is guaranteed by the GoI to be at least 8 per cent, regardless of prevailing interest rates and returns. This is an attractive guaranteed minimum return. GoI pays a subsidy to PFRDA to make up for any shortfall in actual returns," she said. If higher investment returns are received on the contributions of subscribers of APY, higher pension would be paid to the subscribers: In fact, currently the returns are more than 8 per cent, she said. "@Jairam_Ramesh says that people are being 'hoodwinked and coerced' into participating! Hoodwinking is what @INCIndia does always - in the name of vote bank politics or minority appeasement. Coercion is what was used to make former Chairman of @TheOfficialSBI Shri RK Talwar resign because he refused to give loans to favourites of the dynasty," she said. As regards the majority of pension accounts being in the lower slabs, for a subsidised scheme intended for the poor and lower middle class, this is obvious, she said. In fact, it shows the proper targeting of the scheme, she said, adding, if the offtake was at the higher end, that would be surprising! The elitist mindset of the dynasty and its minions who are constantly thinking of people in the higher echelons of society, perhaps, blinds them to this obvious truth. The @INCIndia prefers that poor should not have pensions so that they are forced to rely on government hand-outs which keeps them dependant on dynasty politicians, the minister said.

Atal Pension Yojana guarantees minimum 8% return: Sitharaman rebuts Cong charges

New Delhi, Mar 27 () The government has raised Rs 11,500 crore through strategic sale of two state-run power companies, THDC and NEEPCO, to NTPC. The government has sold 74.49 per cent stake in THDC for Rs 7,500 crore and 100 per cent in NEEPCO for Rs 4,000 crore. With this, the total disinvestment proceeds in the current financial year stand at over Rs 46,500 crore. The Revised Estimates had pegged disinvestment receipts in the current financial year at Rs 65,000 crore. "DIPAM completed two more strategic disinvestment transactions. GoI's 74.49 per cent stake in THDC at a consideration of Rs 7500 cr and 100 per cent stake in NEEPCO at Rs 4000 cr has been disinvested in favour of NTPC," Secretary DIPAM said in a tweet. DIPAM is the Department of Investment and Public Asset Management. JD HRS

Govt raises Rs 11,500 cr from strategic sale of THDC, NEEPCO to NTPC

New Delhi, Dec 20 () After operating Panna-Mukta oil and gas fields for 25 years, Royal Dutch Shell and Reliance Industries will revert the western offshore fields back to state-owned Oil and Natural Gas Corp (ONGC), the companies said in a statement.
 Panna-Mukta and Tapti (PMT) oil and gas fields in the Arabian Sea off the Mumbai coast were in 1994 awarded a consortium of US energy giant Enron and Reliance. ONGC, which had originally discovered the fields, as a government nominee given 40 per cent back-in rights.
 Enron during its bankruptcy was taken over by BG Group of UK in 2003. BG Group's interest was subsequently taken over by Shell in 2016.
 The 25-year production sharing contracts for the PMT fields expires this week and Reliance and Shell had decided not to seek an extension for Panna-Mukta fields.
 "After 25 years of operating the Panna-Mukta oil and gas fields, the Panna-Mukta and Tapti Joint Venture partners will be handing over the Panna-Mukta oil and gas fields back to the Government of India's (GOI) nominee i.e. ONGC on December 21, 2019," a joint statement issued by Reliance and Shell said.
 Reliance and BG Exploration and Production India Ltd (BGEPIL) hold 30 per cent stake each in PMT while the balance 40 per cent is with ONGC.
 "The production sharing contracts (PSC) for the Panna-Mukta and Tapti fields, which were executed by the PMT JV with the Government of India in 1994, will expire on December 21, 2019," it said.
 The Tapti fields had ceased production earlier in 2016 and the Tapti process platform facilities were handed over to ONGC (GOI nominee) in 2016.
 Decommissioning and site restoration of residual Tapti facilities, including five unmanned platforms and in-field pipelines, are currently being carried out by the PMT JV under India's first offshore decommissioning and site restoration project.
 The Tapti decommissioning and other commercial activities would continue in BGEPIL even after Panna-Mukta handover, as per the statement.
 The Panna-Mukta fields, off the Mumbai coast, produced 211 million barrels of oil and 1.25 Trillion cubic feet of natural gas since December 1994. In 2019, the average monthly production from the fields was around 10,000 barrels per day of crude oil and 140 million standard cubic feet of natural gas per day.
 Speaking on the development, Trivikram Arun, Managing Director, BGEPIL said, "The PMT JV is a great example of a successful partnership between India's largest national oil company (ONGC), India's largest private company (Reliance) and an international oil company (Shell)."
 "Our teams have worked relentlessly to ensure a safe handover of the producing fields from the PMT JV to ONGC at the end of the term," he said.
 B Ganguly, President-E&amp;P, Reliance said, "At their peak, Panna-Mukta have contributed to nearly 6 per cent of India's oil production and almost 7 per cent of India's gas production in the year 2007-08. Reliance has been a part of this journey and contributed, by providing energy, to the growth and development of India's oil and gas sector." ANZ ANS
ANS

