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The Prime Minister <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> on his address to the nation applauded people’s patience to deal with cash crunch and look forward to a better future. He said that 125 crore people of the country has given him the assurance that they want a country free from corruption. 
 
While he has assured that those arrested in links with corruption during this phase will be strictly dealt with, he thanked technology and bank employees for smoothening cash crunch. 
 However, his main agenda wasn’t to address on the topic of <keyword id="6362150" type="UNKNOWN" weightage="20" keywordseo="demonetization">demonetization</keyword>. Rather he came out with a lot of goodies for the people, keeping in mind the budget session ahead. 
 
Here are the key highlights of the speech.

PM Modi's Happy New Year gift to the country: Here's everything he announced

<keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> made a bold move and declared Rs 500 and Rs 1000 currency notes as void starting midnight. 
 In his address to the entire nation, Modi said the decision was taken to clamp down on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. 
 
He urged Indians to bear with temporary hardships in the implementation of the new rule. 
 
"We are No 1 in rate of economic growth. Despite some progress, India still ranks at No 76 in world rankings for perception of corruption,” said Modi. 
 
Modi said persons holding old notes of Rs 500 and Rs 1000 can deposit these notes in their bank or post office accounts from November 10 till close of banking hours on December 30, 2016 without any limit. 
 
He also made other important points during his address to the nation. 
 
Here’s the full text of his speech 
 
 
My dear citizens 
 
I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us with an onerous responsibility. In the context of BRICS, it was being said that the “I” in BRICS was shaky. Since then, we had two years of severe drought. Yet, in the last two and a half years with the support of 125 crore Indians, India has become the “bright spot” in the global economy. It is not just we who are saying this; it is being stated by the International Monetary Fund and the World Bank. 
 
In this effort for development, our motto has been ‘Sab Ka Saath Sab Ka Vikas’: We are with all citizens and for development of all citizens. This Government is dedicated to the poor. It will remain dedicated to them. In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress. 
 
The Pradhan Mantri Jan Dhan Yojana, 
 
the Jan Suraksha Yojana, 
 
the Pradhan Mantri Mudra Yojana for small enterprises, 
 
the Stand-up India programme for Dalits, Adivasis and Women, 
 
the Pradhan Mantri Ujjwala Scheme for gas connections in the homes of the poor, 
 
the Pradhan Mantri Fasal Beema Yojana and Pradhan Mantri Krishi Sinchai Yojana to protect the income of farmers, 
 
the Soil Health Card Scheme to ensure the best possible yield from farmers’ fields, 
 
and the e-NAM National Market Place scheme to ensure farmers get the right price for their produce 
 
—these are all reflections of this approach. 
 
In the past decades, the spectre of corruption and black money has grown. It has weakened the effort to remove poverty. On the one hand, we are now No. 1 in the rate of economic growth. But on the other hand, we were ranked close to one hundred in the global corruption perceptions ranking two years back. In spite of many steps taken, we have only been able to reach a ranking of seventy-six now. Of course, there is improvement. This shows the extent to which corruption and black money have spread their tentacles. 
 
The evil of corruption has been spread by certain sections of society for their selfish interest. They have ignored the poor and cornered benefits. Some people have misused their office for personal gain. On the other hand, honest people have fought against this evil. Crores of common men and women have lived lives of integrity. We hear about poor auto-rickshaw drivers returning gold ornaments left in the vehicles to their rightful owners. We hear about taxi drivers who take pains to locate the owners of cell phones left behind. We hear of vegetable vendors who return excess money given by customers. 
 
There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development. 
 
Terrorism is a frightening threat. So many have lost their lives because of it. But have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years. Many times, those using fake five hundred and thousand rupee notes have been caught and many such notes have been seized. 
 
Brothers and sisters, 
 
On the one hand is the problem of terrorism; on the other is the challenge posed by corruption and black money. We began our battle against corruption by setting up an SIT headed by a retired Supreme Court judge, immediately upon taking office. Since then 
 
• a law was passed in 2015 for disclosure of foreign black money; 
 
• agreements with many countries, including the USA, have been made to add provisions for sharing banking information; 
 
• a strict law has come into force from August 2016 to curb benami transactions, which are used to deploy black money earned through corruption; 
 
• a scheme was introduced for declaring black money after paying a stiff penalty; 
 
My dear countrymen, 
 
Through all these efforts, in the last two and a half years, we have brought into the open nearly 1 lakh 25 thousand crore rupees of black money belonging to the corrupt. Honest citizens want this fight against corruption, black money, benami property, terrorism and counterfeiting to continue. Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the beds of government officers? Or by reports of cash found in gunny bags? 
 
The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways. The poor have to bear the brunt of this. It has a direct effect on the purchasing power of the poor and the middle class. You may yourself have experienced when buying land or a house, that apart from the amount paid by cheque, a large amount is demanded in cash. This creates problems for an honest person in buying property. The misuse of cash has led to artificial increase in the cost of goods and services like houses, land, higher education, health care and so on. 
 
High circulation of cash also strengthens the hawala trade which is directly connected to black money and illegal trade in weapons. Debate on the role of black money in elections has been going on for years. 
 
Brothers and sisters, 
 
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected. 
 
This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency. To minimise the difficulties of citizens in the coming days, several steps are being taken. 
 
1. Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. 
 
2. Thus you will have 50 days to deposit your notes and there is no need for panic. 
 
3. Your money will remain yours. You need have no worry on this point. 
 
4. After depositing your money in your account, you can draw it when you need it. 
 
5. Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days. 
 
6. Apart from depositing your notes in your bank account, another facility will also be there. 
 
7. For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes. 
 
8. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased. 
 
