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Carrier <keyword id="6358200" type="General" weightage="100" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> is on shaky ground and its shares declined more than 15 per cent in three days, revealed stock exchange <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> on Wednesday. Many developments, pertaining to the airline, have occurred in a span of 1-2 weeks. According to reports, the aviation security agency BCAS on Wednesday withdrew the accreditation given to Jet Airways' aviation security training facilities while last Monday, the airline temporarily cut the salaries of some staff by up to 50 per cent and some were sent on leave without pay. In five days, the shares of the airline, which is currently at Rs 65.55 apiece, went down by almost 18 per cent while its shares declined 30.74 per cent in the past month. Its shares had been dropping by 45.01 per cent in the past six months. Adding one more hurdle to the headwinds, the aviation security agency Bureau of Civil Aviation Security (BCAS) has withdrawn the accreditation given to Jet Airways' aviation security training facilities amid continuing uncertainty over the recommencement of the airline's operations, "The competent authority has revoked the accreditation granted to both the Aviation Security Training Institutes (ASTIs) of <keyword id="15595241" type="General" weightage="50" keywordseo="jet-airways-at" source="Orion">Jet Airways at</keyword> <keyword id="11900977" type="General" weightage="50" keywordseo="gurugram" source="Orion">Gurugram</keyword> and Mumbai. The airline may apply afresh for approval of its ASTIs as and when it is ready for inspection...," BCAS said in a communication. According to reports, the Jalan Kalrock consortium has emerged as the winning bidder for the bankrupt airline through an insolvency resolution process. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bajaj-pulsar-p150-with-an-air-cooled-engine-launched-at-1-17-lakh/slidelist/95709491.cms">Bajaj Pulsar P150 with an air-cooled engine launched at ₹1.17 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vocal-for-local-online-commerce-unicorn-meesho-joins-ondc-to-aid-local-sellers/articleshow/95704818.cms">Vocal for local: Online commerce unicorn Meesho joins ONDC to aid local sellers</a>

Jet Airways' shares decline 15% in 3 days as headwinds gather

New Delhi, Dec 30 () Civil Aviation Minister Hardeep Singh Puri said on Monday that the central government was issuing too many airport entry permits (AEPs) and it was time to restrict certain parts such as the baggage area to a specific set of AEP-holders.
 "The fact is that we are issuing too many airport passes...I can understand that the airport access is wanted by tourist operators and so and so," said Puri, while launching the biometric-based AEP system on Monday. 
 "I also understand that if you suddenly curtail this you have a problem on your hands because those people say that tourism industry is already moribund and you are putting more restrictions," he added. 
 Currently, around 2 lakh employees of various stakeholders -- airlines, ground handling agencies, food chain operators, etc -- have AEP passes who move in &amp; out of the airport on a daily basis.
 Covering 43 airports of AAI and five joint venture airports at present, the biometric-enabled Centralised Access Control System (CACS) project will digitise the employee movement process.
 Till date, the Bureau of Civil Aviation Security (BCAS) - which works under the Civil Aviation Ministry - has been issuing laminated paper based AEP at the 48 airports.
 The minister said, "I am not saying that they (tourist operators, etc) should be stopped. But even amongst them, how many people do you want at the airport to be?"
 "I think we should, in a subsequent phase, start looking at some areas of the airport - especially where baggage handling is done and other things are done - it should not be open to anybody walking in," he added.
 Puri also launched the 'e-BCAS Project: Training Module' aimed at helping more than 1.5 lakh employees of various stakeholders by migrating from manual process of training to digital platform.
 All 29 Aviation Security Training Institutes (ASTIs) - most of them are run by Indian airline companies - have been registered as user entities and they can make nominations for various courses online under e-BCAS project. 
 Moreover, the project will also allow its users to check the approvals by BCAS, declaration of results and QR coded online certificate generation will also be done through this project only. DSP PLB SMN
SMN

