India

New Delhi, Nov 11 (IANS) Visiting US Treasury Secretary Janet Yellen on Friday said that India is assuming the G20 presidency at an "uncertain time for the global economy" and that addressing debt distress, promoting climate action, evolving the multilateral development banks as well as embracing and shaping the changing economy would be the main challenges the country will face.

"In three weeks, India will assume the helm of the G20 at an uncertain time for the global economy. We look forward to supporting India's G20 presidency. A successful Indian presidency is indispensable to our global economic recovery and sustained progress on our deepest problems," Yellen said after visiting the Microsoft campus in Noida, soon after her arrival in the national capital.

On debt distress, Yellen said that the G20 must do better to provide debt relief where necessary.

"India's G20 year is a chance to accelerate global coordination on debt restructuring. Two years ago, the G20 established the Common Framework to bring all the major bilateral creditors. The Framework has not delivered on its promise, largely because of lack of cooperation from China. As a consequence, debtor countries in need are hesitant to request Common Framework treatment," Yellen said.

This, she said, needs to change. "All major bilateral creditors, including China, must cooperate constructively to deliver on their G20 commitment to provide meaningful debt relief. We must also improve the speed and predictability of the Common Framework itself. Beyond low-income countries, middle-income countries in distress, such as Sri Lanka, will also need a process for receiving timely and orderly debt relief. We welcome India's leadership in this area, whether through an expansion of the Common Framework or another multilateral framework."

Speaking on challenges related to climate crisis, Yellen said: "As the world's second-and third-largest emitters, we have a shared interest and responsibility to reduce our greenhouse gas emissions. The US is taking significant action. At home, we have enacted the Inflation Reduction Act. It's the most aggressive domestic climate action in our history.

"Our investment puts us on a strong path to meet our goal of reducing our emissions to at least half of 2005 levels by the end of this decade.It will also bring down the cost curves of clean energy technologies. This will have positive spillovers for the rest of the world."

Yellen informed that the US is working with countries to strengthen climate resilience for the most vulnerable communities.

"And we are facilitating a just transition for those most affected by the shift to a net-zero economy. President Biden has committed to increasing US international public climate financing to over $11 billion by 2024. In partnership with India, the G7 is marshalling a broad mix of public, private, and philanthropic financing to expedite India's energy transition in line with its ambitious climate goals. We will also advance global climate coordination with India in our role as co-chair of the G20 working group on sustainable finance. A global challenge like climate cannot be solved by any one country. It requires all of us to work together," she said.

On multilateral development bank evolution, the Treasury Secretary said: "our existing multilateral development finance architecture is currently unable to respond to these global challenges with the necessary speed and scale. Last month, ahead of the Annual Meetings, I called for an evolution of the development banks. I said that these institutions must devise new approaches to global challenges, while maintaining their existing focus on poverty reduction and the Sustainable Development Goals.

"I am pleased that the World Bank has committed to developing a work programme by the end of the year to strengthen its role and capacity to respond to evolving needs. As key World Bank shareholders, India and the US are critical to guiding the institution through this evolution. This effort serves as an important part of our overall strategy to mobilize against our global challenges."

Touching upon changing global economy, Yellen said: "The digital revolution has changed the face of communication and commerce in our countries over the past three decades. Today, the digital economy provides massive opportunity and continues to drive economic growth. This is particularly true in India, which has over 560 million Internet subscribers and 1.2 billion mobile phone subscribers. Rapid digital adoption has enabled India to achieve stunning success on its financial inclusion efforts."

However, she said that digital opportunities available to many Indians and Americans today are not readily available for much of the world.

"Over the next five years, the G7 aims to mobilize $600 billion through the Partnership for Global Infrastructure and Investment. It has identified digital infrastructure as a key priority alongside climate, health, and gender. The US is ready to work with India and other partners to close the global digital gap. As we do so, it is equally important to combat threats to privacy and cybersecurity and attend to emerging problems like illicit finance," she said.

The G20 has set out a roadmap for enhancing cross-border payments.