9. There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016. 
 
10. They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form. 
 
11. On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of two thousand rupees per day per card. 
 
12. This will be raised to four thousand rupees later. 
 
13. Five hundred and thousand rupee notes will not be legal tender from midnight. However for humanitarian reasons, to reduce hardship to citizens, some special arrangements have been made for the first 72 hours, that is till midnight on 11th November. 
 
14. During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment. 
 
15. This is for the benefit of those families whose members may be unwell. 
 
16. Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription. 
 
17. For 72 hours, till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time. 
 
18. For 72 hours, five hundred and thousand rupee notes will be accepted also at 
 
• Petrol, diesel and CNG gas stations authorised by public sector oil companies 
 
• Consumer co-operative stores authorised by State or Central Government 
 
• Milk booths authorised by State governments 
 
• Crematoria and burial grounds. 
 
These outlets will have to keep proper records of stock and collections. 
 
19. Arrangements will be made at international airports for arriving and departing passengers who have five hundred or thousand rupee notes of not more than five thousand rupees, to exchange them for new notes or other legal tender. 
 
20. Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender. 
 
21. One more thing I would like to mention, I want to stress that in this entire exercise, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 
 
Brothers and sisters, 
 
In spite of all these efforts there may be temporary hardships to be faced by honest citizens. Experience tells us that ordinary citizens are always ready to make sacrifices and face difficulties for the benefit of the nation. I see that spirit when a poor widow gives up her LPG subsidy, when a retired school teacher contributes his pension to the Swacch Bharat mission, when a poor Adivasi mother sells her goats to build a toilet, when a soldier contributes 57 thousand rupees to make his village clean. I have seen that the ordinary citizen has the determination to do anything, if it will lead to the country’s progress. 
 
So, in this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our people not put up with difficulties for some days? I have full confidence that every citizen will stand up and participate in this ‘mahayagna’. My dear countrymen, after the festivity of Diwali, now join the nation and extend your hand in this Imandaari ka Utsav, this Pramanikta ka Parv, this celebration of integrity, this festival of credibility. 
 
I am sure that all political parties, all governments, social services organizations, the media and indeed all sections of the society will take part in this with enthusiasm and make it a success. 
 
My dear countrymen, 
 
Secrecy was essential for this action. It is only now, as I speak to you, that various agencies like banks, post offices, railways, hospitals and others are being informed. The Reserve Bank, banks and post offices have to make many arrangements at very short notice. Obviously, time will be needed. Therefore all banks will be closed to the public on 9th November. This may cause some hardship to you. I have full faith that banks and post offices will successfully carry out this great task of national importance. However, I appeal to all of you to help the banks and post offices to meet this challenge with poise and determination. 
 
My dear citizens, 
 
From time to time, based on currency needs, the Reserve Bank with the approval of the Central Government brings out new notes of higher value. In 2014, the Reserve Bank sent a recommendation for issue of five thousand and ten thousand rupee notes. After careful consideration, this was not accepted. Now as part of this exercise, RBI’s recommendation to issue two thousand rupee notes has been accepted. New notes of five hundred rupees and two thousand rupees, with completely new design will be introduced. Based on past experience, the Reserve Bank will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation. 
 
In a country’s history, there come moments when every person feels he too should be part of that moment, that he too should make his contribution to the country’s progress. Such moments come but rarely. Now, we again have an opportunity where every citizen can join this mahayajna against the ills of corruption, black money and fake notes. The more help you give in this campaign, the more successful it will be. 
 
It has been a matter of concern for all of us that corruption and black money tend to be accepted as part of life. This type of thinking has afflicted our politics, our administration and our society like an infestation of termites. None of our public institutions is free from these termites. 
 
Time and again, I have seen that when the average citizen has to choose between accepting dishonesty and bearing inconvenience, they always choose to put up with inconvenience. They will not support dishonesty. 
 
Once again, let me invite you to make your contribution to this grand sacrifice for cleansing our country, just as you cleaned up your surroundings during Diwali. 
 
Let us ignore the temporary hardship 
 
Let us join this festival of integrity and credibility 
 
Let us enable coming generations to live their lives with dignity 
 
Let us fight corruption and black money 
 
Let us ensure that the nation’s wealth benefits the poor 
 
Let us enable law-abiding citizens to get their due share. 
 
I am confident in the 125 crore people of India and I am sure country will get success. 
 
Thank you very much. Thanks a lot. 
 
Namaskar. 
 
Bharat Mata Ki Jai.

