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Just quitting from Cabinet not NDA, said the TDP ministers on tendering resignation

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In the wake of Chandrababu Naidu’s announcements made last night about pulling two ministers of the Centre, both Union Ministers belonging to TDP, Ashok Gajapathi Raju and YS Choudhary, have tendered their resignations. The two ministers submitted their resignation to Prime Minister Narendra Modi.

On the other hand, as per some political pundits, a measure as drastic as this taken by Chandrababu Naidu only reflects his anger towards the ruling government. With an astute political step of quitting the government as he yet remains the ally works to be completely in Naidu’s interests in the state as he safely keeps an option open for an alliance in the year 2019 anyway. However, the question that still stays is that whether or not Naidu will carry on with his alliance with the BJP and how the masses are going to take his this move.

More so, after not answering Naidu’s phone calls yesterday, PM Modi today called Naidu, and reportedly tried convincing him to not to walk out of the government.

Furthermore, while the TDP decides to continue supporting the NDA, the tow MPs stated that the PM has given them an assurance that ‘justice will be done.’ However they declined on commenting on the probable BJP-YSRCP tie-up saying, “That is between those two parties, we have nothing to say on that, you can ask them: YS Choudhary,TDP MP on possibility of BJP-YSRCP alliance.”

Ashok Gajapathi Raju also said, “We (BJP and TDP) have worked together and were able to work cohesively. This was an opportunity that I partly gave up. It’s our courtesy that we call on him (Narendra Modi),”.

He further added, “We are continuing as part of NDA, but the problems are there. From being Andhra Pradesh, we have become the “residuous state of Andhra Pradesh”. There are different ways to look at it (the bifurcation issue). Our party has directed that we resign and continue being part of NDA. We hope that a solution will come.”

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Rafale Deal Case: Supreme Court rules out probe in the deal

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The verdict was pronounced on a batch of pleas seeking court-monitored probe in the multi-billion dollar Rafale fighter jet deal with France.

 

New Delhi| The Supreme Court Friday said there is no occasion to doubt the decision-making process in the multi-billion dollar Rafale fighter jet deal with France.

A bench, headed by Chief Justice Ranjan Gogoi, said there has been the necessity of fighter aircraft and the country cannot remain without fighter jets.

The Chief Justice of India (CJI) is reading out the judgment for the three-judge bench.

The verdict was pronounced on a batch of pleas seeking court-monitored probe in the multi-billion dollar Rafale fighter jet deal with France.

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Make sure private banks stay in Indian hands: RSS affiliate to new RBI governor

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New Delhi | Days after new RBI governor Shaktikanta Das assumed charge, an RSS-affiliated outfit on Thursday said he should “rethink” about the regulatory framework for private bank ownership in the country so that it remains in Indian hands.

The Swadeshi Jagran Manch (SJM) Thursday organized a discussion on ‘Future of Banks in India’, which was moderated by its co-convener Ashwani Mahajan.

After the discussion a paper was released, in which the SJM said, “There is a need for the new RBI Governor to rethink the regulatory framework for private bank ownership. None of us want India homegrown banks to be allowed in the hands of foreign players.”

These remarks come just two days after Das was appointed as the Central bank governor and a day ahead of RBI’s central board meet in Mumbai.

The Sangh affiliate further suggested that the promoters cap should also be reexamined, adding “present guidelines for compulsory dilution of the equity appear unnatural” as it is helping more foreign funds to make way into the Indian markets.

“SJM is worried that the foreign funds are increasing their penetration among the public sector banks as well as taking control of various private banks. In absence of any agreements on this at multilaterals, including the World Trade Organisation (WTO). SJM believes that the ownership of banks in India should stay among Indians,” the paper said.

It is worrisome, as India doesn’t have mature funds with deeper pockets to take up equities in the banks, the forced equity dilution pushes the banks to go abroad, SJM said while underlining that the motive of bringing in private sector banks in 2001 was to bring in more competition in this space and improving the access to credit to more Indians.

Asserting that the country needs strong and healthy banks for inclusiveness in the society, the SJM said there are two main disruptors for banks, the implementation of International Financial Reporting System (IFRS) based accounting standards and BASEL-III norms.

Basel III capital regulations are a global capital to risk norms. As per the norms, banks have to maintain a minimum common equity ratio of 8 percent and a total capital ratio of 11.5 percent.

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Supreme Court to pronounce verdict on pleas for probe into Rafale fighter jet deal

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New Delhi | The Supreme Court is scheduled on Friday to pronounce the verdict on pleas seeking court-monitored probe into India’s multi-billion dollar Rafale fighter jet deal with France. A bench headed by Chief Justice Ranjan Gogoi had reserved its verdict on a batch of pleas on November 14.

Advocate M L Sharma was the first petitioner in the case. Later, another lawyer Vineet Dhanda had moved the apex court with the plea for court-monitored probe into the deal. AAP leader Sanjay Singh has also filed a petition against the fighter jet deal.

After the three petitions were filed, former Union ministers Yashwant Sinha and Arun Shourie along with activist advocate Prashant Bhushan had moved the apex court with a plea for a direction to the CBI to register FIR for alleged irregularities in the deal.

The Centre has defended the multi-billion deal for 36 Rafale fighter jets and opposed public disclosure of the pricing details.

India signed an agreement with France for the purchase of 36 Rafale fighter aircraft in a fly-away condition as part of the upgrading process of Indian Air Force equipment. The estimated cost of the deal is Rs 58,000 crore.

The Rafale fighter is a twin-engine Medium Multi Role Combat Aircraft (MMRCA) manufactured by French aerospace company Dassault Aviation.

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