Shell-Reliance give up Panna-Mukta fields; western offshore fields to revert to ONGC

New Delhi, Jun 21 () SBI chairman Rajnish Kumar assured shareholders that the likely job cuts and salary reductions in the wake of COVID-19 pandemic will leave 'relatively low level' of stress on the bank as the proportion of business from government and quasi-government sector is high. In a letter to the bank's shareholders, Kumar exuded confidence that despite economic headwinds, the robust performance achieved by the country's largest lender State Bank of India (SBI) in 2019-20 will continue in the current financial year. "…despite the economic headwinds, the Bank is well prepared to adjust to the challenges posed by the COVID-19 pandemic. I am more than hopeful that the robust performance achieved in FY20 will continue in FY21 as well," the SBI chairman said. Observing that the full impact of COVID-19 outbreak will be felt in the current financial year, Kumar said from the bank's point of view, the true impact of COVID pandemic must also consider the behavioral impact on bank's customers, and composition of portfolio, among others. "For instance, likely job cuts and salary reductions will have relatively low level of stress on account of higher proportion of Govt/ Quasi Govt. sector customers," he said in the letter, as per SBI's annual report. "As of now, only 21.8 per cent of the customers have availed the benefit of moratorium. Furthermore, the Bank was able to achieve 98 per cent branch operability as well as 91 per cent alternate channel operability during the period of lockdown," Kumar added. Nevertheless, an elaborate Business Continuity Plan (BCP) is in place to manage disruptions, he said. SBI has traditionally been the banker of choice to the Government of India (GOI) and is an accredited banker to major Central Government Ministries and Departments, the annual report said. It said SBI is contributing significantly towards e-governance initiatives taken by the GOI, and is instrumental in the development of e-solutions for both Central and state governments. "This has facilitated their transition to the online mode, providing greater efficiency and transparency, resulting in ease of doing business and relaxation of living for the citizens," it said. SBI's total government business turnover was Rs 52,62,643 crore during fiscal 2019-20. The bank registered its highest ever yearly net profit in 2019-20 at Rs 14,488 crore. The net profit was Rs 862 crore during 2018-19. Amidst the COVID-19 pandemic outbreak, the outlook of the global economy has become very uncertain and world is likely to experience a deep rooted recession next year, Kumar said. The RBI expects contraction in the Indian economy during the current financial year. Kumar also said that the pandemic has changed the preference of customers and it is a big opportunity for the bank as there is now more acceptability to adopt digital channels for doing banking transactions. He said the bank will further scale up YONO (all-encompassing digital platform) and has set a target of doubling user registrations in the next six months, and further strengthen platform through new product offerings like end-to-end home loans, pre-approved car loan and personal gold loans. NKD CS RVK

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