News LIVE: Would have quit if asked to implement note ban, says Chidambaram

News LIVE: Would have quit if asked to implement note ban, says Chidambaram


21:00 Terming tax-paying as a “patriotic duty”, Finance Minister Arun Jaitley on Saturday said given our aspiration to be a dominant player on the world stage, we cannot afford to be a place where the shadow economy is bigger than the real economy.

“You can’t have an economy where the size of the shadow economy is much bigger than the apparent economy itself,” Jaitley said.

20:23 BJP general secretary Ram Madhav today said the Centre’s interlocutor for Kashmir Dineshwar Sharma has the mandate to talk to everyone including the separatists.

“Whosoever will come forward, he (Sharma) can talk to him. He has that mandate…. You should ask this to the Hurriyat whether they are ready to talk,” Madhav told reporters when asked whether the interlocutor would hold dialogue with the separatists.

Asked whether the interlocutor would also talk to Pakistan, the BJP leader said “this time, the announcement has been made that Sharma would talk with all groups in Jammu and Kashmir”.

19:49 Bandhan Bank has posted an 18.21 percent year-on-year growth in its net profit for the quarter ended September at Rs 331 crore. Operating profit of the Kolkata-based lender rose 27.62 percent to Rs 596 crore during the quarter under review, the bank said in a release.

The current account and savings account (CASA) of the bank was 28.18 percent of total deposits in the September-ended quarter. Bandhan Bank’s net interest margin (NIM) in July-September stood at 9.33 percent, lower than 10.17 percent in the corresponding quarter a year ago, the release said.

Net interest income (NII) of the lender for the reporting quarter was at Rs 694 crore as against Rs 596 crore as on September 30, 2016.

19:10 Assailing Prime Minister Narendra Modi over demonetisation, senior Congress leader P Chidambaram said he would have quit as finance minister if forced to implement the measure.

He also targeted Modi over “hasty” implementation of the Goods and Services Tax (GST) and the bullet train project.

“If my prime minister had asked me to do demonetisation, I would have advised him ‘please don’t’, and if he had insisted, then I would have resigned,” he told reporters on the sidelines of an event where he delivered a lecture on ‘The state of economy’.

Noting that demonetisation and “rushing through with the GST were two major mistakes” of the Modi government, he said, “demonetisation was a bad idea, full stop. GST is a good idea, but it has been hastily implemented. It should have been implemented with due care and attention.”

19:00 India’s second largest micro-lender Bharat Financial Inclusion reported an 18 percent fall in net profit for the three months to September at Rs 119 crore despite a healthy growth in revenue.

The company, which last week announced a merger with private sector lender IndusInd Bank in an all-stock deal, reported Rs 146 crore profit in the year-ago period.

It did not offer the reason for the plunge in net income. This comes despite an improvement in its cost-to-income ratio which has fallen to 48.6 percent from 51.8 percent in Q1. It has set a cost-to-income ratio target of 40 percent by FY19.

18:18 Bihar deputy chief minister Sushil Kumar Modi tells CNBC-TV18 that the GST Council will deliberate over items falling in the 28 percent tax bracket at its next meeting.

The decision-making body is slated to meet in Guwahati on November 9 and 10.

17:42 A parliamentary panel summoned top railway officials over the recent spate of rail derailments and the Elphinstone Road Bridge stampede in Mumbai.

The officials are scheduled to appear before the Parliamentary Standing Committee on Railways headed by Trinamool MP Sudip Bandyopadhyay on November 9.

Representatives of the railway ministry (Railway Board) will brief the panel on safety measures in railway operations and maintenance of bridges, a Lok Sabha notice said.

17:03 Congress President Sonia Gandhi will be discharged from hospital later today, according to a statement from Sir Ganga Ram Hospital in New Delhi. She was admitted to the hospital with a stomach bug on Friday evening after being rushed to Delhi in an air-ambulance from Shimla, where she had gone for a holiday.

16:30 The Shiv Sena has hit out at the BJP-led Maharashtra government over “hasty” implementation of the Rs 34,022 crore loan waiver scheme for farmers, alleging it has increased their miseries instead of providing relief.

An editorial in Sena mouthpiece ‘Saamna’ said, “The government rushed to seek credit for loan waiver implementation, which has now backfired. It is a classic example of how haste spoils crucial decisions like this and how common people suffer due to it.”

“The whole exercise of loan waiver implementation has, in fact, increased the miseries of farmers instead of providing relief to them,” the Sena, which is a part of the ruling alliance in Maharashtra, alleged.

15:52 ONGC has just announced its earnings for the second quarter of FY18. The company’s profit is almost flat at Rs 5,130 crore vs Rs 4,975 crore (YoY) while revenue is up 3 percent at Rs 18,964.9 crore vs Rs 18,395 crore (YoY).

15:28 Recapitisation and divergences were the only words that mattered in the banking sector this week.

Even as the government announced big-bang reforms regarding recapitalisation of public sector banks, major private banks also reported their financial results adding colour on the asset quality this season.

Click here to find out what made headlines this week in the world of banking.