PM Modi ends Rs 500, Rs 1000 currency notes. Read his full address here

<ul><li>Prime Minister Narendra Modi made a promise of a massive stimulus package to revive Indian economy from the damage caused by the COVID-19 coronavirus.</li><li>The stimulus has been designed keeping in mind all factors – land, labour, liquidity and laws, Modi said in his address– with the promise to make India 'self reliant'.</li><li>These are the top highlights from the details of the stimulus package unveiled by <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword>. </li></ul>Indian Finance Minister Nirmala Sitharaman unveiled the details of the massive stimulus package, promised by Prime Minister Narendra Modi, to revive Indian economy from the damage caused by the COVID-19 coronavirus. There were 15 measures, out of which six will be fore micro, small, and medium enterprises, 2 relate to the employee provident funds, 2 relate to financial sector, one each for real estate and power distribution companies, aside from three tax-related measures. The top highlights from the details of the stimulus package unveiled by Finance Minister Nirmala Sitharaman: Stimulus measures for micro, small, and medium enterprises (MSME): <ul><li>₹3 lakh crore collateral-free automatic loans for businesses, including MSMEs. - 4-year tenure, 12-month moratorium available till October 31, 2020. This will be fully credit guarantee cover for lenders (both banks and non-banking finance companies) on both principal and interest. This is an emergency credit line for small businesses </li><li>Subordinate debt ₹20,000 crore for stressed MSMEs. They have a problem of equity. 2 lakh MSMEs that are either NPA or stressed will be eligible for it. A credit guarantee trust will give partial cover and the government will allocate ₹</li><li>A ₹10,000 crore fund of funds for MSMEs that want to grow and, may be, even get listed eventually. </li><li>The definition of MSMEs is getting changed to allow for benefits to continue even if they grow beyond a certain size. The investment limit (to qualify as an MSME) has been raised, the criteria to be called MSME will now include turnover, and the differentiation between the manufacturing and services MSME. </li><li>For global tenders of government procurement of less than ₹200 crore will be limited to local MSMEs; they won't be global tenders at all. "Small units can now participate in the government purchases," the Finance Minister said. </li><li>E-market linkage to be provided across the board as trade fairs etc. will get rarer in the post-COVID world. All the pending dues from the government or government-owned companies will be cleared in the next 45 days. </li></ul> Steps taken for employee provident fund (EPF): <ul><li>EPF contribution will be paid by the government, which will provide liquidity support of ₹2,500 crore and 7.2 million employees will benefit from it.</li><li>The statutory PF contribution is being reduced to 10% from 12% so that employers will have some more money in their hands. However, for PSUs we will continue to pay the 12% for the next three months. </li></ul>Steps taken for financial sector: <ul><li>The government will buy investment-grade (not high-quality) debt of non-banking finance companies to the tune of ₹30,000 crore. It will be a special liquidity scheme, fully guaranteed by the government, that will keep them afloat and it will benefit housing sector.</li><li>The government will expand the scope of an existing partial credit guarantee scheme with an outlay of ₹45,000 crore. The government will bear the the first 20% loss on unpaid debt (AA-rated or below).</li></ul>Steps for the power distributors: <ul><li>A ₹90,000 crore cash injection: Power Finance Corp and Rural Electrification Corp will give loans to power distribution companies (on guarantee from state governments), against the receivables on the books on the distributions companies.</li></ul> Steps for infrastructure contractors: <ul><li>A maximum extension of six months for committed milestones for projects underway. Government agencies will partially release guarantee.</li></ul>Steps for real estate: <ul><li>Using the force majeure clause, the registration and completion date can extended by six months for those projects that were due after March 25, 2020. Urban development ministry will issue advisory to states/ Union Territories.</li></ul>Steps for taxation: <ul><li>Tax deducted at source for non-salaried payments like commission, brokerage, etc. can be reduced by 25%. This will release ₹50,000 crore into the economy. </li><li>All pending refunds for charitable trusts, non-corporate businesses, professionals, cooperatives, propreitors, partnerships, LLP, etc. will be released immediately. </li><li>Due date for tax returns deferred to Nov 30, 2020. Tax audits deadline deferred to October 31, 2020 from September 30. </li><li>Tax assessments getting barred on Sep 30, 2020 will be extended to Dec 31, 2020. Those getting barred on March 31, 2021, will be extended to September 30, 2020.</li></ul> Sensex zoomed over 1400 points on May 13 as investors had been waiting for this booster shot from the government. <div type="image" title="sensex last one month may 13." msid="75715436" hostid="261" caption="&amp;lt;p&amp;gt;Sensex has gained nearly 4% in the last one month as investors hoped for a stimulus from the Modi government to revive the economy.&amp;lt;/p&amp;gt;"></div> However, while Modi promised to spend about 10% of India's nearly $2.8 trillion gross domestic product (GDP), nearly half of that has <a href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms" data-type="tilCustomLink" target="_blank">already been spent by the Reserve Bank of India and the Finance Ministry</a> since the coronavirus crisis exploded in mid-March 2020. <table style="width: 482pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:173pt">Stimulus</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 76pt;">Amount</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 233pt;">Big announcements</td> </tr> <tr> <td class="xl66" style="height: 30pt; border-top-width: initial; border-top-style: none;">Modi's anouncement on May 12</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹20 lakh crore</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">The focus will be on all factors "land, labour, liquidity and laws"</td> </tr> <tr> <td class="xl67" style="height: 45pt; border-top-width: initial; border-top-style: none; width: 173pt;">Already announced: Finance Ministry on March 26</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.7 lakh crore </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Support for the poor: Cooking gas, free foodgrains, medical insurance for frontline workers etc.</td> </tr> <tr> <td class="xl67" style="height: 45pt; border-top-width: initial; border-top-style: none; width: 173pt;">Already announced: RBI on March 27</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5.7 lakh crore </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Liquidity: Cut in both repo rate, reverse repo rate, cash reserve ratio, moratorium on loan repayments etc.</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 173pt;">Already announced: RBI on April 20</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1.5 lakh crore</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Long-term repo operations and cheaper loan refinancing facilities </td> </tr> <tr> <td class="xl65" style="height: 30pt; border-top-width: initial; border-top-style: none;">Remaining</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹11.1 lakh crore</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Liquidity done - land, labour and other legal reforms are likely</td> </tr></tbody></table> These are the stimulus measures announced by the Modi government so far (before May 13). <table style="width: 558pt;"> </colgroup> <tbody><tr> <td class="xl66" style="height:45.0pt;width:213pt">Stimulus measure</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 120pt;">Amount announced</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 95pt;">Additional government expense</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 130pt;">Reason for NIL impact on government</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cash transfer to women</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Additional pension payments</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹9,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹9,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cash transfer to rural labourers</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 30pt; border-top-width: initial; border-top-style: none;">Income support for small farmers</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹17,400 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> -</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 130pt;">It's an existing scheme that has been expedited</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Additional food subsidy</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Free cooking gas</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Contribution to pension fund</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹5,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹5,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Life insurance for health workers etc.</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹1,500 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹1,500 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 30pt; border-top-width: initial; border-top-style: none;">Building worker fund</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹31,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> -</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 130pt;">Existing fund is getting reused</td> </tr> <tr> <td class="xl63" style="height: 30pt; border-top-width: initial; border-top-style: none;">District mineral fund</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹25,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 130pt;">Existing fund is getting reused</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Total</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.69 lakh crore</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹95,500 crore</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr></tbody></table> The stimulus has been designed keeping in mind all factors – land, labour, liquidity and laws– with the promise to make India 'self reliant', Modi had said. He also promised support for the poor and migrant workers but the measures to help the poor and to boost money supply, have already been taken, leaving the possibility of land and labour reforms on the table. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zerodha-crashes-as-modi-stimulus-sparks-a-rush-for-nifty-stocks/articleshow/75713084.cms" data-type="tilCustomLink" target="_blank">Zerodha crashes briefly as Modi’s stimulus package sparks the crazy rush for stocks ⁠— CEO describes it as ‘the most active trading day’</a> <a href="https://www.businessinsider.in/india/news/india-will-see-multiple-waves-of-covid-19-infections-every-few-months-but-thats-not-a-reason-to-panic/articleshow/75707889.cms" data-type="tilCustomLink" target="_blank">India will see multiple waves of COVID-19 infections every few months — but that's not a reason to panic</a> <a href="https://www.businessinsider.in/india/news/modis-self-reliance-and-local-thrust-looks-like-a-jab-at-china-sounds-like-rss-swadeshi/articleshow/75701230.cms" data-type="tilCustomLink" target="_blank">Modi's 'self-reliance' and 'local thrust' looks like a jab at China, sounds like RSS' 'swadeshi' ⁠— and it will be music to Baba Ramdev's ears</a>

