Indian banks say government interest waiver will add to costs, spark litigation

By Nupur Anand

MUMBAI (Reuters) – Indian bankers fear the government’s decision to waive some interest payments on loans under a COVID-19 support plan will create unnecessary work for lenders and lead to more litigation, without providing much of a boost for the sagging economy.

In an Oct. 2 filing with the Supreme Court, seen by Reuters, the government said it is amending a controversial clause in a relief plan that allowed distressed borrowers to skip repayments for six months but then charged them “interest-on-interest” on the delayed payments, putting them deeper in debt.

The change will waive the compounded interest component on small business loans and some personal debts from March to August.

The government will bear the cost, which could be as high as $1 billion, according to analysts.

But for Indian lenders saddled with over $120 billion of bad loans and a coronavirus-induced collapse in demand, the

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Indian government names Shashanka Bhide, Ashima Goyal, Jayanth Varma as new MPC members

By Aftab Ahmed

NEW DELHI (Reuters) – The Indian government named Shashanka Bhide, Ashima Goyal and Jayanth Varma as its nominees on the central bank’s monetary policy committee (MPC) late on Monday.

The Reserve Bank of India was forced to delay the bi-monthly committee meeting set to take place from Sept. 29 to Oct. 1, as it required at least four MPC members to proceed and the Indian government had failed to name replacements for three previous appointees whose tenure ended in September.

The committee, of three government nominees and three RBI members, had been scheduled to announce India’s key interest rates and monetary policy for the next two months on Oct. 1.

The new members have been appointed for a four-year term, according a government notification.

Ashima Goyal is a member of Indian Prime Minister Narendra Modi’s economic advisory council. Goyal is a professor at the Indira Gandhi Institute

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Police Impose Emergency Law in Indian Village as Gang-Rape Victim’s Cremation Sparks Clashes | World News

By Saurabh Sharma and Alasdair Pal

LUCKNOW, India (Reuters) – Indian police imposed emergency laws on Thursday in a village where a woman from the lowest rung of the country’s caste system was allegedly raped and killed, barring gatherings of more than five people after clashes erupted following her cremation.

The 19-year-old victim died from her injuries on Tuesday, having been attacked and gang-raped on Sept. 14 in a field near her home in Hathras district, 100 km (62 miles) from Delhi, authorities said.

Police have arrested four men in connection with the crime.

Clashes between protesters and police erupted in the district in the northern state of Uttar Pradesh on Wednesday after police cremated the woman’s body.

The victim’s brother told Reuters the cremation was carried out against the wishes of her family, who had wanted to perform their own funeral rites. Local officials deny this.

Twenty-five people were

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Police impose emergency law in Indian village as gang-rape victim’s cremation sparks clashes

By Saurabh Sharma and Alasdair Pal

LUCKNOW, India (Reuters) – Indian police imposed emergency laws on Thursday in a village where a woman from the lowest rung of the country’s caste system was allegedly raped and killed, barring gatherings of more than five people after clashes erupted following her cremation.

The 19-year-old victim died from her injuries on Tuesday, having been attacked and gang-raped on Sept. 14 in a field near her home in Hathras district, 100 km (62 miles) from Delhi, authorities said.

Police have arrested four men in connection with the crime.

Clashes between protesters and police erupted in the district in the northern state of Uttar Pradesh on Wednesday after police cremated the woman’s body.

The victim’s brother told Reuters the cremation was carried out against the wishes of her family, who had wanted to perform their own funeral rites. Local officials deny this.

Twenty-five people were

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Post Crossing Society showcases Channapatna toys online- The New Indian Express

Express News Service

BENGALURU:  In line with the Prime Minister’s Mann Ki Baat speech a month ago urging entrepreneurs and start-ups to make the country a global toy hub, the Post Crossing Society of India has unveiled a set of postcards featuring the trademark toys of 12 states, including Channapatna toys from Karnataka. To commemorate the 151st World Post Card Day on October 1, they will be simultaneously released across the country virtually via ‘DebutPex 2020’, India’s first online postcard exhibition, said acting Chief Postmaster General, Karnataka Circle, S Rajendra Kumar. 

Colonel Akhil Kumar, founding member of the Society, told TNIE, “We have been regularly coming out with postcards to promote the country in different way by showcasing its birds, dances, tourist spots and so on. After hearing the PM’s talk, we decided that the toys manufactured in the country need to be promoted.”

One side of the postcard has

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Amid civil society organisations’ outcry, new FCRA Act comes into force- The New Indian Express

Express News Service

NEW DELHI: Amid demands of civil society organisations to President Ram Nath Kovind to not give assent to the FCRA Bill, the centre on Tuesday issued a notification, declaring that the Foreign Contribution (Regulation) Act will come into force from September 29.

A senior government functionary said that the notification implies that the President has already signed the Bill.

In a gazette notification, the Union Ministry of Home Affairs (MHA) said the law which reduces the limit of usable foreign contribution for administrative expenses from 50% to 20% and prevents transfer of foreign funding to any other person, will come into force from September 29.

“In exercise of the powers conferred by sub-section (2) of section 1 of the Foreign Contribution (Regulation) Amendment Act, 2020 (33 of 2020), the Central Government hereby appoints the 29th day of September, 2020, as the date on which the provisions of

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Harappan Civilizations Describe Indian Geography and Indian Politics

After domestication came farming. Indian geography was very much suitable for farming. Fire was a force here, too. Slash-and-burn agriculture is one of the oldest and simplest ways to clear the land of trees. Once used extensively by primitive tribes, it is still used today in some places, like Borneo. The process: slash the bark on the tree, which stops the sap from flowing and eventually kills the tree. The leaves die and fall off, allowing sunlight to filter onto the forest floor where the fallen leaves decompose into fertilizer. Then crops are planted. In two or three years, when the soil starts to show signs of being depleted of nutrients, the dead trees are burned, the ash provides fertilizer, and more crops are planted. Unfortunately, this requires constantly moving into new areas and destroying the forests.

The first cultivated plants were barley, then wheat from wild grasses. There are … Read More

Domestic Violence: A Scar on Indian Society

Domestic violence is a reality in many families around the world. Since I come from a relatively secure environment I am nothing short of appalled by the fact of domestic violence. I used to think that this was a problem mainly in developing regions and among uneducated people but stood corrected once I became sensitive to ground realities. According to the global estimates published by the World Health Organization, 1 in 3 women worldwide have experienced either physical and/or sexual violence in their lifetime. Domestic violence isn’t something that happens merely in purely and if I may add, harshly, patriarchal structures, but also in so called progressive cultures. It is as much of a problem in America as it is in India, although the levels and kinds of interventions may differ. Domestic violence is a sad occurrence for it reveals the lack of respect and honour given to women not … Read More