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The <keyword id="19895876" type="General" weightage="20" keywordseo="Election-Commission-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Election Commission of India" meta.hostid="261" meta.entityid="Election Commission of India">Election Commission of India</keyword> (ECI) has officially announced the schedules for the upcoming Assembly elections in Maharashtra and Jharkhand, setting the stage for crucial state elections next month. Here’s what voters in these states can expect: <h2>Maharashtra: Single-phase voting on November 20</h2>Maharashtra will head to the polls in a single phase on November 20, with vote counting scheduled for November 23. This election will see a high-stakes contest between two major coalitions: the <keyword id="19924537" type="General" weightage="20" keywordseo="Maha-Vikas-Aghadi" source="keywords" meta.keywordsubtype="org" meta.entityname="Maha Vikas Aghadi" meta.hostid="261" meta.entityid="Maha Vikas Aghadi">Maha Vikas Aghadi</keyword> (MVA) and the <keyword id="21555670" type="General" weightage="20" keywordseo="Maha-Yuti-Alliance" source="keywords" meta.keywordsubtype="org" meta.entityname="Maha Yuti Alliance" meta.hostid="261" meta.entityid="Maha Yuti Alliance">Maha Yuti Alliance</keyword>. The MVA consists of <keyword id="19905331" type="General" weightage="20" keywordseo="Uddhav-Thackeray" source="keywords">Uddhav Thackeray</keyword>'s Shiv Sena (UBT), the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword>, and the Nationalist Congress Party (NCP) under Sharad Pawar. Meanwhile, the Maha Yuti Alliance brings together the <keyword id="19931558" type="General" weightage="20" keywordseo="Bharatiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharatiya Janata Party" meta.hostid="261" meta.entityid="Bharatiya Janata Party">Bharatiya Janata Party</keyword> (BJP), Shiv Sena led by Eknath Shinde, and the Ajit Pawar faction of the NCP. This intense battle for control over the 288-seat Maharashtra Assembly follows the end of the current term on November 26. The model code of conduct has come into immediate effect in Maharashtra, guiding political parties on appropriate campaigning practices and ensuring fair elections. <h2>Jharkhand: Two-phase voting on November 13 and 20</h2>In Jharkhand, voting will occur in two phases: the first on November 13 and the second on November 20. The results will be declared on November 23, alongside Maharashtra’s. This election focuses on the 81-seat Assembly, with a fierce competition expected between the ruling <keyword id="20028356" type="General" weightage="20" keywordseo="Jharkhand-Mukti-Morcha" source="keywords" meta.keywordsubtype="org" meta.entityname="Jharkhand Mukti Morcha" meta.hostid="261" meta.entityid="Jharkhand Mukti Morcha">Jharkhand Mukti Morcha</keyword> (JMM)-Congress alliance and the National Democratic Alliance (NDA), which includes the BJP, All Jharkhand Students Union (AJSU), and Janata Dal (United). Jharkhand’s current Assembly term expires on January 5, 2025. The elections will feature 29,562 polling stations across urban and rural areas to accommodate the state’s 2.6 crore registered voters. This diverse electorate includes 66.84 lakh young voters and 11.84 lakh first-time voters, with special arrangements for 3.67 lakh persons with disabilities. <h2>Pre-election preparations</h2>The ECI’s preparations for the elections began in September, with teams visiting both states to assess readiness. Chief Election Commissioner Rajiv Kumar, alongside Election Commissioners Gyanesh Kumar and Sukhbir Singh Sandhu, met with local officials, district collectors, and political representatives to evaluate logistical arrangements and security measures. In Maharashtra, the Maha Yuti Alliance and the MVA have been ramping up their efforts to secure <keyword id="23060079" type="General" weightage="20" keywordseo="voter-support" source="keywords">voter support</keyword> in what is expected to be a dramatic electoral showdown. In Jharkhand, the ruling JMM, which is part of the INDIA bloc, is eyeing another term despite recent controversies surrounding Chief Minister Hemant Soren, who faced legal challenges earlier this year. The JMM-Congress-RJD alliance remains strong, as the party is expected to contest all 81 seats in the Assembly. (With inputs from agencies)