Finance Minister Nirmala Sitharaman reveals the details of Modi's ₹20 lakh crore stimulus package

<ul></ul><ul><li>The Lockdown address by PM Modi was the biggest news event ever as it garnered 197 million viewership on television, higher than IPL finals which was 133 million.</li><li><keyword id="65298" type="ORGANIZATION" weightage="20" keywordseo="BARC">BARC</keyword> India and Nielsen’s latest report revealed that <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword> Disruption caused an increase in television viewership, smartphone and Video-on-Demand consumption.</li><li>Total TV consumption went up by 8% all over India in COVID-19 Week 1. The growth in TV largely came from Non Prime Time viewership. </li></ul>In the first week of COVID-19 disruption, a report by BARC India and Nielsen on TV and Smartphone consumption revealed that advertising Free Commercial Times (FCT) increased by 13%. Social advertisements, banking and financial investments, and Food and beverages were the highest contributors. The report was presented by Sunil Lulla, CEO, BARC India and Dolly Jha, Country Leader, Nielsen Global Media, South Asia on a video conferencing platform called Zoom. On March 24, 2020, with the Prime Minister announcing a total lockdown in the country, people are slowly coming to terms with the new normal. It started with many states enforcing the lock-down, partially and fully, and many places of work enforcing work from home (WFH). Faced with the predicament of not being able to move out of their homes, people are creating new ways of spending time productively. The report further revealed how PM Modi’s address on ‘Complete Lockdown’ was the biggest news event ever as it garnered 197 million viewership on television, higher than IPL finals which was 133 million. Total TV consumption went up by 8% all over India in COVID-19 week 1. The growth in TV largely came from Non Prime Time viewership. News was followed by Kids Genre and Movies. With a lot of uncertainty around what is happening, people have also increased their time spent on Chatting (+23%) and Social Networking (+25%) apps. Almost all social networking apps - Facebook, Instagram and TikTok have seen significant increases not only in time spent /user/week but also in the sessions/ user/ week. There was a 30% increase in time spent by mini-metros on their smartphones watching news. BARC is the official currency on Television Measurement in India and Nielsen runs a 12000 strong smartphone panel capturing smartphone behaviour. BARC and Nielsen have jointly put together this report to understand the changes in consumption behaviours of TV and Smartphones, respectively, given the extraordinary situation surrounding the COVID pandemic and its fallout. Sharing her views on the current surge in smartphone usage, Dolly Jha, Country Leader Nielsen Global Media, South Asia said, “We are living through unprecedented times! Physical Social Distancing seems to have led to a phenomenal growth in Virtual Social Togetherness with an almost 20% increase in time spent per user on Chats, Social Media and News in the last one week. And we anticipate this to grow further.” Elaborating on the topic Sunil Lulla, Chief Executive Officer, BARC India said, “These are unfortunate and unprecedented times. Working closely with Nielsen, we bring for our customers and stake-holders, this very significant and important update, on change in content and advertising consumption behaviour, with a significant population at home. We will report soon enough, the impact of total lockdown. Our respective brave teams are working (WFH) round the clock to ensure the TV measurement currency, continues uninterrupted.” Some of the Key Highlights of what they have seen are as follows: Considerations: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#ffff00;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffff00;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BARC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffff00;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nielsen Smartphone Panel </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coverage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">All India (Urban + Rural) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">All India (Urban 1 Lakh plus) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ALL NCCS 2+ years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCCS ABC 15-44 years Android Smartphone Users </td></tr><tr></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time Period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PRE COVID - 11th Jan 2020- 31st Jan 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PRE COVID - 13th Jan 2020 - 2nd Feb 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">COVID DISRUPTION - 14th March 2020 to 20th March 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">COVID DISRUPTION - 16th March 2020 to 22nd March 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Week definition </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Saturday to Friday </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Monday to Sunday </td></tr></tbody></table> <ol><li>Expectedly the COVID Disruption period has seen an increase in television viewership - 6% increase in TV Reach and 8% increase in TV viewing minutes /week. The time spent on TV / viewer has seen a jump by 2%.</li></ol>The PMs address to the Nation on complete lockdown garnered unprecedented viewership of 197Mn watching it across the country. <ol><li>When we look at smartphone behaviour the time spent on smartphones per user has gone up by 6.2%. The time spent/user/week on VOD apps has also seen an increase of 3%. If we look at the increase in the time spent/user/week over that of the previous week (to take away the impact of Cricket viewing in the PRE COVID period considered), we can see a jump of 5%.</li><li>Kids’ schools being shut down and the stress of exams off their shoulders; this increase in Television viewing is driven by Kids (+20%). With corporate India getting into Work from Home mode, we are seeing NCCS A showing an 11% increase in viewership. Even on smartphone usage, the increase in driven NCCS A (+7.7%) and 35-44 year olds (+10.7%).</li><li> People staying at home means watching TV throughout the day and hence the growth in TV viewing is coming during Non-Prime Time slots (8am – 5 pm).</li><li>The need for continuous updates expectedly has led to a huge increase in news consumption on Television (57% increase in Impressions), while spending more time as a family together could be leading to the Movies genre and the Kids genre also showing significant increases. </li><li>This behaviour is seen in digital consumption as well with News and Gaming showing huge increases. News apps saw 8% more users per week with an increase of 17% in time spent/user/week. This growth was led by non-English News apps (+87%). Gaming apps saw an increase of 2% in users/week and with a 11% increase in time spent/user/week.</li><li>With a lot of uncertainty around what is happening, people have increased their time spent on Chatting (+23%) and Social Networking (+25%) apps. Almost all social networking apps - Facebook, Instagram and TikTok have seen significant increases not only in time spent /user/week but also in the sessions/ user/ week. </li><li>Expectedly Shopping Apps, Travel Apps and Food Apps have seen a huge drop in both users/ week and time spent/user/week. </li><li>It’s not just <keyword id="659577" type="PERSON" weightage="20" keywordseo="TV-viewership">TV viewership</keyword> that has seen an increase – we can advertising FCT on TV has increased by 13%. </li></ol>As the situation continues to evolve in the coming weeks, BARC and Nielsen will also continue to track shifts in TV and Smartphone audience behaviour. Future reports will be released on a weekly basis to keep the ecosystem abreast of how audiences in India are adjusting their TV and Smartphones consumption around the new normal.

