Government To Soon Appoint Managing – Latest news headlines

Government will soon appoint head of the National Bank for Financing Infrastructure and Development

Finance Ministry will soon start the process for appointing a managing director (MD) and deputy managing directors (DMDs) of the newly set up Rs 20,000 crore development finance institution, namely National Bank for Financing Infrastructure and Development (NaBFID).

Government has envisioned the institution for expediting investment in the fund-starved infrastructure sector.

Last month, the government had appointed veteran banker K V Kamath as the chairperson of NaBFID for three years.

According to sources, the finance ministry will soon intimate the Banks Board Bureau (BBB) about the appointment of MD and DMDs of NaBFID.

The bureau will issue advertisements and undertake a selection process, sources said.

The BBB is the headhunter for state-owned banks and financial institutions.

The MD, DMDs and whole-time directors would not hold office after attaining the age of 65 years and 62 years respectively.

As per the NaBFID Act 2021, the institution would have one managing director and not more than three DMDs.

The government has committed Rs 5,000 crore grant over and above Rs 20,000 crore equity capital.

The central government will provide grants by the end of the first financial year. The government will also provide guarantee at a concessional rate of up to 0.1 per cent for borrowing from multilateral institutions, sovereign wealth funds, and other foreign funds.

The development finance institution (DFI) has been established as a statutory body to address market failures that stem from long-term, low margin and risky nature of infrastructure financing.

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Latest News Today – Government Asks iPhone, iPad Users to Update Their

The government’s official IT security organisation CERT-In (Indian Computer Emergency Response Team) has asked Apple users to urgently update their iPhone and iPad units to the latest versions. iOS 14.7.1 and iPadOS 14.7.1 were released earlier this week with critical bug fixes. The updates fix a memory corruption zero-day vulnerability that the government confirms is being actively exploited in the wild. CERT-In says that successful exploitation of these vulnerabilities could allow an attacker with kernel privileges to execute arbitrary code and gain elevated privileges on a targeted system.

CERT-In has issued a security alert for all iPhone and iPad users urging them to update to the latest iOS 14.7.1 and iPadOS 14.7.1 versions. The memory corruption issue affects all iPhone 6s and later handsets, all iPad Pro models, iPad Air 2 and later, iPad fifth generation and later devices, iPad mini 4 and later models, iPod Touch (seventh generation), and devices running macOS Big Sur. The fix is also bundled with macOS Big Sur 11.5.1.

This memory corruption vulnerability, CERT-In says, could be exploited by an attacker to execute malicious code and gain remote access. The vulnerability exists in IOMobileFrameBuffer of Apple’s iOS and iPadOS due to memory corruption issue with inadequate memory handling. CERT-In says that a hacker with kernel privileges can exploit this vulnerability using a malicious crafted application. The government authority urges that the flaw is being exploited in the wild and advises users to apply the security patch urgently.

For all those who haven’t updated their iPhone and iPad models yet, can do so by going to Settings > General > Software Update and manually look for an update to install. It is recommended that you stay on the latest update, especially if you use one of the above-mentioned devices. Mac users can update to the latest version by going to System Preferences in the Apple menu and clicking on Software Update.

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Tasneem Akolawala is a Senior Reporter for Gadgets 360. Her reporting expertise encompasses smartphones, wearables, apps, social media, and the overall tech industry. She reports out of Mumbai, and also writes about the ups and downs in the Indian telecom sector. Tasneem can be reached on Twitter at @MuteRiot, and leads, tips, and releases can be sent to [email protected]

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Latest News Today – Government Introduces Deposit Insurance And Credit

The government on Friday introduced the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill in the Rajya Sabha, which aims to provide timely support to depositors of stressed banks. Minister of State for Finance Bhagwat Karad introduced the Bill, which seeks to provide immediate relief to thousands of depositors who have their money parked in stressed lenders.

The Bill has proposed that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation (DICGC). For this, the Bill seeks to insert a new Section in the DICGC Act, 1961.

