New Delhi: A scheme has been formulated by the Government for Financial Restructuring of the State Distributing Companies (DISCOMS) at the national level for restructuring of the short term loans of power distribution companies of the country. The Scheme is available to all participating State Owned DISCOMS having accumulated losses and facing difficulty in financing operational losses. The states who have conveyed their in-principle willingness to participate in the scheme as on 25.4.2013 are Andhra Pradesh, Bihar, Haryana, Himachal Pradesh, Jharkhand, Kerala, Meghalaya, Rajasthan, Tamil Nadu and Uttar Pradesh.
Outline of Financial Restructuring of State Distribution Companies (DISCOMS)
1. The State Government will take over 50% of the outstanding short term liabilities (STL) of the DISCOMS as on March 31, 2012. This will be first converted into bonds to be issued by Discoms to participating lenders, duly backed by State Government guarantee. The State Government will then take over this liabilities from Discoms in the next 2-5 years by way of issuing special securities in accordance with their FRBM space. The State Government will provide support in payment of interest and repayment of principal till the date of takeover by issuing special securities.
2. The Balance 50% Short term Liabilities will be rescheduled by the lenders at the best possible terms with moratorium on principal repayment.
3. The scheme contains two tier monitoring mechanism by committees at Centre and State level to monitor the progress of the turnaround plan.
4. Central Government would provide incentive by way of grant equal to the value of the additional energy saved by way of accelerated AT&C loss reduction beyond the loss trajectory specified under RAPDRP and capital reimbursement support of 25% of principal repayment by the State Government on the liability taken over by the State Government under the scheme.
5. The scheme contains immediate/ continuing and other measures required to be taken in a time bound manner by the Discoms and State Governments to ensure long term financial & commercial viability of State owned Discoms. These measures include Financial Restructuring, Tariff Setting & Revenue Realization, Subsidy, Metering, Audit & Accounts and Monitoring.
New Delhi : It is very unfortunate that Delhi Police have arrested some cricket players for their alleged role in the spot fixing in the ongoing IPL tournament. The Minister of Youth Affairs and Sports, Jitendra Singh has spoken to the Chairman of the IPL Rajeev Shukla on the issue and impressed upon him to take urgent steps to put in place a mechanism to prevent such unethical activities and ensure clean sports in the country. The Minister also emphasized that strict action be taken against all those who are found guilty to serve as a deterrent to others.
New Delhi : Cannes film festival, which is opening May 15, 2013, is celebrating the 100th anniversary of Indian cinema. India is the guest country at the 66th Cannes film festival. A composite delegation from Ministry of Information and Broadcasting and Ministry of Tourism is participating in this event to showcase the heritage of India films and promote India as a “Filming Destination”, as the cinema has emerged as a powerful tool for the development and promotion of destinations. Several destinations have gained in terms of tourist influx by being the venue/ location of popular domestic and International cinemas. The Oscar award winning film “Life of Pie” was also shot in Pudducherry and Munnar (Kerala). The Ministry of Tourism is promoting these destinations as the “Land of Pie”.
The Joint participation of the Ministry of Tourism and Ministry of Information and Broadcasting is consequent to their entering into a Memorandum of Understanding to promote Cinema of India as a sub brand of “Incredible India” at various international film festivals like IFFI Goa, European Film Market, Cannes Film Festival and markets abroad, to develop synergy between Tourism and the film industry and to provide a platform for enabling partnerships between the Indian and Global Film Industry.
The Ministry of Tourism’s activities at Cannes Film festival 2013 include a presentation in the “Incredible India” dinner to provide opportunities for business networking. The Ministry of Tourism is setting up an Incredible India booth at the exhibition. The design of the Indian pavilion will promote “Incredible India”. Screening of “Incredible India” promotional films during the promotional events and meetings between leading Film Directors and Producers will also promote India as the “Incredible Filming Destination”
New Delhi : Pursuant to the announcement in the Union Budget 2013-14, the Government of India in consultation with Reserve Bank of India (RBI) has decided to launch Inflation Index Bonds (IIBs), as instruments that will protect savings of poor and middle classes from inflation and incentivise household sector to save in financial instruments rather than buy gold.