Advertising FCT increased by 13% in Week 1 of COVID-19 disruption: BARC-Nielsen Report

Citing danger to life and national security, India's central bank, the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India&amp;sortorder=effectivedate">Reserve Bank of India</a> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), refused to share specific details of <a href="http://www.businessinsider.in/searchresult.cms?query=Prime+Minister+Narendra+Modi%27s+&amp;sortorder=effectivedate">Prime Minister Narendra Modi's </a>ban on high-value banknotes. This deepens the mystery over who took the unprecedented decision. 
 The <keyword id="6355513" type="ORGANIZATION" weightage="20" keywordseo="cabinet">Cabinet</keyword> has accepted that it was the RBI who recommended the move and was announced by PM <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> on Nov. 8, Power Minister Piyush Goyal had told parliament. 
 
According to a report by <a href="https://www.bloomberg.com/news/articles/2017-01-11/central-bank-cites-threat-to-life-as-india-cash-mystery-deepens">Bloomberg</a>, the RBI board approved the ban three-hours before PM Modi's speech and hadn't discussed the matter beforehand. 
 
On the other hand, the RBI told a lawmakers' panel that the government had "advised" the monetary authority to "consider" the ban a day before the RBI board made its recommendation. The government then "considered the recommendations" and decided to withdraw the notes, culminating in PM Modi's address that blindsided the nation. 
 Now, more clarity is expected on January 20th, when RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> deposes before a parliamentary committee. Details are essential to help assess the success of the shock move as well as gauge the impact of the decision on Asia's No. 3 economy. 
 
"It is very perplexing that the RBI doesn't answer questions about how the decision was arrived at. There are concerns that in the whole process the RBI has been sidelined by the government and that raises questions about its independence," Shilan Shah, Singapore-based India Economist at Capital Economics, told ET. 
 
The central bank as of January 11th, had answered five out of 14, disclosing the date and time of the RBI's board meeting and the fact that the board had never discussed <a href="http://www.businessinsider.in/searchresult.cms?query=demonetization&amp;sortorder=effectivedate">demonetization</a> before Nov. 8 
 
It also said it doesn't have information to answer one question, on how many of the worthless notes have been deposited at commercial banks 
 
It transferred two questions on printing of new notes to organizations that manage the presses 
 The RBI said that a question asking "what prompted the board to discuss and approve the withdrawal of notes" doesn't come under the definition of "information" under the <keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword> Act 
 
Also, RBI provided different answers to a question asked three times, seeking details on board members who opposed the move. In two replies the RBI said "it is a matter of fact that the decision was unanimous." In a separate response, it said "this information is not available on record" 
 
To a question seeking details on the number of demonetized notes already at banks on the evening of PM Modi's speech, the RBI claimed an exemption, citing danger to the life or physical safety of anyone who disclosed this information to the public 
 
The RBI also claimed exemptions on two questions seeking detail on its preparations for the demonetization and studies it used to forecast the impact of the move. Sharing these "sensitive matters" would endanger India's sovereignty, integrity and security, according to the RBI 
 The use of those specific exemptions are "perplexing," Capital Economics's Shah said. <keyword id="164869" type="PERSON" weightage="20" keywordseo="Shailesh-Gandhi">Shailesh Gandhi</keyword>, a former bureaucrat with the <keyword id="6390205" type="ORGANIZATION" weightage="20" keywordseo="Central-Information-Commission">Central Information Commission</keyword>, told the FirstPost website on December 31st that the RBI's attitude of stonewalling smacked of "sheer arrogance." 
 