We are issuing too many airport entry permits: Civil Aviation Minister

<keyword id="244668" type="COMPANY" weightage="20" keywordseo="GMR-Hyderabad-International-Airport-Ltd">GMR Hyderabad International Airport Ltd</keyword> (GHIAL) has bagged <keyword id="113134" type="COMPANY" weightage="20" keywordseo="Airports-Council-International">Airports Council International</keyword> (ACI) Airport Service Quality (ASQ) award for 2020. Hyderabad Airport has been adjudged as the '<keyword id="152747" type="PERSON" weightage="20" keywordseo="Best-Airport">Best Airport</keyword> by Size and <keyword id="6401650" type="UNKNOWN" weightage="20" keywordseo="region">Region</keyword>' in Asia-Pacific region for 2020, in its category of 15-25 Million Passengers Per Annum (MPPA). ASQ is the <keyword id="6354507" type="UNKNOWN" weightage="20" keywordseo="World">world</keyword>'s leading airport passenger service and benchmarking programme measuring passengers' satisfaction while they are travelling through an airport, GHIAL said in a statement on Monday. "This achievement is a testament to the untiring efforts of our stakeholders including DGCA, CISF, BCAS, AAI, Immigration, Customs, Airlines; our employees and all business partners/vendors, who have worked unnerved during the testing times of the Covid pandemic," said Pradeep Panicker, CEO - GHIAL. "In terms of passenger experience, Covid-19 has taught us many lessons. We adopted the best in-house technology to make flying more safe and provide a superior customer experience and the ACI ASQ Award is a testimony to our efforts. This award is a collaborative effort of engagement by all stakeholders who exhibited unflinching courage in the face of the pandemic," said SGK Kishore, ED-South and Chief Innovation Officer, GMR Airports. Luis Felipe de Oliveira, Director General, ACI World, noted in his message to GHIAL congratulated for winning the award. As India's first modern, Greenfield airport developed under the PPP model, Hyderabad Airport has consistently raised the bar in terms of service and operational excellence. The airport has consistently ranked in ACI-ASQ survey as among the global top 3 airports for 9 consecutive years (2009 to 2017) including world number one position for 4 times in 2009, 2010, 2016 and 2017 in 5 - 15 MPPA category; it ranked world number 4 in 2018 in 15 - 25 MPPA category. GHIAL has won the coveted ACI's ASQ Departures Awards by being adjudged as the 'Best Airport by Size and Region' and its first ever 'Best Airport in Environment &amp; Ambience by Size', both in Asia-Pacific region for 2019, in its category of 15-25 MPPA. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-february-auto-sales-from-maruti-suzuki-bajaj-auto-hero-motocorp-tvs-ashok-leyland-mahindra-and-others/articleshow/81270921.cms?upcache=2">Tata Motors reports highest passenger vehicle sales in 9 years — Maruti, Ashok Leyland, outperform street expectations</a> <a href="https://www.businessinsider.in/science/space/news/europe-space-agency-hiring-astronauts-it-is-looking-for-women-and-people-with-physical-disabilities/articleshow/81271858.cms">Europe’s space agency is recruiting astronauts after over a decade — and its looking for women and people with physical disabilities</a> <a href="https://www.businessinsider.in/india/news/indians-are-heading-back-to-parks-supermarkets-and-pharmacies-but-malls-and-theatres-are-not-on-the-priority-list/articleshow/81271614.cms">Indians are heading back to parks, supermarkets and pharmacies — but malls and theatres are not on the priority list</a>

Hyderabad airport bags award for best airport by 'size and region' for 2020

New Delhi, Mar 12 () A parliamentary panel on Thursday recommended introduction of facial recognition technology at sensitive airports this year and urged the civil aviation ministry to provide adequate funds for the project. Flagging concerns over shortage of pilots in the country, the panel also said the government should seriously think about setting up of new institutes for pilot training as well as revamping the existing ones. The suggestions have been made by the Department-Related Parliamentary Standing Committee on Transport, Tourism and Culture. "The committee desires that the facial recognition technology be introduced at the sensitive and super-sensitive airports by this year and airports catering to larger traffic be taken up subsequently," it said in a report. In its report tabled in Parliament on Thursday, the panel also urged the ministry to provide adequate funds at the disposal of the Bureau of Civil Aviation Security (BCAS), so that this project is not delayed further. Among other issues, the panel said it was a matter of "grave concern" that the country needs about 1,000 pilots a year but only around 200 to 300 pilots are trained, which leads to shortage of type-rated commanders in the country. "... the ministry should give serious thought to setting up of new institutes for pilot training and to revamp the existing ones and also augment the capacity intake of students in the existing institutes," the report said. RAM HRS