For appropriate price discovery and market development, however, it is necessary to issue comparable instruments through auctions to the institutional investors such as Pension Funds, Insurance, and Mutual Funds etc. This will create demand for IIBs and help in making them tradable in the secondary market. It is therefore proposed to issue initial series for institutional investors (including 20% to retail investors) and later, another series, exclusively for retail investors. First series of IIBs would be issued in H1 of the current FY. With a view to target greater retail participation for this series also, it has been decided to enhance the non-competitive segment for retail investors to 20%, from the present level of 5%.
The details for first series of IIBs are as under:
Capital Indexed Bonds (CIBs) have a fixed real coupon rate and a nominal principal value that is adjusted against inflation. Periodic coupon payments are paid on adjusted principal. Thus, CIBs provide inflation protection to both principal and coupon payment. At maturity, the adjusted principal or the face value, whichever is higher, will be paid.
· Index ratio (IR) will be computed by dividing ref. index for the settlement date by ref. index for issue date (i.e. IR set date = Ref. Inflation Index Set Date / Ref Inflation Index Issue Date).
. Final Wholesale Price Inflation (WPI) will be used for providing inflation protection in this product. In case of revision in the base year for WPI series, base splicing method would be used to construct a consistent series for indexation.
· Indexation Lag: Final WPI with four months lag will be used, i.e. Sept 2012 and Oct 2012 final WPI will be used as reference WPI for 1st Feb 2013 and 1st March 2013, respectively. The reference WPI for dates between 1st Feb and 1st March 2013 will be computed through interpolation.
· Issuance method: CIBs will be issued by auction method.
· Retail Participation: Non-competitive portion will be increased from extant 5 per cent to upto 20 per cent of the notified amount in order to encourage retail investors’ participation.
New Delhi: Indian Naval Aviation received a major fillip with the arrival of the first of eight Boeing P-8I Long Range Maritime Reconnaissance and Anti Submarine Warfare (LRMRASW) aircraft at Naval Air Station Rajali (Arakkonam) on 15 May 2013. The remaining seven aircraft would be delivered over the next two years.
The P-8I aircraft, based on the Boeing 737-800(NG) airframe, is the Indian Naval variant of the P-8A Poseidon that Boeing has developed for the US Navy. The aircraft is equipped with foreign & indigenous sensors for Maritime Reconnaissance, Anti Submarine operations and Electronic Intelligence missions. The aircraft is fully integrated with state of the art sensors and highly potent Anti Surface and Anti Submarine weapons.
These LRMRASW aircraft have been procured under the contract signed in 2009. The Indian Navy is in process of procuring an additional four P-8I aircraft under the option clause. The P-8I aircraft would greatly enhance India`s maritime surveillance capability in the Indian Ocean Region. Vice Admiral Bimal Kumar Verma, Chief of Staff (Eastern Naval Command) received the aircraft in a function organized at INS Rajali.
Mumbai : The Maharashtra Public Service Commission (MPSC) examination-2012 results announced on Monday. Most of the posts grabbed by male candidates apparently due to a poor showing by their female counterparts, who had considerable number of posts reserved for them.
MPSC chairman Sudhir Thakre said, posts reserved for female candidates that could not be claimed have been transferred to male candidates as per the government rules.
Amit Shedge,from Satara stood first in the MPSC mains examination, 2012, who appeared for the paper from Pune centre, has been recommended for the post of deputy collector. While Shedage scored 536 marks, city’s Satish Shitole stood third in the state with 533 marks out of 900 who is already serving as Naib-tehsildar in Konkan region of Maharashtra.
MPSC examination came as a bonus for Shitole as this BAMS graduate also cleared UPSC examination recently. The 29-year-old belongs to a a farmers’ family from Daund taluka of Pune district.
Ghagare, an engineering graduate, said he aspired to join the government sector and lead the lifestyle of his parents, who retired as top government officials.
While Namrata Chate from Aurangabad stood first among girls scoring 488 marks, Dipti Suryawanshi from the city stood second with 481 marks. Both have been recommended for the deputy collector’s post. Archana Pathare and Manisha Dandage are the other two girls from the city who have been recommended for the deputy collector’s post.
The prelims of the examination was conducted in June 2012, while the mains were held in September 2012 and the interviews in March this year. Over 2.28 lakh candidates appeared for the exam and the recommendation list for around 359 posts was declared.