Make 5 digital transactions to help India become ‘sone ki chidiya’: Modi

PM launches app named after Dalit icon BR Ambedkar

Latest News : With 50 days of note ban “pain” that Prime Minister Narendra Modihad sought from the people having expired, he appealed for greater numbers to switch to digital transactions on Friday.


Narendra Modi said the note ban decision and digital transactions could usher in India’s golden age, that India would again become the ‘sone ki chidiya’, the proverbial golden bird that signified its wealth. He said note ban was evidence of his commitment to uplifting the poor, and claimed how divine intervention has supported his cause.

Modi said the monetary gains from note ban will be used for welfare of the poor.

At an event to distribute cash awards to people who have used digital transactions at the DigiDhan Mela at Talkatora Stadium, the PM appealed to people to carry out five digital transactions from 1 January, 2017.

He also launched an app called ‘Bhim’, named after the architect of Constitution of India Bhim Rao Ambedkar, to encourage digital transactions. Modi extolled the contribution of Ambedkar to India’s economic planning.

Ambedkar is a Dalit icon. Modi, the Bharatiya Janata Party and the larger Sangh Parivar has tried to reach out to the Dalits, which do not constitute its traditional support base, in the last couple of years. Majority of Dalits, who along with Muslims are two of the poorest communities in India, are not part of the formal economy. They also comprise a significant 20 per cent of the electorate in Uttar Pradesh and over 31 per cent in Punjab. Both of these states go to polls in February-March. Read More

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Failed expectations? Tax mop-up may decline in new amnesty scheme

Breaking News – The government might receive Rs 5,500 crore as tax by those declaring hitherto undisclosed in the amnesty scheme that closes next March.


The government received Rs 6,800 crore as tax in a scheme that ended in September, lower than the initially expected Rs 7,500 crore.

Those declaring unaccounted wealth till September were allowed to pay 25% of the tax amount in two installments by November 30 and March 31 and 50% in a third installment by September 30, 2017. Many evaders paid the entire tax due by using demonetisationRs 500 and Rs 1,000 notes, an official said. “Many people have overpaid the first instalment.

Some have even paid the full amount due, while others have paid 50% or 70%. They used this as an opportunity to discard their old notes,” the official added.

Those declaring undisclosed income in the previous scheme had to pay 45% of the declared amount as taxes, penalty and surcharge. Although the government earlier said it had verified disclosures of Rs 67,382 crore, declarations of over Rs 10,000 crore were cancelled. This was higher than the Rs 65,250 crore announced by the government a day after the scheme closed.(Read More)

Brexit, note ban, Trump and more: 10 events that moved the markets in 2016

After a roller-coaster year, Indian indices set to end 2016 with little gains


Breaking News – The year 2016, indeed, has been a year of many surprises. From Britain’s unexpected vote to exit the European Union to Republican candidate Donald Trump’s upset victory in the US Presidential election, from Raghuram Rajan’s decision of not seeking a second term as the Reserve Bank of India (RBI) governor to India’s sudden surgical strike on Pakistan – the Indian stock market dealt with all these shocks through Markets 2016. The biggest of them all, however, was the government’s call towards the end of the year to demonetise Rs 500 and Rs 1,000 currency notes.

After 12 months of a roller-coaster ride, the market now seems poised to end the calendar year at almost the same level as at the start of 2016. As at close on Tuesday, the BSE benchmark Sensex was merely 96 points, or 0.4%, higher at 26,213.44, and the broader National Stock Exchange Nifty was up 86 points, or 1%, at 8,032.85.

  1. January: The devaluation of the yuan

  2. February: Union Budget 2016-17

  3. June: The so-called Rexit

  4. Brexit

  5. July-September: Monsoon, GST Bill

  6. September: Surgical strike

  7. November: Donald trumps Hillary in US election

  8. November: Demonetisation of high-value currency

  9. December: Surge in oil prices

  10. Another rate hike by the US Fed

What lies ahead?

Going into the calendar year 2017, the market will track the demonetisation impact on quarterly earnings. The Budget 2017 and any development on GST will also be in focus. Baliga believes the Union Budget could be tilted to balance the ill-effects of demonetisation. On the global front, Trump’s policies in the US and the impact of Brexit on the European economy will be keenly watched.

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Apple aims to expand in Southeast Asia, partners with Foxconn


Breaking News – In an effort to expand its market to Southeast Asia, technology giant Apple has partnered with Taiwanese electronics major Foxconn, media reports said.

According to a report on DigiTimes on Monday that cited a Chinese-language Economic Daily News report, Apple is expected to begin constructing two new Research and Development centres in Asia in 2017 located in Indonesia and Shenzhen, China.

Foxconn has already been working with local Indonesian brand vendors Luna and Huawei for few years.