Introduce facial recognition tech at sensitive airport this year: Parl panel

New Delhi, Mar 4 () Moody's Investors Service on Wednesday downgraded the baseline credit assessment of Bank of Baroda to reflect weakening in asset quality and risk from deteriorating operating environment in India. Moody's affirmed Bank of Baroda's domestic and foreign bank long-term and short-term deposit ratings of Baa3, stable/P-3. Moody's has downgraded BoB's Baseline Credit Assessment (BCA) to 'ba3' to reflect the weakening in asset quality and further downside risk from the deteriorating operating environment in India. BCAs are essentially an opinion on the likelihood of an issuer requiring extraordinary support to avoid a default on its debt obligations. "Further deterioration in asset quality poses risks to BoB's profitability and capital," Moody's said, adding the asset quality in micro, small and medium enterprises and agriculture portfolio, which has deteriorated, will continue to weaken further. Another risk factor is BoB's exposure to non-bank financial institutions (NBFIs), which at 16 per cent of its loan book is the highest among Moody's-rated banks in India. "If the downside risks on asset quality materialize, resulting in higher credit costs and lower internal capital generation, the pace of improvement in profitability and capital will be negatively impacted," it added. Moody's further said it has affirmed the deposits and senior unsecured ratings of BoB with a stable outlook. Moody's expects that the bank will receive a very high level of systemic support,leading to a widening of systemic support uplift to three notches, from two previously. Bank of Baroda had total assets of Rs 11.4 lakh crore at December 31, 2019. JD MRMR

Moody's downgrades BoB's baseline credit assessment

A day after India's sovereign rating downgraded, Moody's Investors Service on Tuesday cut ratings of eight non-financial companies, including <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs">TCS</keyword>, ONGC, and three banks SBI, HDFC Bank and EXIM. It also downgraded seven Indian infrastructure issuers, including NTPC, NHAI, GAIL and Adani Green Energy Restricted Group, by one notch. Issuer ratings of IRFC and HUDCO have also been lowered. Moody's said the economic disruption caused by the coronavirus pandemic and the downgrade of the sovereign rating are the key drivers for Tuesday's rating actions. On Monday, Moody's had downgraded India's sovereign rating for the first time in 22 years by a notch to 'Baa3', which is the lowest investment grade -- just a notch above junk status. Accordingly, the long-term issuer ratings of eight non-financial companies -- Oil and Natural Gas Corporation, Hindustan Petroleum Corporation Ltd, Oil India Ltd, <keyword id="6356834" type="COMPANY" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword> Ltd, Bharat Petroleum Corporation Ltd, Petronet LNG, Tata Consultancy Services (TCS) and Infosys -- have been downgraded. The outlooks on all these ratings are negative. However, Moody's affirmed the issuer rating of Reliance Industries but revised the outlook to negative from stable. With regard to ratings of banks, Moody's has downgraded the long-term local and foreign currency deposit ratings of HDFC Bank and SBI to Baa3 from Baa2, and the long-term issuer rating of EXIM India to Baa3 from Baa2, with negative outlook. The deposit ratings of these banks are at the same level as India's Baa3 sovereign rating. Consequently, Moody's has downgraded HDFC Bank's baseline credit assessment (BCA) to baa3 from baa2. Moody's has placed the Baa3 long-term local and foreign currency deposit ratings of <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword>, Bank of India, <keyword id="6357132" type="COMPANY" weightage="20" keywordseo="Canara-Bank">Canara Bank</keyword> and <keyword id="63524" type="DOMAIN" weightage="20" keywordseo="Union-Bank-of-India">Union Bank of India</keyword> and their BCAs under review for downgrade. Moody's has downgraded IndusInd's long-term local and foreign currency deposit ratings, with a negative outlook. JD HRS

Moody's downgrades ratings of 8 firms including Infosys, TCS and ONGC

You may no longer have to put tags on your cabin bags and get them stamped at the security check point as the government is planning to do away with the process, in-line with the international practice followed at airports abroad. 
 In this regard, the Civil Aviation Ministry has asked the <keyword id="6385923" type="ORGANIZATION" weightage="20" keywordseo="Bureau-of-Civil-Aviation-Security">Bureau of Civil Aviation Security</keyword> (BCAS) to form a panel to review cabin baggage tags and submit a report in four weeks. 
 
"The good thing about the aviation secretary is that he works with timelines. He has given BCAS four weeks to decide on the abolition of cabin baggage tags across India," a senior executive of an airline told ET, adding “This issue is being discussed for long and despite a consensus on its abolition, we have not been able to abolish it." 
 
Presently, all passengers carrying cabin baggage have to tie a tag to it and get it stamped at security check before boarding a flight. 
 