It also seeks to amend Section 15 of the DICGC Act to enable the Corporation to increase the ceiling on the amount of premium, with the prior approval of the Reserve Bank of India (RBI). Besides, it will also provide that the DICGC may defer or vary the receipt of repayments due to it from the insured bank and to empower the Corporation to charge penal interest in case of delay in repayment by the banks to the Corporation.

Though the RBI and the central government keep monitoring the health of all banks, there have been numerous recent cases of banks, especially cooperative banks, being unable to fulfil their obligations towards depositors due to the imposition of moratorium by the RBI. Earlier this week, the Union Cabinet cleared amendments to the DICGC Act. Last year, the government had increased insurance cover on deposits by five times to Rs 5 lakh. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a press release)

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Latest News Today – Government Permits 100% FDI In Oil PSUs Approved For

The FDI limit in PSU-promoted oil refineries will continue at 49 per cent

The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic disinvestment. The move would facilitate privatisation of India’s second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company. According to a press note of the Department for Promotion of Industry and Internal Trade (DPIIT), a new clause has been added to the FDI policy for oil and natural gas sector.

“Foreign investment up to 100 per cent under the automatic route is allowed in case an ”in-principle” approval for strategic disinvestment of a PSU has been granted by the government,” it said. The decision regarding this was taken by the Union Cabinet last week.

Two out of the three companies that have put in an initial expression of interest (EoI) for buying out the government’s entire 52.98 per cent stake in BPCL are foreign entities. The FDI limit in PSU-promoted oil refineries will continue at 49 per cent — a limit that was set in March 2008.

As of now, the government is selling the stake in only BPCL. Indian Oil Corporation (IOC), the nation’s largest, is the only other oil refining and marketing company under direct government control. Hindustan Petroleum Corporation Ltd (HPCL) is now a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC).

The government had in March 2008 raised the FDI limit in oil refineries promoted by public sector companies from 26 per cent to 49 per cent. The firm acquiring the government’s 52.98 per cent stake in BPCL will also have to make an open offer to buy an additional 26 per cent stake from other stakeholders at the same price, as per the takeover rules.

Mining-to-oil conglomerate Vedanta and US-based private equity firms Apollo Global and I Squared Capital’s arm Think Gas are in the race to buy the government’s stake in BPCL. 

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Latest News Today – Government Reaches Out To Opposition To End Stalemate

Ppposition parties have demanded an explanation from Prime Minister Narendra Modi on Pegasus.

New Delhi:
The government has reached out to the opposition to break the week-long deadlock in parliament set off by the Pegasus scandal. Parliamentary Affairs Minister Pralhad Joshi has met Congress’s Manish Tewari and Supriya Sule of the Nationalist Congress

Here are the Top 10 points in this big story:

  1. Union Home Minister Amit Shah had a lunch meeting with Lok Sabha Speaker Om Birla to discuss the situation, sources said.

  2. No business has been conducted in the Monsoon Session of parliament after the Pegasus spyware scandal erupted on July 18.

  3. With NSO — the vendor of the Israeli military-grade software —  declaring that it only supplies the software to “vetted governments”, the opposition parties have demanded an explanation from Prime Minister Narendra Modi.

  4. The Congress has sought the resignation of Home Minister Amit Shah over the issue and an investigation against PM Modi.

  5. Even today, Rajya Sabha was adjourned as opposition MPs shouted slogans and held protests at the Well of the House.

  6. Lok Sabha ran for nearly 30 minutes, taking up some questions during the Question Hour when Speaker Om Birla adjourned the proceedings till 2 PM amid the continuous interruptions and slogan-shouting.

  7. Rajya Sabha chairman Venkaiah Naidu has expressed concern over the disruptions, saying 90 members of the House are being denied opportunities to raise issues of public importance even after their notices were admitted.

  8. The issues included shortage of COVID-19 vaccines, time bound completion of vaccination, unemployment due to continuing pandemic, hike in petro-prices, alleged attacks on the freedom of press and the situation in Lakshadweep.

  9. On Thursday, Trinamool Congress’s Rajya Sabha member Dr Santanu Sen was suspended from the House for the rest of the Monsoon Session for snatching IT Minister Ashwini Vaishnaw’s statement on the Pegasus affair and flinging them amid uproar.