ECI Announces election schedules for Maharashtra and Jharkhand; both states to vote in November

The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Monday issued notice to concerned respondents on the <keyword id="20054502" type="General" weightage="20" keywordseo="West-Bengal-government" source="keywords">West Bengal government</keyword> plea challenging the <keyword id="19895346" type="General" weightage="20" keywordseo="Calcutta-High-Court" source="keywords">Calcutta High Court</keyword> decision cancelling all Other Backward Caste certificates issued in <keyword id="19896517" type="General" weightage="20" keywordseo="west-bengal" source="keywords">West Bengal</keyword> after 2010. A bench of Chief Justice of India DY Chandrachud with justices JB Pardiwala and Manoj Misra also asked the West Bengal government to file an affidavit explaining the process to determine 77 communities as OBCs. The top court, however, did not stay the Calcutta High Court order but issued notice on West Bengal's application seeking a stay on the order. In the meantime, the top court also asked the government to file an affidavit explaining the process followed for the determination of 77 communities as OBCs. The court sought to know the nature of the survey and the study relied upon the classification of 77 communities as OBCs. The court also sought to know details of the consultation the state government had with the WB Backward Commission prior to including the 77 communities in the OBC list. The court has asked the WB government to file the affidavit within one week. The top court was hearing West Bengal Government challenging Calcutta High Court order. Calcutta HC on May 22 cancelled all <keyword id="20636195" type="General" weightage="100" keywordseo="OBC-certificates" source="keywords">OBC certificates</keyword> issued in West Bengal after 2010 had directed the West Bengal <keyword id="20779164" type="General" weightage="20" keywordseo="Backward-Classes-Commission" source="keywords">Backward Classes Commission</keyword> to prepare a new list of OBCs in accordance with the 1993 Act. Those who were in the OBC list before 2010 will remain. However, after 2010, OBC nominations have been cancelled. About 5 lakh OBC certificates are set to be cancelled. After 2010, those who have jobs under the OBC quota or are in the process of getting them cannot be excluded from the quota. There will be no impact on their job and they cannot be excluded from the quota.

SC issues notice on plea challenging Calcutta HC decision cancelling all OBC certificates issued in West Bengal after 2010

Alphabet Inc-owned <keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> has joined hands with <keyword id="19895876" type="General" weightage="20" keywordseo="election-commission-of-india" source="keywords">Election Commission of India</keyword> (<keyword id="20041622" type="General" weightage="20" keywordseo="eci" source="keywords">ECI</keyword>) to elevate authoritative information and enable people to easily discover critical voting information on Google Search and YouTube. The search engine has also put in place measures to prevent spread of false information, and label AI-generated data during the upcoming general elections, a blog post said on Tuesday. "We are collaborating with ECI to enable people to easily discover critical voting information on Google Search - such as how to register and how to vote - in both English and Hindi," Google said. It said that for news and information related to the election, YouTube's recommendation system prominently surfaces content from authoritative sources on the YouTube homepage, in search results, and highlights high-quality content from authoritative news sources. Additionally, Google said it is setting up processes to help audiences identify AI-generated content. "As more advertisers leverage the power and opportunity of AI, we want to make sure we continue to provide people with greater transparency and the information they need to make informed decisions. Our ads policies already prohibit the use of manipulated media to mislead people, like deepfakes or doctored content," it said. Google has already started displaying labels for content created with YouTube generative AI features, like Dream Screen. "Soon, YouTube will begin to require creators to disclose when they've created realistic altered or synthetic content, and will display a label that indicates for people when they're watching this content," it said. The blog post further said the company has begun to roll out restrictions on the types of election-related queries for which <keyword id="19896990" type="General" weightage="20" keywordseo="gemini" source="keywords">Gemini</keyword> will return responses. The popular search engine said they have set policies around demonstrably false claims in areas like manipulated content, incitement to violence, hate speech, and harassment, that could undermine democratic processes. Google has set strict policies and restrictions around who can run election-related advertising on its platforms. These include identity verification, certification and authorisation by the ECI, and financier disclosures. "We take our responsibility for providing high-quality information for these types of queries seriously, and are continuously working to improve our protections," the blog post said. Google said it has recently joined the Coalition for Content Provenance and Authenticity (C2PA), and pledged to help prevent deceptive AI-generated imagery, audio or video content from interfering with this year's global elections. Earlier, Google had introduced the Google News Initiative Training Network and the Fact Check Explorer tool to enable newsrooms and journalists deliver reliable, fact-checked updates to debunk misinformation. Additionally, Google is supporting Shakti, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Election Fact-Checking Collective, which is a consortium of news publishers and fact-checkers in India working together to aid the early detection of online misinformation, including deepfakes, and to create a common repository that news publishers can use to tackle the challenges of misinformation at scale. "Google is committed to working with government, industry, and civil society and surface and connect voters to authoritative and helpful information online," the blog post said.