"What the RBI is doing by refusing to answer queries under RTI is denying citizens their fundamental rights," Gandhi said.

This is why RBI is not answering questions on why it banned Rs 500/Rs 1000 notes and it is quite serious

Riding on the back of PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s demonetization move, RIL Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> launched <keyword id="2003276" type="UNKNOWN" weightage="20" keywordseo="Jio">Jio</keyword> Money Merchant Solutions, which will enable digital transactions of all types, from mandis, kirana shops to restaurants. 
 While launching the <keyword id="6354504" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio">Reliance Jio</keyword> ‘Happy New Year’ offer, rolling out host of services and applications free of cost from Dec 4-March 31, 2017, Ambani said the merchants solution will empower the merchants to build a digital retail ecosystem. 
 Ambani said the digital transaction will help in economic growth and can bring transparency. “Digitally-enabling transactions will boost economic growth, while bringing unprecedented transparency and accountability,” he said, adding the present cash crunch issue can be conquered with <keyword id="3356344" type="UNKNOWN" weightage="20" keywordseo="JioMoney">JioMoney</keyword>. 
 
“Jio is working to empower Indian merchants by building a digital retail ecosystem, which we are calling JioMoney Merchant Solutions. This will enable digital transactions of all types, whether they be at Mandis, Small shops, Restaurants, Railway ticket counters, for Bus and mass transit and even for person-to-person money transfers,” Ambani said. 
 
Ambani lauded Modi’s demonetisation scheme, terming it as a bold move. “By doing this, our honorable Prime Minister has given the strongest push to growth of digitally-enabled, optimal-cash economy in India,” he said. 
 
While addressing the employees and stakeholders, Ambani unleashed another pricing and tariff war as he announced a ‘Happy New Year’ offer, rolling out free data, voice calls, wi-fi, etc till March 31, 2017. 
 
From December 04, 2016, every new Jio user will get Jio’s Data, Voice, Video and the full bouquet of Jio applications absolutely free till March 31, 2017. 
 
Read also: Breaking News: Mukesh Ambani rolls out ‘Happy New Year’ offer, unleashes unlimited data, voice calls till March 31 
 
 
(image: IndiaTimes)

Mukesh Ambani launches Jio Money Merchant Solutions, lauds Modi’s
demonetisation

New Delhi, Dec 31 () A day after the government said all operators will be allowed to participate in the upcoming 5G trials, the Department of Telecom (DoT) held a meeting with various service providers and equipment vendors, including Huawei, to discuss the way forward.
 The meeting on Tuesday, chaired by Telecom Secretary Anshu Prakash, lasted for over an hour. An official with one of the telcos said that all operators attended the meeting. 
 A Huawei executive, who was present at the meeting, declined to comment on the proceedings.
 Telecom Minister Ravi Shankar Prasad on Monday said the government will allocate airwaves to all telecom service providers for conducting trials of super-fast speed 5G networks.
 As things stand today, India will not bar any equipment suppliers in the upcoming trials for 5G.
 Asked specifically about the status of Huawei in this context, the minister had said, "All players mean all players".
 This stance is expected to spell relief for the Chinese gear maker, which is facing curbs in the US, and rivals western equipment makers such as Ericsson.
 Many countries, however, have allowed telecom service providers to use Chinese gears. And now, India has also indicated its unwillingness to keep any company out of 5G trials.
 This implies that all operators, backed by equipment vendors they have decided to partner with, will be able to participate in the upcoming 5G trials in the country. 
 "I would like new innovations by Indian players in 5G. 5G is future, it is speed. Therefore, we will encourage new innovations in 5G," the minister had said on Monday on the sidelines of a telecom event. 
 Huawei India CEO Jay Chen had said in an e-mail statement to on Monday that the company firmly believes that only technology innovations and high-quality networks will be the key to rejuvenating the Indian telecom industry.
 Thanking the Indian government for their continued faith in the company, Chen had said, "We have our full confidence in the Modi government to drive 5G in India. We have our full confidence in Indian government and industry to partner with best technology for India's own long-term benefit and also for cross-industry development."
 Huawei is committed to India, the company said.
 The 5G trials are widely-expected to begin between January and March. Sources had recently said the government has received seven applications for 5G trials and added that all operators and vendors (including Nokia, Ericsson, Huawei, ZTE and Samsung) are keen to participate.
 In September this year, Huawei had said it is hopeful that the Indian government will treat all foreign investments "fairly" and had urged the world's largest democracy to make an "independent decision" on permitting 5G trials in the country.
 At that time, the Chinese firm had also sought to assure the Indian government that the company is fully compliant with regulations in India, and of addressing concerns around cybersecurity.
 Earlier this year, the US had banned Huawei, the world's leader in telecom equipment and the number two smartphone producer, over concerns of security and Washington had been pressuring other countries to restrict the operations of the Chinese telecom firm.
 The US President Donald Trump-led administration had placed Huawei and its affiliates on a blacklist, a move that banned the Chinese telecom equipment company from purchasing parts and components from American firms without the US government approval. However, it had subsequently relaxed some of the restrictions, to reduce disruption for its customers. MBI ANS
ANS