But, few experts suggest there is no way a bag can enter the secure zone without being checked. 
 "Aviation security is 99% preventive that happens on the ground and 1% intervention, which happens in the air. This rule was brought in to ensure that only secured cleared items enter the airside and this surely lets one feel secure. I would not be in favour of its abolition. But if it goes, it should be replaced with a system that looks at the principle of prevention on the ground," Shakti Lumba, former head of operations at IndiGo and <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>, told ET. 
 Meanwhile, the aviation ministry has asked the <keyword id="95924" type="ORGANIZATION" weightage="20" keywordseo="Air-Traffic-Control">Air Traffic Control</keyword> to improve air traffic management at airports, especially at Delhi and Mumbai.

Cabin baggage tags will soon become a thing of the past

<a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Ministry&amp;sortorder=effectivedate">Finance Ministry</a> has finally decided to consider <a href="http://www.businessinsider.in/searchresult.cms?query=India+Inc&amp;sortorder=effectivedate">India Inc</a>’s pleas to abolish the Income Computation and Disclosure Standards (ICDS). <a href="http://www.businessinsider.in/searchresult.cms?query=IDCS+&amp;sortorder=effectivedate">IDCS </a>came into effect from the financial year commencing April 1, 2016 (FY2016-17). 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2017&amp;sortorder=effectivedate">Budget 2017</a> is also likely to light up the road for transition towards a new accounting year - January to December - instead of the currently prevailing 12-month period starting on April 1 of one year and ending on March 31 of the next calendar year. 
 
According to a report by the Justice Easwar-led committee on I-T simplification, ICDS has drawbacks. In the report, it told about multiple accounting methods - one for the books of accounts (under the Companies Act) and the other for tax purposes (ICDS) create confusion, interpretation issues, and additional compliance burden, which may outweigh any gains to be obtained. It had called for a further study of implications. 
 
“ICDS is not in line with fundamental principles of accounting and taxation, viz: prudence, materiality and accounting of foreseeable losses. In several situations, this results in advancing the recognition of income or deferring recognition of expenses or losses - both of which have a potential tax impact (see table)," Ameet Patel, chairperson of the taxation committee at <a href="http://www.businessinsider.in/searchresult.cms?query=Bombay+Chartered+Accountants%27+Society&amp;sortorder=effectivedate">Bombay Chartered Accountants' Society</a> (BCAS), told ET. 
 
BCAS is one of the many associations that has represented to the government for scrapping of ICDS. 
 
For the purpose of computing advance taxes and also for filing of I-T returns, taxpayers have to adopt ICDS. The due dates of the returns for the <a href="http://www.businessinsider.in/searchresult.cms?query=FY2016-17&amp;sortorder=effectivedate">FY2016-17</a> - the first year of application of ICDS - fall in the second half of 2017 onward. These standards apply to all taxpayers who follow the mercantile system of accounting for computing income under the heads 'Profits and gains from business and profession' or 'Income from other sources'. 
 It is mandatory for <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword> to follow the mercantile system. Also, individuals and Hindu Undivided Families are exempt from application of ICDS if they do not fall in the category of those who have to get their accounts audited for tax purposes. 
 
Taxpayers are already facing challenges relating to adoption of ICDS and its abolition will be welcomed. 
 
"Indian Accounting Standards (IndAS), introduced by the ministry of corporate affairs, are already in place for larger listed companies. From April 1, 2017, their ambit will be wider. IndAS is closely aligned to international accounting standards and already serves the objective of real-time disclosure and accounting of income. Thus, there is no plausible reason for introduction of ICDS and adding to the administrative burden of India Inc," Sudhir Kapadia, tax leader at EY India, told ET. 
 A committee led by former chief economic adviser Shankar Acharya recently submitted its report to the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword>, advocating adoption of the calendar year as the accounting year. 
 
"With introduction of <a href="http://www.businessinsider.in/searchresult.cms?query=goods+and+service+tax&amp;sortorder=effectivedate">goods and service tax</a> (GST) later on in the year, it is possible that the new accounting year will come into being from January 2019 and not January 2,” it said.