Google ties up with ECI to elevate authoritative information

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India to introduce UPI payment service in Maldives

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s first woman judge of the <keyword id="6354977" type="General" weightage="100" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> <keyword id="77775" type="General" weightage="20" keywordseo="Fathima-Beevi" source="Orion">Fathima Beevi</keyword> breathed her last at a private hospital at Kollam on Thursday. She was 96-years-old and was in hospital for a while. Beevi, who was living at her home in Pathanamthitta after retirement, has a number of firsts to her name. Apart from being the first woman judge of the apex court she was the first Chairperson of the National Human Rights Commission and the first Muslim female Governor (<keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>). Incidentally Beevi enrolled herself as an advocate in 1950 and began her career in the lower judiciary in Kerala. Beevi was appointed as a Munsiff in the Kerala Sub-ordinate Judicial Services in May 1958. She was promoted as the Sub-ordinate Judge in 1968, as the Chief <keyword id="169412" type="General" weightage="80" keywordseo="judicial-magistrate" source="Orion">Judicial Magistrate</keyword> in 1972 and as District and Sessions Judge in 1974. Beevi was further appointed the Judicial Member of the Income Tax Appellate Tribunal in January 1980 before being elevated to the <keyword id="6355392" type="General" weightage="80" keywordseo="high-court" source="Orion">High Court</keyword> as a Judge on August 4, 1983. Beevi became permanent Judge of the High Court on May 14, 1984. She retired as the Judge of the High Court on April 29, 1989 but was further elevated to the Supreme Court as a Judge on October 6, 1989 where she retired on April 29, 1992. Beevi later went on to become the Governor of Tamil Nadu on January 25, 1997 and she quit in 2001 following a decision of the Union Government recommending to the President to recall her. SEE ALSO:<a href="https://www.businessinsider.in/india/news/66-year-old-loses-1-52-crore-in-courier-scam-what-it-is-and-how-to-protect-yourself/articleshow/105440830.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/66-year-old-loses-1-52-crore-in-courier-scam-what-it-is-and-how-to-protect-yourself/articleshow/105440830.cms" target="_blank">66-year-old loses ₹1.52 crore in courier scam – what it is and how to protect yourself</a><a href="https://www.businessinsider.in/sports/webstories/these-players-who-missed-out-on-world-cup-and-australia-t20i-series-also/slidelist/105434595.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/these-players-who-missed-out-on-world-cup-and-australia-t20i-series-also/slidelist/105434595.cms" target="_blank">Sanju Samson to Yuzvendra Chahal, players who missed out on World Cup and Aus T20I series</a><a href="https://www.businessinsider.in/stock-market/webstories/list-of-favourite-stocks-of-indias-richest-investors/slidelist/105417702.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/list-of-favourite-stocks-of-indias-richest-investors/slidelist/105417702.cms" target="_blank">Favourite stocks of India’s richest investors: from Radhakishan Damani to Hemendra Kothari</a>