  10. Since the pandemic began, three sessions of Parliament were curtailed while the Winter Session last year had to be cancelled. Seventeen new bills are listed for this session, while four are pending in Lok Sabha and three in Rajya Sabha.Three of the bills seek to replace ordinances.

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Latest News Today – Government Abolishes Periodic Licence Renewal of Customs

Government has done away with periodic renewal of customs brokers’ licences

The essential requirement of periodic renewal of licences of customs brokers and authorised carriers, has been removed by the Central Board of Indirect Taxes and Customs (CBIC). This will help in cutting down the compliance burden on trade activities.

The removal of periodical renewal of licences has become effective from July 23, 2021 onwards.

“The CBIC has amended the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, to state that all such existing licenses or registration would have a lifetime validity,” a statement issued by the board said.

“The CBIC has with effect from July 23, 2021, abolished the requirement of periodic renewals of licence or registration issued to Customs Brokers and Authorised Carriers. This would greatly help reduce the compliance burden cast on the trade, which had to otherwise make applications and submit numerous documents to renew their licenses or registrations,” the official statement said.

The life-long validity of licenses or registrations is expected to provide a major relief to the trade by reducing their compliance burden, official sources said.

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Latest News Today – Government Gets 27 Proposals From Private Sector For

Private entities have showed interest in Indian space sector

Amid growing interest of big ticket private entities in space industry what with billionaires Richard Branson and Jeff Bezos having completed space odysseys in their personal spacecrafts, Government of India has received 27 proposals from the private sector for undertaking various space activities.

Sources in the Ministry of Space said that 27 proposals from private entities were received so far for undertaking various space activities in India. The proposals include building and launching of launch vehicles, as well as building, owning and operating satellites, providing satellites based services, establishing ground segments, research partnerships and providing mission services.

With the space sector reforms, Indian private space industry is slated to contribute to the core elements of global space economy – space-based services, launch services, manufacturing of launch vehicles and satellites, establishment of ground segment and launch infrastructure – to a considerable extent, official sources said.

Participation of private sector including academic institutions, start-ups and industries in end-to-end space activities is expected to expand the national space economy, which will translate in greater employment opportunities and enhanced scope for manufacturing in the country, they added further.

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Latest News Today – Government Overhauls Petroleum Reserve Policy To Boost

India is the world’s third-biggest oil importer and consumer

India has decided to commercialise half of its current strategic petroleum reserves (SPRs) as the nation looks to enhance private participation in the building of new storage facilities, two government sources told Reuters on Thursday.

The shift in policy was approved this month by the federal cabinet, they said. Allowing commercialisation of SPRs mirrors a model adopted by countries such as Japan and South Korea which allow private lesees, mostly oil majors, to re-export crude.

India, the world’s third-biggest oil importer and consumer, imports over 80 per cent of its oil needs and has built strategic storage at three locations in southern part of the country to store up to 5 million tonnes of oil to protect against supply disruption.

Private entities taking storage on lease will be allowed to re-export 1.5 million tonnes of oil stored in the caverns in the case of Indian companies refusing to buy the crude, they said.

Indian Strategic Petroleum Reserves Ltd, a company charged with building of SPRs, will be allowed to sell 1 million tonnes of crude to local buyers, they added.

So far Abu Dhabi National Oil Co (ADNOC) has leased 750,000 tonnes of oil storage in the 1.5-million-tonne Mangalore SPR.

Last year India allowed ADNOC to export half of its oil in Mangalore SPRs as the middle eastern oil major found it difficult to sell oil to Indian refiners.

India also plans to build strategic storage at Chandikhol in Odisha and Padur in Karnataka for around 6.5 million tonnes of crude to provide an additional cover of 12 days of net oil imports, they said.

The cabinet earlier this month also decided to provide up to 80 billion rupees of financial support, equivalent to about 60 per cent of the estimated cost, for building two new SPRs, they said.

ISPRL will soon float an initial tender for building the new reserves. “Whoever seek less federal support will be considered for participation in the new caverns,” said one source.

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Latest News Today – Government Clears Incentive Scheme For Speciality Steel

Union Cabinet has cleared production linked incentive scheme for speciality steel

Government has approved the production linked incentive scheme (PLI) for speciality steel, which will run for five years from 2023-24 to 2027-28 with a budgetary outlay of Rs 6,322 crore.

