r Regd. No. Indore MP/ICD 216/2018-2020 Sunrise: 05: 42 Sunset: 07: 10 HUMIDITY Morning : 61 Evening : 54 RNI No. 38281/83 t INDORE t BHOPAL t UJJAIN t MUMBAI t PUNE WEATHER 0 0 40.8 C.26.0 C. K’taka ministry expanded with 25 cabinet ministers Mending fences all around VOL. XXXIV NO. 355 | INDORE INDORE | THURSDAY | JUNE 7, 2018 | PAGES 16+4 = 20 | ` 3 NATION RBI’s first rate hike in over 4 yrs, EMIs set to rise Master Choa Kok Sui RETAINS 7.4% growth forecast for FY'19 AGENCIES Mumbai RBI on Wednesday hiked the key rate for the first time in over four years -- by 0.25 per cent -- to curb inflationary pressure from high oil prices, a move which will translate into higher EMIs for home, auto and other loans. With all its members voting for the increasing, the 6-member Monetary Policy Committee (MPC) surprised markets by raising the repo rate, at which it lends to other banks, to 6.25 per cent but kept its policy stance as "neutral". The reverse repo rate, at which it borrows from banks, was also raised by similar proportion to 6 per cent. This is the first increase in interest rate since January 28, 2014 when rates were hiked by a similar proportion to 8 per cent. In the subsequent years, RBI cut interest rate on six occasions. In its last revision, on August 2, 2017, rates were cut by 25 basis points to 6 per cent. In the second bi-monthly monetary policy of the 2018-19, RBI saw major upside to inflation from higher oil prices but kept its GDP growth outlook unchanged at 7.4 per cent for the financial year. Consumer Price Index (CPI) based retail inflation was projected at 4.6 per cent for the April-September period and 4.7 per cent in second half of 2018-19 fiscal. NEW DELHI PREZ NOD TO IBC ORDINANCE HOME BUYERS will now be recognised as financial creditors under the insolvency law PROVIDES SIGNIFICANT relief to home buyers by recognising them as financial creditors. WILL GIVE them due representation in the Committee of Creditors (CoC) and make them an integral part of the decision-making process HOME BUYERS would be able to invoke Section 7 of the IBC against errant developers. Section 7 allows financial creditors to file application Cabinet nod for `8,500 cr bailout package for sugar industry NEW DELHI News Brief J&K sex scandal: 5 get 10-yr in jail CHANDIGARH: Five people, including an ex-BSF DIG and a Deputy Superintendent of Police, were on Wednesday sentenced to 10 years in jail by a special court here in the infamous sex scandal that rocked the state in 2006. Hike in limits for cheaper loan for affordable housing Days after the BJP lost election in sugarcane belt of UP, the Centre on Wednesday announced a Rs 8,500 crore package to boost farmers' income by creating a buffer stock for sugar, enhancing ethanol production capacity and fixing a minimum selling price to cut mill losses. The Cabinet, headed by Prime Minister Narendra Modi, approved Rs 4,440 crore soft loan for building ethanol production capacity to absorb the cane and a buffer stock of 3 million tonnes, besides for the first time fixing Rs 29 per kg as the minimum price below which mills cannot sell sweetener. These decisions are aimed at helping mills in clearing part of over Rs 22,000-crore arrears to cane farmers. Sugar mills are incurring losses as prices have fallen below production cost on account of record output of 31.5 million tonnes in the 2017-18 season ending September as against the annual domestic demand of 25 million tonnes. The bailout package has been announced days after the BJP lost Lok Sabha by-poll of Kairana constituency in UP . seeking insolvency resolution process ANOTHER MAJOR beneficiary would be Micro, Small and Medium Enterprises (MSME) sector as it would get a special dispensation under the Code IMMEDIATE BENEFIT that it provides is that, it does not disqualify the promoter to bid for his enterprise undergoing Corporate Insolvency Resolution Process provided he is not a wilful defaulter and does not attract other disqualifications not related to default The affordable housing segment will get a boost with RBI on Wednesday raising the loan limits under priority sector lending (PSL), and the government deciding to use surplus land of sick PSUs for construction of such dwelling units. In a statement, RBI said that it has been decided to revise the housing loan limits