India's first woman judge of Supreme Court Fathima Beevi passes away at 96

<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> will conclude the three-day <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (<keyword id="19918491" type="General" weightage="20" keywordseo="MPC" source="keywords">MPC</keyword>) meeting today.</li><li>The central bank is expected to announce its decision on policy rates.</li><li>The <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> has maintained the <keyword id="20094323" type="General" weightage="100" keywordseo="repo-rate" source="keywords">repo rate</keyword> at 6.50% for the past nine meetings.</li></ul>The Reserve Bank of India (RBI) is set to conclude the three-day Monetary Policy Committee (MPC) meeting today, with Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> expected to announce the central bank's decision on policy rates. The meeting, which <a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-meeting-begins-today-announcement-on-october-9/articleshow/113999887.cms">began</a> on October 7, has garnered significant attention, as the RBI has maintained the repo rate at 6.50% for the past nine meetings. The repo rate has remained steady since the RBI adopted a cautious stance to balance inflation control and <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. Key factors that the MPC is weighing include persistent inflationary pressures, particularly in food prices, as well as global economic uncertainties. According to data from the Ministry of Statistics &amp; Programme Implementation, while All India Consumer Price Index (CPI) inflation moderated to 3.65% in August--within the RBI's target band of 2-6%. <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">Food inflation</keyword> remains elevated at 5.65%, above the central bank's medium-term target of 4%. This, coupled with rising global crude oil prices due to geopolitical tensions in West Asia, has intensified concerns over inflation. Despite these challenges, the RBI has so far opted for a status quo on the repo rate, aiming to foster economic recovery after the pandemic. However, today's announcement will be closely watched to see if the central bank shifts its stance, especially given the external pressures and uncertainties surrounding global markets. Economists, however, have noted that the RBI will not make any changes in its policy stance before December. "With the focus on taming headline inflation, the RBI is likely to hold the rates although the core inflation is within the limit. It is possible the RBI may shift to the neutral stand" said M Govind Rao, Member, of the Fourteenth Finance Commission and former Director, of the National Institute of Public Finance and Policy. On September 18, the US Federal Reserve announced a steep 50 basis points interest cut in its review meeting. US Fed announced the rate cuts after holding interest rates steady for eight straight meetings. "In this overarching macroeconomic setting of heightened geopolitical tensions, core inflation inching upwards, oil price volatility, and high food inflation, we anticipate a change in the RBI's policy stance from "withdrawal of accommodation" to "neutral" at its forthcoming MPC meeting on October 9, 2024. However, we do not see any rate action coming and the benchmark interest rates may not undergo any change" said Manoranjan Sharma, Chief Economist, Infomerics Ratings. Earlier this month the central government appointed three new members to the monetary policy committee. The MPC comprises three members from the RBI and three external members appointed by the Central Government. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

RBI MPC announcement today: Rates unlikely to change, RBI may change stance to neutral