The decision was taken by the Union Cabinet which met on Thursday.

Official sources said that the scheme is expected to bring in investment of approximately Rs 40,000 crore and lead to capacity addition of 25 million tonnes for speciality steel. 

Speciality steel has been chosen as the target segment because out of the production of 102 million tonnes steel in India in 2020-21, only 18 million tonnes value added steel or speciality steel was produced in the country.

Apart from this out of 6.7 million tonnes of imports in 2020-21, approximately 4 million tonnes of import was of specialty steel alone resulting in foreign exchange outgo of around Rs 30,000 crores. 

It is expected that speciality steel production will reach around 42 million tonnes by the end of 2026-27. This will ensure that around 2.5 lakh crores worth of speciality steel will be produced and consumed in the country which would otherwise have been imported, sources said.  

Similarly, the export of specialty steel will become around 5.5 million tonnes as against the current 1.7 million tonnes of specialty steel getting foreign exchange of Rs 33,000 crore, they further added.

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Latest News Today – Pegasus Used In Karnataka To Collapse Our Government,

Key numbers were allegedly selected when HD Kumaraswamy-led government was battling a huge crisis.

New Delhi:

Phone numbers linked to the Janata Dal Secular-Congress government in Karnataka were possible targets for surveillance in 2019, at a time when the ruling coalition collapsed and the BS Yediyurappa-led BJP took power, the Wire has said in the latest revelations connected to Israeli spyware “Pegasus”.

The Wire report links the fall of the JDS-Congress government in July 2019 and the BJP’s takeover to alleged snooping, though there is no evidence to establish whether phones were hacked.

The Congress alleges Pegasus was used to execute ‘Operation Lotus’ to topple the state government.

“I was surprised to know that Pegasus has compromised my phone when I was deputy chief minister, and that of Siddaramaiah and chief minister’s secretary. Snooping activity by Pegasus is highly condemnable… Without the permission of the government of India, either the ministry of Home or the PM’s office they cannot do it. I am sure the government is involved. I condemn this… They have misused their power to topple governments in this country,” G Parameshwara, who was the deputy Chief Minister then, said.

Key numbers were allegedly selected when the HD Kumaraswamy-led government was battling a huge crisis following a rebellion by MLAs.

The phone numbers of Mr Parameshwara and the personal secretaries of Chief Minister HD Kumaraswamy and former chief minister Siddaramaiah were allegedly selected as potential targets.

The Wire says these numbers showed up in its review of the list of numbers “of interest” to an Indian client of Israel’s NSO group, which sells its Pegasus spyware only to governments.

The numbers form part of a leaked database accessed by the French media non-profit Forbidden Stories and shared with an international media consortium as part of what is called the Pegasus Project.

It is not, however, established whether the phones were infected or hacked.

The Wire says the period coincides with the selection of a new number Congress leader Rahul Gandhi began to use after discarding his earlier one.

The JDS-Congress government fell after the abrupt resignation of 17 MLAs, who later joined the BJP and helped BS Yediyurappa return to power.

In the nerve-wracking power tussle leading up to the transition, rebel MLAs were sequestered at a hotel in Mumbai for days and Congress leader DK Shivakumar tried and failed to meet them. The MLAs were finally disqualified after they turned in their resignation.

After Mr Yediyurappa took power, the MLAs joined the BJP and contested bypolls. Many of them became ministers in the BJP government.

The Wire said two phone numbers belonged to Satish, the personal secretary of Mr Kumaraswamy. The phone number of former Congress Chief Minister Siddaramaiah’s personal secretary Venkatesh was also added at the time.

The JDS and Congress had accused the BJP of engineering defections and bringing about the fall of the government with active help from the Centre.

Over the past few days, The Wire, Washington Post and other media partners in the “Pegasus project” have revealed that the numbers of Congress leader Rahul Gandhi, poll strategist Prashant Kishor, two union ministers, Trinamool Congress leader Abhishek Banerjee and some 40 journalists were selected as potential targets of snooping.

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