for PSL eligibility from Rs 28 lakh to Rs 35 lakh in metropolitan centres and from Rs 20 lakh to Rs 25 lakh in other centres. The overall cost of dwelling unit in the metropolitan centre (with population of ten lakh and above) and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively. “Big boost to Housing for all. Increase in home loan limits under Priority sector lending to Rs 35 lakh in cities & Rs 25 lakh elsewhere to make such bank loans cheaper,” Financial Services Secretary Rajiv Kumar said in a tweet after the statement of the RBI. Loans given under PSL are less expansive than those provide by the banks in their ordinary course. RBI further said a circular in this regard will be issued by the month end. EDIT AGENCIES New York Virat Kohli is among the world's highest-paid athletes, with the India cricket captain earning a whopping USD 24 million, according to a Forbes' compilation topped by American boxing champion Floyd Mayweather. Surprisingly, the 'World's Highest-Paid Athletes 2018' compilation is an all-male affair with no women being featured in the list. Kohli, the only sportsperson from India to be featured in the list, is ranked 83rd with earnings of USD 24 million. Kohli, 29, is not just cricket-crazy India's biggest name but is also one of the most popular athletes in the world, "boasting more Twitter followers (25 million-plus) than all but three active sports stars", Forbes said. The 'World's Highest-Paid Athletes 2018' list is topped ‘Farmers' loan in MP will be waived in 10 days if Cong voted to power’ Canara Bank RAGA SOUNDS POLL BUGLE FROM MANDSAUR, TEARS INTO MODI fined in UK for anti-money laundering breaches MEETS KIN OF FARMERS killed in police firing, promises action against ‘killers’ AGENCIES New Delhi The UK financial sector regulator FCA on Wednesday imposed a fine of 896,100 pounds (about Rs 8 crore) on the London branch of Canara Bank and also stopped it from accepting deposits for nearly 5 months for not adhering to anti-money laundering (AML) regulations. Meanwhile, the bank in a BSE filing said Financial Conduct Authority (FCA) "acknowledges that senior management at Canara Bank have fully cooperated and engaged with FCA's investigation and that the firm's substantive AML deficiencies now have been rectified". FCA in a notice said it has imposed a penalty of 896,100 pounds on the bank and restricted it from accepting deposits from new customers for 147 days. "The reason for this action is because Canara Bank breached Principle 3 (management and control- a firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems) between November 26, 2012 and January 29, 2016," FCA said. The regulator further said it has reduced the penalty by 30 per cent as Canara Bank agreed to settle at an early stage of FCA's probe. Were it not for this discount, FCA would have imposed a penalty of 1,280,175 pounds, and restriction on deposit taking to 210 days. DR GHANSHYAM BATWAL Mandsaur Congress President Rahul Gandhi, on Wednesday promised farmers' loan waiver in Madhya Pradesh within 10 days, if his party comes to power here, and slammed the Central and state governments over the plight of the agriculturists. “Kamal Nath (MP Congress President) and Jyotiraditya Scindia (the State poll campaign committee chairman) are sitting here. The day the Congress , comes to power in MP count , 10 days, I say with guarantee that farmers' loan will be waived within 10 days. It won't take even the eleventh day he asserted. ," Addressing a Kisan Samrudhi Sankalp rally at Pipliya Mandi in Mandsaur district to mark first anniversary of Mandsaur firing incident that claimed lives of six farmers, Congress president accused Prime Minister Narendra Modi and MP chief minister Shivraj Singh Chouhan of deceiving the farmers. Family members of three out of six killed farmers also shared the dais with Rahul Gandhi Virtually kicking off his party's campaign for the Assembly elections due towards the end of the year, Gandhi said if the Congress comes to power in MP those , responsible for the death of the six farmers would face strict action within 10 days. Congress president Rahul Gandhi consoles family members of a farmer, killed in police firing during 2017 farmers' agitation, in Mandsaur, on Wednesday TAKES ON BJP ON TWITTER TOO MAKE IN INDIA is a failure. Everything