Arun Jaitley may drop tough tax accounting rules in Budget 2017

<ul><li>The Indian government is currently looking into counter UAV measure to take down 'rogue' drones. </li><li>Even though there are guidelines in place, the government doesn't have a mechanism in place to tell good drones from 'rogue' drones. </li><li>Nearly 50,000 drones in the Indian airspace are flying without meeting the Civil Aviation Requirements (CAR). </li></ul>It's not rare to find illegal drones <a href="http://www.micetalk.com/editions/2017/MTJul17.pdf">filming Indian weddings</a> or social events across the country. But the big, fat, Indian wedding may have to wait with the government mulling over options to counter unlicensed drones in India's airspace. "We don't know which drone is rogue and which is good. We should have technology to counter it. Whether you go in for commercial or security purposes, the technology has to be such which can prevent the <keyword id="6039791" type="UNKNOWN" weightage="20" keywordseo="rogue-drones">rogue drones</keyword> in our country," Rakesh Asthaana, Director General, Bureau of Civil Aviation Security (BCAS) said. "We have taken the live trials; second pilot has just been completed and we are in the process of finalising our reports which we will be submitting to the ministry soon," Asthaana shared. Before the <a href="https://www.businessinsider.in/flying-drones-is-finally-legal-in-india/articleshow/65573434.cms">drone guidelines</a> were implemented in India, there were around 50,000 drones operating in its air space, according to a report by FICCI and E&amp;Y. Even though these drones were flying around, almost none of them meet the Civil Aviation Requirements (CAR) and aren't compliant with the no-permission no-take off (NPNT) mandate. So there's no way to stop them even if they're spotted flying against the law. Social 'rogue' drones It's not just weddings that are in question. The risk is greater when the event in question is on a bigger scale — like the Kumbh Mela were <a href="https://timesofindia.indiatimes.com/city/allahabad/1-4-crore-people-take-dip-as-kumbh-mela-begins/articleshow/67543932.cms">140 million</a> people were taking a dip in the Ganga this year. At the same time, there was a <a href="https://www.indiatvnews.com/news/india-kumbh-mela-2019-isis-issues-threats-of-chemical-attack-ndrf-conducts-mock-drill-499659">terrorist threat</a> at large. A disruption from a 'rogue' drone at this time can potentially result in severe damage, according to the report. It also highlights that India more vulnerable to collateral damage because of its high population density of 411 persons per square kilometer. Drones, which can be controlled wirelessly, can be controlled from anywhere within a 13 square kilometer area — larger than an Indian city suburb. So, that makes tracking the person controlling the drone difficult to track down. Irresponsible 'rogue' drones The threat of drones isn't only to people on the ground but also to other vehicles that share the same air space. The International Air Transport Association (IATA) estimates that India's aviation industry will continue to grow at a rapid pace. As of March 2019, India had 103 operation airports with India planning to hit 190 to 200 airports by 2040. The increasing amount of aircraft means there more air traffic for drones to be wary of. Irresponsible or mistaken 'rogue' drones can increase the risk faced by flights. CAR can't stop 'rogue' drones The first official notice to ban the use of unmanned aerial vehicles (UAVs) in the Indian air force was issued back in 2014 by the Directorate General of Civil Aviation (DGCA). But, despite the notice it was difficult to actually enforce the ban. India's geographical vastness limits the ability of the government to monitor flights of these 50,000 'rogue' drones that aren't registered with the authorities. And, that's where counter unmanned aerial system (cUAS) technology comes in. Traditional methods like anti-aircraft radars don't generally pick up on drones because they have been designed to detect large metallic object that move fast. Drones, on the other hand, move slower and fly lower. The first step is normally to mandate no-fly zones, which is something the Indian government has already implemented with the green, amber and red zones. The NPNT process ensures that drones are automatically directed back to their home location before they actually enter a fly zone. But, a complete cUAS system has to be capable of detecting, tracking as well as intercepting drones. "If we can manufacture world class drones within the country, we can obviously manufacture world class <keyword id="7937097" type="UNKNOWN" weightage="20" keywordseo="counter-drone-measures">counter drone measures</keyword>. Otherwise what will happen is dependence on global market will continue for the anti-drone measures as it is for drones currently," shared Sanjay Jaju, Joint Secretary in the Department of Defence Production at the Ministry of Defence.

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Jet Airways' shares decline 15% in 3 days as headwinds gather

ANI

We are issuing too many airport entry permits: Civil Aviation Minister

PTI

Hyderabad airport bags award for best airport by 'size and region' for 2020

IANS

Introduce facial recognition tech at sensitive airport this year: Parl panel

PTI

Moody's downgrades BoB's baseline credit assessment

PTI

Moody's downgrades ratings of 8 firms including Infosys, TCS and ONGC

PTI

Cabin baggage tags will soon become a thing of the past

BI India Bureau

Arun Jaitley may drop tough tax accounting rules in Budget 2017

BI India Bureau

Drones at big, fat, Indian weddings might not be able to fly under the radar anymore

Prabhjote Gill

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