DoT meets telecom operators, vendors to discuss 5G trials

New Delhi, Feb 19 () The government on Wednesday made its flagship crop insurance schemes voluntary for farmers with existing crop loans or those willing to take new ones, as it seeks to address the concerns raised by farmers' body and states in implementation of these programmes."The Union Cabinet has approved revamping of 'Pradhan Mantri Fasal Bima Yojana (PMFBY)' and 'Restructured Weather Based Crop Insurance Scheme (RWBCIS)' to address the existing challenges in implementation of crop insurance schemes," an official statement said. Under the PMFBY, which was launched in February 2016 by Prime Minister Narendra Modi, it is mandatory for loanee farmers to take insurance cover under this scheme. The PMFBY provides comprehensive crop insurance from pre-sowing to post-harvest period against non-preventable natural risks at extremely low premium rate of 2 per cent for kharif crops, 1.5 per cent for rabi crops and 5 per cent for horticulture and commercial crops.The Cabinet approved modification of certain parameters/provisions of ongoing PMFBY and RWBCIS schemes."Enrolment under the scheme to be made voluntary for all farmers (both PMFBY/ RWBCIS)," Agriculture Minister Narendra Singh Tomar told reporters here.He said currently 58 per cent of total farmers are loanee and the remaining 42 per cent are non-loanee. The number of farmers opting for these crop insurance schemes may drop immediately but the enrolment would eventually pick up, Tomar said.The minister said the government would launch a campaign for creating awareness among farmers about the need to take a crop insurance policy. These modifications will help in addressing the concerns raised about the PMFBY scheme by farmers organisations and states, he said.Among other modification, Tomar said the allocation of business to insurance firms through tender process would be done for three years as against the current policy of one to three years."Central share in premium subsidy to be increased to 90 per cent for north eastern states from the existing sharing pattern of 50:50 (Both PMFBY/RWBCIS)," the statement said.Tomar said States will not be allowed to implement these schemes in subsequent seasons in case of considerable delay in release of requisite premium subsidy to insurance companies beyond a prescribed time limit. Cut-off dates for invoking this provision for Kharif and Rabi seasons will be 31st March and 30th September of successive years, respectively. The Cabinet also approved provisioning of at least 3 per cent of the total allocation for the scheme to be made by the Centre and implementing state governments for administrative expenses. For estimation of crop losses/admissible claims in the PMFBY, two-step process will be adopted based on defined deviation matrix using specific triggers like weather indicators, satellite indicators, etc, for each area along with normal ranges and deviation ranges. Only areas with deviations will be subject to crop cutting experiments (CCEs) for assessment of yield loss.Technology solutions like Smart Sampling Technique (SST) and optimization of number of CCEs would be adopted in conducting CCEs. In case of non-provision of yield data beyond cut-off date by the States to implementing insurance firms, claims will be settled based on yield arrived through use of technology solution.The central subsidy under PMFBY/RWBCIS to be limited for premium rates up to 30 per cent for un-irrigated areas/crops and 25 per cent for irrigated areas/crops. Districts having 50 per cent or more irrigated area will be considered as irrigated area/district.States have been given flexibility to implement the schemes with option to select any or many of additional risk covers/features like prevented sowing, localised calamity, mid-season adversity, and post-harvest losses. Further, States/UT can offer specific single peril risk/insurance covers, like hailstorm etc, under PMFBY even with or without opting for base cover (Both PMFBY/RWBCIS). "As the scheme is being made voluntary for all farmers, therefore, to provide financial support and effective risk mitigation tools through crop insurance especially to 151 districts which are highly water stressed including 29 which are doubly stressed because of low income of farmers and drought, a separate, scheme in this regard would also be prepared," the statement said. The concerned provisions/parameters of scheme and operational guidelines of the PMFBY and RWBCIS would be modified to incorporate these modifications and made operational from Kharif 2020 season."With these changes, it is expected that farmers would be able to manage risk in agriculture production in a better way and will succeed in stabilizing the farm income. These changes will also enable quick and accurate yield estimation leading to faster claims settlement," the statement said. NKD MJH ANZ MR