India’s political landscape is increasingly being defined by the troubling nexus between crime and politics. A study has highlighted a startling correlation: the election of politicians with criminal records is directly linked to a rise in crime across the country, particularly in states with weaker institutional frameworks. As India's political system continues to grapple with this issue, the societal consequences are becoming clear. <h2>A history of <keyword id="23341122" type="General" weightage="100" keywordseo="criminal-politicians" source="keywords">criminal politicians</keyword></h2><keyword id="21026899" type="General" weightage="20" keywordseo="Pappu-Yadav" source="keywords">Pappu Yadav</keyword>, a veteran politician from Bihar, serves as a prime example of this disturbing trend. Having represented his constituency for nearly 25 years, Yadav has faced 41 criminal cases, including serious accusations of murder and kidnapping. Despite his conviction in 2008, Yadav was acquitted in 2013, and he continues to hold political influence. His case is not unique; the political scene in states like Bihar, Uttar Pradesh, and Madhya Pradesh is littered with politicians facing multiple criminal charges. Anant Singh, another prominent figure from Bihar, holds a political career shadowed by 38 criminal cases, including murder, kidnapping, and attempts to murder. These individuals represent a broader pattern where politicians accused of serious crimes continue to serve in public office despite their criminal backgrounds. "They are getting elected, and over time the number has only been going up," remarks lead author Nishith Prakash. "In some states, it could be as high as almost 40% of people who are representing the state have some kind of a criminal accusation." <h2>Crime begets crime</h2>The research delves into the ramifications of electing criminally accused politicians. The study found that states with a higher number of such politicians also experienced increased <keyword id="22044507" type="General" weightage="20" keywordseo="crime-rates" source="keywords">crime rates</keyword>. For example, states like Bihar, Madhya Pradesh, Rajasthan, Odisha, and Uttar Pradesh, known for their historically weak institutions, have seen crime rise by 4.3% annually with the election of criminal politicians. The number increases to 5.8% when the politicians are accused of serious crimes like murder and kidnapping. <div type="Article" hostid="261" msid="113692670" title="What will it take for Kangana Ranaut’s &amp;#39;Emergency&amp;#39; to finally hit theatres?" mstype="2" mssubtype="0"></div>Prakash notes that weak rule of law and institutional failure create fertile ground for such politicians to not only rise to power but also exacerbate the deteriorating law-and-order situation. When politicians themselves are involved in criminal activities, they often manipulate legal and administrative systems, further weakening law enforcement and emboldening criminal networks. The reign of <keyword id="20122630" type="General" weightage="20" keywordseo="lalu-prasad-yadav" source="keywords">Lalu Prasad Yadav</keyword>, president of the Rashtriya Janata Dal political party in Bihar, illustrates the adverse impact criminal politicians can have. Under his leadership, Bihar’s political environment devolved into what is now infamously known as "Jungle Raj," a period marked by rampant kidnappings for ransom, particularly targeting affluent individuals like doctors and schoolchildren. The researchers note that during this time, the kidnapping industry flourished as criminals enjoyed either direct or indirect support from the state. <h2><keyword id="22404298" type="General" weightage="20" keywordseo="impact-on-women" source="keywords">Impact on women</keyword> and <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword></h2>Beyond the immediate rise in general crime rates, the study revealed alarming statistics regarding crimes against women. Electing criminally accused politicians was found to increase crimes against women by 12.6%. In states where such politicians held office, female labour force participation dropped by 10-11%, as women felt unsafe and chose not to engage in work outside their homes. The research also highlighted the economic toll criminal politicians take on their constituencies. Areas represented by politicians accused of serious crimes saw economic growth lag between 2.3% and 6.5% per year compared to other regions. These leaders often misappropriate public funds, divert resources for personal gain, and enable criminal enterprises, all of which stifle local development. <h2>Legal measures taken</h2>India has made strides in identifying and tracking criminally accused politicians. A landmark 2003 ruling by the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> mandated that candidates for political office must disclose their criminal records, making it easier for voters and institutions to scrutinise their backgrounds. However, the law only disqualifies convicted individuals from running for office, allowing accused politicians to continue their political careers while facing serious charges. <div type="Article" hostid="261" msid="113446721" title="It&amp;#39;s not just the rhetoric — apathy and jokes could be fueling a spiral of retaliatory political violence, expert warns" mstype="2" mssubtype="0"></div>The research conducted by Prakash and his team has caught the attention of Indian courts and the Election Commission. While reform is slow, there is growing recognition that the quality of political leadership has a profound impact on societal outcomes, from crime rates to economic performance. "The quality of politicians matters," Prakash notes. "Who you elect has implications on outcomes that we care about. It could be economic growth, it could be crime against women, it could be labour force participation. These are very important outcomes for society and the economy." The findings of this research have been published in Journal of Law Economics and Organization and can be accessed <a href="https://docs.iza.org/dp15259.pdf">here</a>.

Not only does electing “criminal” politicians often lead to an increase in crime in India, it can also be terrible for the economy: study