It is believed that Indonesia will witness a rise in demand for 4G smartphones in 2017 as the government will push policies to encourage citizens to upgrade from 2G to 4G services.(Read More)

Nose wheel snag, pilot error may have led to Jet flight veering off runway

The Boeing aircraft veered 250 metres off the runway and its nose gear collapsed


A snag in nose wheel steering or a pilot error may have led to the veering of Jet Airways Accident Mumbai-bound Boeing 737 flight at Goa airport on Tuesday morning.

The incident took place at 4.45 am when the aircraft carrying 154 passengers and seven crew was lining up for take off at the runway. Ten passengers were hurt during evacuation.

An investigation is underway to find the reasons behind the incident. Investigators will check the aircraft digital flight data recorder to know the cause.

Investigators will also check runway surface conditions and the work patterns of the pilots.

The Boeing aircraft veered 250 metres off the runway and its nose gear collapsed after getting bigger down in soft ground.

Human error may have led to the incident. Breaking News An incorrect application of take off go around thrust (TOGA) can lead to runway excursions. “If the switch is pressed at an inappropriate time, before stabilising of thrust and proper line up on the runway, the aircraft can achieve take off thrust and lose directional control,” a senior commander said.

The other probability could be a malfunction in aircraft auto throttle system which is designed to provide the required level of thrust to engines in various stages of flight.

” I believe that in light of the Boeing 737NG in the past having issues with nose wheel and main wheel there could also be a possibility of the nose wheel steering or the tiller being unresponsive to pilot input thereby preventing the aircraft from being aligned with the runway heading in time for take-off,” said aviation consultant Mark Martin.

“A significant factor that emerges with this incident in Goa is that morning winds at Dabolim Airfield tend to gust between 15Kts (28 km/per Hour) to 30 kts (68 km/per hour) during between 0500 and 0900 which as we know commonly know as the “Sea-Breeze-Land-Breeze” phenomena; and as a result, this may have also acted as an external force factor with deviating Boeing 737off its assigned runway heading and eventually off the runway,” Martin added.

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Rs 30 crore on day one: Dangal off to a promising start

The Aamir Khan-starrer clocked Rs 30 crore on its opening day in India


Disney India’s latest release Breaking News : Dangal has clocked Rs 29.8 crore on opening in India, thanks to the Christmas weekend. The film, directed by Nitesh Tiwari, is the story of wrestlers Geeta and Babita Phogat (played by Sanya Malhotra and Fatima Sana Shaikh) and their relationship with their father, also a wrestler, Mahavir Singh Phogat(played by Aamir Khan).

Dangal was released across 4,300 screens in India on Friday, followed by its overseas release in the US, Gulf and the UK on Wednesday. The opening trend in India is in line with the global one, as it collected close to a million dollars from the UK, the US and Gulf market on its opening day.

Occupancy rates on Friday were healthy and collections are expected to jump by 25 to 30% on Saturday, and sustain the growth on Sunday. By trade estimates, the film should cross Rs 100 crore in the first three days, in India only.

Western territories of Maharashtra and Gujarat contributed as expected to the collections. In addition, the Bihar and heartland belt saw traction, too, while the South Indian dubs contributed nearly Rs 60 lakh in collection. The film was released in Hindi with Tamil and Telugu dubs (nearly 250 screens).

Made at a budget of Rs 75 crore, the film needs to make Rs 150 crore to break-even and book profits. Given the opening trend, this should be achieved in the first week itself. Read Article Source >>>

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Strong law against benami property: Modi defends changes in note ban rules

Breaking News : Dismissing the criticism of frequent changes in rules after demonetisation, Prime Minister Narendra Modi on Sunday alleged that those who cannot endorse corruption and black money openly are relentlessly finding fault with his government. He vowed to take forward the fight against unaccounted money and corruption by implementing a strong law against benami properties.


“I assure you this is just the beginning in our fight against corruption. We have to win this war. There is no question of stopping… there is no question of retreat,” said Narendra Modi, under sharp attack from the Opposition over demonetisation, with Congress Vice-President Rahul Gandhi levelling allegations of “personal corruption” against him.

In his last monthly address this year in the Mann ki Baat programme, Modi defended the changes in the rules related to deposits and withdrawals, saying these have been done to reduce people’s problems and defeat the forces which are out to thwart his government’s fight against black money and corruption.

“Being a sensitive government, it amends rules as required, keeping the convenience of the people as its foremost consideration, so that citizens are not subjected to hardships,” said Modi. At the same time, it has to come out with “antidotes” against new tactics of the “murky enterprise of perfidy and corruption”.

“People, who cannot endorse corruption and black money openly, resort to searching for faults of the government relentlessly,” he said, lashing out at critics.

He said that some people who are spreading rumours that political parties enjoy all concessions and exemptions “are wrong” and asserted that “all are equal before law” and they have to abide by it. Read More