Govt makes crop insurance schemes voluntary for farmers

50 Black women have been killed by the police since 2015. Most of the officers who shot them didn't face consequences.

New Delhi, Feb 28 () The government is not going to change farmers' share of premium on crops insured under the Pradhan Mantri Fasal Bhima Yojana (PMFBY), a senior agriculture ministry official said on Friday. The PMFBY, which was launched in February 2016 by Prime Minister Narendra Modi, provides comprehensive crop insurance from pre-sowing to post-harvest period against non-preventable natural risks at extremely low premium rate of 2 per cent for kharif crops, 1.5 per cent for rabi crops and 5 per cent for horticulture and commercial crops. "It is not correct farmers' premium has been changed. Farmers premium under the PMFBY is not going to change under any circumstances," PMFBY CEO and Joint Secretary in the Agriculture Ministry Ashish K Bhutani said at an agri-summit organised by BusinessLine newspaper here. Bhutani clarified that neither farmers' premium has been changed nor it will be withdrawn in future. However, the central subsidy under the scheme has been capped recently for premium rates up to 30 per cent for un-irrigated areas/crops and 25 per cent for irrigated areas/crops. Districts having 50 per cent or more irrigated area will be considered as irrigated area/district. If total premium is above 30 per cent, then states have to decide whether to list such crops for insurance or else they have to pay the additional premium, he said. "If total premium rate is more than 30 per cent, then it is not insurance. Such high rate could be due to reasons like inconsistency of data, lack of availability of structured data for 10 years and crop is not viable in that area," he added. On criticism of delay in claim payout to farmers, the officials said it is primarily due to three reasons. "Either the state subsidy has not come on time which is the biggest reason for the delayed payment. Second is the delay in giving the Crop Cutting Experiment (CCE) data to the insurance companies and third is the dispute raised by companies on the CCE data collected by states," he said. To address this problem, Bhutani said some changes have been made in the scheme. States will not be allowed to implement the scheme in subsequent seasons in case of considerable delay in release of requisite premium subsidy to insurance companies beyond a prescribed time limit. Cut-off dates for invoking this provision for Kharif and Rabi seasons will be 31st March and 30th September of successive years, respectively, he said. Refuting reports that insurance companies are making money from the scheme, the official said: "It is not correct." The loss of yield is reported by the state government through CCE and insurance companies make the claim payout based on the that state data. There is no question of tampering of the data, he said. "In a motor insurance, there is a third party valuer, here the entire exercise of the claim competition is with the state government. The companies have power to co-observe the experiments carried out by the state government," he said. If CCEs data is not given on time, then the technology will be used for collecting the data for timely payment of claims, he added. Stating that PMFBY scheme is currently riding on a primitive technology called CCE which is prone to manipulation, the official said there is a need to move to technology-based assessment. The government has hired 13 agencies in this regard to work on crop and region specific yield estimate through technology, he said. "I am sure we will have breakthrough in rice and wheat in a year or so as 70 per cent of the cropped area in the country is under wheat and rice," he added. LUX MKJ

Govt not to change farmers' share of premium under PMFBY

<ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">NOEL CELIS/AFP/Getty ImagesThe Association of Southeast Asian Nations (ASEAN) members Hassanal Bolkiah, Chinese Premier Li Keqiang, Laos Prime Minister Thongloun Sisoulith, Indonesia's President Joko Widodo, India's Prime Minister Narendra Modi, Cambodia's Prime Minister Hun Sen and United Nations Secretary General Antonio Guterres, during the Opening ceremony of the 31st ASEAN Summit in Cultural Center of the Philippines (CCP) in Manila on November 13, 2017.</div></div></div>Almost all of the South China Sea is claimed by China. Taiwan and four ASEAN nations - Malaysia, Vietnam, the Philippines and Brunei - have competing claims.</li><li data-reactid="35">There is a current thaw in relations over the South China Sea, but ASEAN intends to release a statement anyway.</li><li data-reactid="35">The statement addresses the importance of the countries cooperation "to maintain peace, stability, freedom of navigation" of the disputed South China Sea "in accordance with international law."</li><li data-reactid="35">The statement will be issued after a meeting between China and the 10-member Association of Southeast Asian Nations (ASEAN) in the Philippines.</li></ul> MANILA - Southeast Asian nations will not take a relative calm in the dispute over the South China Sea for granted, according to a draft of a statement to be issued during a summit meeting in Manila on Monday. "While the situation is calmer now, we cannot take the current progress for granted," said the draft, a copy of which was seen by Reuters.The statement will be issued after a meeting later between China and the 10-member Association of Southeast Asian Nations (ASEAN) in the Philippines capital, a diplomatic source said."It is important that we cooperate to maintain peace, stability, freedom of navigation in and over-flight above the SCS (South China Sea), in accordance with international law," it said."It is in our collective interest to avoid miscalculations that could lead to escalation of tensions."Almost all of the South China Sea, one of the world's busiest waterways, is claimed by China. Taiwan and four ASEAN nations - Malaysia, Vietnam, the Philippines and Brunei - have competing claims.Leaders from China, the United States and seven other nations are joining ASEAN at their annual summit.On Sunday, Philippine President Rodrigo Duterte suggested that, despite their differences, the leaders should not discuss the South China Sea."We have to be friends, the other hotheads would like us to confront China and the rest of the world on so many issues," Duterte said at a business conference."The South China Sea is better left untouched, nobody can afford to go to war. It can ill-afford a violent confrontation."At the meeting's formal opening on Monday, Duterte made no mention of the South China Sea and pointed to other triggers for a threat of violence in the region."Terrorism and violent extremism endanger the peace, stability, and security of our region because these threats know no boundary," he said."Piracy and armed robbery in the seas put a dent on our growth and disrupt the stability of both regional and global commerce. The menace of illegal drug trade continues to endanger the very fabric of our society."These and other issues are high on the agenda of our meeting."Duterte has grown closer to China since he took office last year and Vietnam has emerged as Beijing's main challenger in the area. China's move to pressure Vietnam to stop oil drilling in a disputed area in July brought relations between the Communist neighbors to a low.But on Sunday, Vietnam's state television said Chinese President Xi Jinping had told Vietnam's General Secretary Nguyen Phu Trong he wanted to work with Southeast Asian nations on a code of conduct in the sea. China's Xinhua <keyword id="6355005" type="COMPANY" weightage="60" keywordseo="News">news</keyword> agency said China and Vietnam had agreed to properly handle maritime issues and strive to maintain peace and stability.<div data-reactid="64">Additional reporting by Enrico dela Cruz; Writing by Raju Gopalakrishnan; Editing by John Chalmers</div><div><figure tabindex="-1"><div></div></figure></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/secret-service-impaired-what-happened-before-the-jfk-assassination-2015-10">The Secret Service may have been 'impaired' the day JFK was assassinated</a></h3> <div> </div> </div>

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