<ul><li>One of India’s top bullion and forex advisors <keyword id="219634" type="General" weightage="20" keywordseo="Jamal-Mecklai" source="Orion">Jamal Mecklai</keyword> has released a note explaining how a bank has been overcharging in a <keyword id="113706" type="General" weightage="20" keywordseo="currency-swap" source="Orion">currency swap</keyword> deal.</li><li>The spread on the loan as per what the bank was charging is 45%.</li><li>It would help if RBI were to at least highlight this kind of malpractice and ask for more disclosures, says Mecklai.</li></ul>Jamal Mecklai of <keyword id="579573" type="General" weightage="20" keywordseo="Mecklai-Financial" source="Orion">Mecklai Financial</keyword> has a suggestion for the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, following a complex currency swap transaction it advised a client on. The CEO of Mecklai Financial, a treasury and foreign currency risk advisor, has written a detailed note on one of its clients that engaged a global investment bank for its currency swap requirements. A currency swap is nothing but a transaction involving trading principal and interest in one currency for the same in another. A $1.5-bn company engaged Mecklai Financial to help it unwind a currency swap transaction it had entered into with a global bank. Currency swaps are taken by companies that have exposure in foreign currency payouts and may be receiving payments in some other currency. Mecklai explains the terms of the transaction and how it perhaps lacked transparency since India does not have a very deep currency derivative market yet. In this note he says, “We were called in recently to advise a large (about $1.5 bn) company on whether and at what rate to unwind a swap it had taken. The company had a $22 million loan at 3.57% fixed, and significant receipts in EUR and, in 2020 their bank – a large international player – had advised it, appropriately in our view, to enter into a EUR/USD currency swap to where its EUR flows could be paid directly to the bank who, in turn, would pay the company USD to settle its underlying loan.” <cmsannotation type="cmsannotation" annotationid="Squaring off the swap" comment="subhead" text="Squaring off the swap">Squaring off the swap</cmsannotation> As the Euro has fallen since the company entered into this arrangement, the swap was beneficial to the client and the bank asked the company whether it would be interested in squaring it off and pocketing more than $1 million in gains. Since the company also had receipts in USD, which it could use to naturally hedge its loan payments, this sounded like a good idea (to us as well). Jamal Mecklai writes in his note that he asked for the loan cash flows and the date of the original swap. “We were horrified to discover that back in September 2020, the bank had charged them a swap rate of 3.65% – this meant that the company would have to pay the bank a fixed amount of EUR every six months with interest at 3.65% and the bank would pay the company a fixed amount of USD with interest at 3.57%. The issue was that in 2020 the interest rate differential between EUR and USD was around 0.75-1.0% so the swap rate looked outrageously high,” he explains. A currency swap works in two stages. In the first stage, the two entities exchange the principal amount at an agreed exchange rate, which is based on spot rates. Alternatively, a forward rate can also be set but it has to be agreed to in advance. This is done to arrive at the principal value. Once this is done then the entities agree on the interest rate, fixed or floating, the client has to pay on this currency swap instrument. In this case Mecklai Financial found that the interest rates were outrageously high. Currency swaps do come with risks to the bank like credit risk and capital requirements that are different across jurisdictions. Even with these elements priced in, the spread was too high. <cmsannotation type="cmsannotation" annotationid="The client was unaware of the spread" comment="subhead" text="The client was unaware of the spread">The client was unaware of the spread</cmsannotation> The client, he says, was unaware of the spread on the loan, was happy to reverse the swap and brought him in for negotiations. The bank offered them $1.9 million to reverse the swap while as per his calculations $2.6 million. After negotiations, the payout was brought up to $2.3 million – but the bank still made a handsome profit of over $200,000 in addition to the ‘extravagant spread’ and the amount earned at the start of the swap. “This example simply illustrates the obvious fact that treasury corporate desks are trained to maximize revenue by lying to their customers. But banks overcharging customers is nothing new; Reserve Bank has long been aware of this problem and, about six to eight years ago, had CCIL set up the <keyword id="7811908" type="General" weightage="50" keywordseo="fx-retail" source="Orion">FX Retail</keyword> platform for spot FX on which anyone can get close to market rates,” said Mecklai. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-are-the-best-and-worst-performing-nifty-indices-in-2022-so-far/articleshow/94149156.cms">These are the best and worst performing Nifty indices in 2022 so far</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ed-allows-wazirx-to-use-bank-accounts-frozen-after-raids/articleshow/94147873.cms">ED allows WazirX to use bank accounts frozen after raids</a>

The story of a currency swap that showed the shockingly high spreads, commissions and omissions by an international bank

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

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Not only does electing “criminal” politicians often lead to an increase in crime in India, it can also be terrible for the economy: study

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