14:52 Mobile Aadhaar can be used as an identity proof to enter airports, while identification documents will not be required for minors accompanied by parents, according to a circular issued by aviation security agency BCAS.

Passengers entering airport premises need to produce any one of the ten identity proofs listed by the Bureau of Civil Aviation Security (BCAS) in its latest communication, which include passport, voter ID card, Aadhaar or m-Aadhaar, PAN card and driving licence.

A passbook issued by a nationalised bank, pension card, disability photo identification and service photo ID card of central/state government, PSU, local bodies and private limited company will also be acceptable.

13:48 US Secretary of Defence Jim Mattis warned today that North Korea would face a “massive military response” if Pyongyang ever used its nuclear weapons.

“Make no mistake — any attack on the United States or our allies will be defeated,” he said at a press conference on his trip to Seoul.

12:39 An analysis of incomes during 2015-16 has shown that 32 regional parties in total got Rs 221.48 crore, of which Rs 110 crore remained unspent, Times of India reported today. This is more than 49% of their total income. DMK had the highest income at Rs 77.63 crore.

The figures, analysed and released by the Association of Democratic Reforms (ADR), found that during 2015-16, DMK had the highest income of Rs 77.63 crore among all regional parties, followed by AIADMK at Rs 54.93 crore and TDP at Rs 15.97 crore.

12:16 The Supreme Court slammed a Gujarat Congress MLA for filing a PIL challenging the terms and conditions of land allotment to an MNC for constructing state-of-the-art sports complexes in the state long after the project’s completion, and said such misuse of PILs could potentially stall investments in India, Times of India reported.

12:12 ‘Indra 2017’, the first tri-service military exercise between India and Russia, entered its final phase today in Russia, the Defence Ministry said in a statement.

The 11-day exercise, which is being carried out under the mandate of the United Nations since October 19, saw simulations of various settings and possible exigencies in dealing with terrorists.

12:07 Hindustan is a country of “Hindus”, but it does not mean that it does not belong to “others”, RSS chief Mohan Bhagwat has said.

“Whose country is Germany?…It is a country of Germans, Britain is a country of Britishers, America is a country of Americans, and in the same way Hindustan is a country of Hindus. It does not mean that Hindustan is not the country of other people,” Bhagwat said.

11:30 The Art of Living Foundation has said that its founder Sri Sri Ravi Shankar has been in touch with several imams and swamis, including Acharya Ram Das of Nirmohi Akhara, to help find an out-of-court settlement to the Ram temple dispute.

The Foundation, however, said it was too early to draw any conclusions and that these discussions were not done on behalf of the government.

11:00 Hitting back at Rahul Gandhi over his “Gabbar Singh Tax” jibe, Finance Minister Arun Jaitley today asked “how much does he know and when will he know”.

Jaitley also asked whether the Congress vice president was satisfied with 17 taxes and 23 cesses which the Nehruvian era gave to the country and wants a system whereby there is no free flow of goods throughout the country.

10:57 The United States has imposed fresh import duties on Chinese aluminium, accusing exporters of dumping their product on the US market at prices below cost.

The move follows a Commerce Department decision in August that also imposed import duties to counteract alleged unfair Chinese subsidies in the aluminium foil industry.

10:53 Tamil Nadu Chief Minister K Palaniswami has urged the Centre to take immediate steps to secure the release of 54 Indian fishermen apprehended by Sri Lanka.

140 fishing boats are also in Sri Lanka’s custody and this is fuelling unrest among the fisher folk, he noted.

10:52 Around 2.9 million children in India do not get vaccinated against measles, a highly contagious viral disease that claims nearly 90,000 lives

globally every year, a new report published by leading health organisations said.

10:36 Former Maharashtra Chief Minister Prithviraj Chavan today alleged that the state government is in the process of diverting the funds of the proposed Karad Chiplun railway line project to the Mumbai-Ahmedabad bullet train project.

10:34 Sharing any detail of consumers for commercial purpose by companies will be treated as unfair trade practice, which will attract punishment under the consumer protection law.

The government has proposed this in the Consumer Protection Bill amid increasing reports that e-commerce companies might be selling this data for commercial gain, Times of India reported.

10:26 The continued refusal of Indian cricketers to submit themselves to the drug testing regimen that all global athletes follow is threatening to snowball into a major crisis for Indian sports, Times of India reported.

World Anti-Doping Agency (Wada) has asked the International Cricket Council (ICC) to direct the Indian cricket board, BCCI, to allow drug-testing of Indian cricketers by the National AntiDoping Agency (Nada). Failing this, it has warned, Nada could lose its accreditation with Wada. The threat, which could create a crisis for all Indian sports, came in a Wada letter addressed to sports minister Rajyavardhan Singh Rathore.

10:17 US defence secretary Jim Mattis has said the threat of nuclear missile attack by North Korea is accelerating.

In remarks in Seoul with South Korean defence minister Song Young-moo at his side, Mattis accused the North of illegal and unnecessary missile and nuclear programs – and vowed to defeat any attack.