is made in China, China, China... And our PM is swinging on a swing with the Chinese leader in Gujarat... The Chinese army got into Doklam, still Narendra Modi doesn't utter a word. EVEN AFTER A YEAR, probe agencies are yet to submit a report on Mandsaur firing. Families of martryed farmers are still waiting for justice. I know the pain of losing family member. Today, I have tried to share the pain of victims' families. HIGHHANDEDNESS P arents of Abhishek Patidar who died in police firing in Mandsaur last year say they have been asked by district officials to skip Rahul Gandhi’s rally.”We are scared as CM has given a job to my son... The SDM has no right to stop us from meeting anyone. How can he threaten us,” said his mother. WHEN WILL HE KNOW Every time I listen to Rahul Gandhi, both inside and outside Parliament, I ask myself the same question How much does he know? When will he know? Listening his speech in Mandsaur reaffirms my curiosity about the answer. Is he being inadequately briefed or is he being a little too liberal with his facts. India to grow at 7.3%, SAI sacks coach on sexual harrasment charge AFI chief calls for says WB making it strictest punishment fastest growing economy n More news inside AGENCIES New Delhi AGENCIES Washington India’s economy will see a robust growth of 7.3 per cent this year and 7.5 per cent for the next two as "factors holding back growth in India fade", the World Bank has forecast, allowing the country to retain the tag as the world's fastest growing major emerging economy. "India's economy (today) is robust, resilient and has potential to deliver sustained growth," Ayhan Kose, Director of the Development Prospects Group at the World Bank, said. Growth in India is projected to advance 7.3 per cent in Fiscal Year (FY) 2018/19 (April 1, 2018March 31, 2019) and 7.5 per cent in FY 2019/20, reflecting robust private consumption and strengthening investment, the bank said in its June 2018 edition of the Global Economic Prospect report. The report, released yesterday, is the global lender's flagship publication on the state of the world economy. KOSESPEAK INDIA’S ECONOMY will see a robust growth of 7.3 per cent this year and 7.5 per cent for the next two as "factors holding back growth in India fade INDIA RETAINS the tag of fastest growing country among the world's major emerging economies CHINA IS EXPECTED to slow down slightly from 6.9 per cent in 2017 to 6.5 per cent in 2018, 6.3 per cent in 2019 and 6.2 per cent in 2020 It said that growth in South Asia is projected to strengthen to 6.9 per cent in 2018 and to 7.1 per cent in 2019, mainly as "factors holding back growth in India fade." Previously international lenders have said the demonitisation and the initial hiccups in the implementation of the the Goods and Services Tax (GST) had impacted India's growth. India retains the tag of the fastest growing country among the world's major emerging economies, Kose said. The Sports Authority of India has sacked a coach at one of its centres in Tamil Nadu after he was indicted of sexually harassing junior campers and has vowed to take preventive measures such as starting helplines to ensure safe campuses in its training institutions. The unnamed coach, believed to be associated with state level athletics campers at one of the SAI centers in Tamil Nadu, NDA principal, other charged by CBI, raids in Pune NEW DELHI: The CBI has booked the principal of the National Defence Academy and four others for alleged irregularities in the selection and appointment of teaching staff in the institute, officials said. The agency has booked principal, Om Prakash Shukla, along with a professor of political science, HOD and an assistant professor in the chemistry dept and an assistant professor in the mathematics dept for alleged criminal conspiracy, cheating and provisions of the Prevention of Corruption Act. Virat Kohli among world's highest-paid athletes NO WOMEN in top 100: Forbes ‘It’s tricky to get action right’ www.freepressjournal.in GLAM THOUGHT FOR THE DAY What is impossible for an ordinary person is possible with the blessings of God, the Guru and the higher beings. Top 100 earners 1. Floyd Mayweather. 2. Lionel Messi 3. Cristiano Ronaldo 5. Neymar 6. NBA's top earner LeBron James 83. Virat Kohli by 41-year-old Mayweather, with USD 285 million earnings. This year the Indian national cricket board 'The Board of Control for Cricket in India' named Kohli as one of just five players to receive the newly-created A+ contracts, which guarantee an annual retainer of more than USD 1 million, it said. "Yet like the Indian cricket mega-stars who have come before him, Kohli's big payday comes off the pitch" where he's partnered with top brands such as Puma, Pepsi, Audi and Oakley, Forbes said. There are no women on the list. Forbes said tennis' female sportspersons Li Na, Maria Sharapova and Serena Williams were list regulars but Li retired in 2014 and Sharapova is still dealing with the aftermath of a 15-month suspension for using a banned substance. Athletics Federation of India (AFI) president Adille Sumariwalla on Wednesday called for exemplary punishment against coaches who allegedly sought sexual favours from junior athletes at the regional centres of SAI. was sacked after an internal inquiry found him guilty. "Yes, it is correct (that we have sacked a coach). We are committed to ensuring a safe environment in sports training in SAI for women and chil- dren," SAI Director General Neelam Kapur said. About 15 junior athletes had complained to the SAI headquarters here, alleging that the coach had sought sexual favours from them. Acting on another incident PC grilled by CBI for nearly 4 hrs in INX media case AGENCIES New Delhi Former finance minister P Chidambaram was questioned by the CBI for nearly four hours on Wednesday in connection with alleged irregularities in clearances to foreign investments in INX media during his tenure. The agency has alleged irregularities in the clearance of foreign investment in INX media, a venture promoted by former media baron Peter Mukerjea and his wife Indrani, both probed by the CBI in connection with the murder of their daughter Sheena Bora, sources said. After coming out of CBI headquarters here, Chidambaram said he had appeared before the CBI and the FIR did not contain any allegations against him. "Questions and answers were based on the files of FIPB. Hence there was little to add to the record," the Congress leader said on Twitter. Chidambaram's alleged role has come under the scanner of investigating agencies in connection with the Foreign Investment Promotion Board HC stays I-T notice to ex-finance minister CHENNAI: The Madras High Court on Wednesday stayed the Income Tax Department's notices issued to former finance minister P Chidambaram seeking reopening of assessment of his I-T returns for 2011-12 as it suspected that his income chargeable to tax had escaped assessment. (FIPB) clearance of Rs 305 crore given to INX media. The CBI had registered an FIR on May 15 last year for alleged irregularities in the FIPB clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Chidambaram was the finance minister during the UPA-I government. n ARUN JAITLEY at the SAI centre in Bengaluru, an accountant was asked to take compulsory retirement on charges of sending lewd text messages to a woman coach. "The preventive steps will include greater awareness, helplines and sensitisation of staff and officials," she added. Kapur said SAI will not hesitate to take strong action against offenders who violate rules. It is also learnt that another complaint of sexual harassment made by junior campers in a Gujarat SAI Centre is also under investigation. Uddhav makes CM sit out as he meets Shah FP NEWS SERVICE Mumbai The Shiv Sena is determined to make the BJP pay for its sins of omission and commission. No wonder when Amit Shah arrived at ‘Matoshree’ to keep his ‘appointment’ with Uddhav Thackeray, Sena was in no mood to ‘play along.’ Rather, Uddhav Thackeray made chief minister Devendra Fadnavis ‘sit out’ while he was meeting Shah. Television channel sources said while the meeting took place on the second floor, Fadnavis was twiddling his thumbs on the ground floor of the house. It seems Sena leaders wanted to send out a blunt message that the ‘appointment’ was for the BJP president only State BJP . President Raosaheb PatilDanve also kept away in deference to the Shiv Sena's wishes. Sources point out that Fadnavis too had stopped showing such courtesies to the Sena some time back. In March this year, Fadnavis had refused to entertain him after making him wait for over two hours.