"We look forward to working with India to deliver on tangible outcomes. This includes reducing frictions to the flow of data. We also look forward to the G20 advancing financial inclusion efforts for the unbanked around the world," she concluded.

--IANS
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Ahmedabad, Nov 11 (IANS) The Congress party has released its second list of 46 candidates for the Gujarat Assembly polls scheduled to be held next month.

As per the schedule, of the 182 seats in the Legislative Assembly, 89 will go to polls in the first phase on December 1, while voting for the remaining 93 seats will take place in the second phase on December 5.

The party has renominated its 21 sitting MLAs, but is undecided about 21 seats. Apparently, in a few seats, the party is waiting for the BJP to announce its candidates to work out its caste equations.

Those repeated MLAs are former Leader of Opposition Paresh Dhanani, working presidents Lalit Kagagthra, Rutvik Makwana, Amrish Der and senior leader Punja Vansh.

Candidates for Rapar (Kutch), Vadhvan, Dhrangadhra (Surendranagar district) Rajkot - East & West (city seats), Jamnagar (rural), Dwarka, Talala and Kodinar (Gir Somnath), Bhavnagar East, and Gariyadhar are yet to be announced.

According to party sources, the delay is because the party is mulling fielding senior leaders -- former Union Minister Bharatsinh Solanki, GPCC former president Siddharth Patel, Rajya Sabha MP Shaktisinh Gohil and sitting president Jagdish Thakor.

Veteran politician Shankersinh Vaghela is likely to return to Congress on Saturday, during party's national president Mallikarjun Kharge's visit to campaign.

The result of the polls will be announced on December 10.

--IANS
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New York, Nov 11 (IANS) An Indian national in the US faces a maximum penalty of 20 years in prison if convicted in an $8 million Covid-19 relief fraud scheme, according to court documents.

Abhishek Krishnan, 40, has been charged by a federal grand jury in Newark, New Jersey, for fraudulently obtaining millions of dollars in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Krishnan, who previously resided in Wake County, North Carolina, is charged with two counts of wire fraud, two counts of money laundering, and two counts of aggravated identity theft.

After returning to India, Krishnan allegedly submitted numerous fraudulent PPP loan applications to federally insured banks, including on behalf of purported companies that were not registered business entities.

The fraudulent PPP loan applications allegedly included false statements about the companiesa¿ employees and payroll expenses, as well as falsified tax filings.

As part of the fraud scheme, Krishnan allegedly used the name of another person without that person's authority.

He allegedly submitted at least 17 PPP loan applications seeking over $8.2 million and received more than $3.3 million in loan proceeds.

Following receipt of the funds, Krishnan allegedly laundered the proceeds of the fraud.

If convicted, he faces a maximum penalty of 20 years in prison on each of the top counts and a mandatory minimum of two years in prison on each count of aggravated identify theft.

A federal district court judge will determine any sentence after considering the US Sentencing Guidelines and other statutory factors.

In a separate case, Krishnan was recently charged in the Eastern District of North Carolina with theft of government property and aggravated identity theft regarding his alleged receipt of unemployment insurance benefits funded by the federal government in response to the pandemic.

--IANS
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Guwahati, Nov 11 (IANS) The Criminal Investigation Department (CID) in Assam has arrested a suspended senior police officer for allegedly trying to cover up a rape and murder case of a minor and working on the behest of the accused, an official said on Friday.

Raj Mohan Ray, the former Superintendent of Police (SP) of Darang district, was arrested on Thursday evening after the CID collected evidence that he had taken illegal gratification from the kin of the main accused as a reward for extending undue favours.

Following his arrest, Roy was produced before the Special Judge Court, Guwahati, and the police sought a remand for further interrogation.

After analysing the bank account details of the family of the accused and examining relevant witnesses, it was revealed that Ray had received an amount of Rs 2 lakh from the family through another police officer.

On June 12 this year, a case had been registered at the Dhulia Police station alleging the rape and murder of the 13-year-old girl.

When Chief Minister Himanta Biswa Sarma met the victim's family, they accused the SP and other police officers of trying to dilute the case.

Sarma immediately ordered the suspension of the SP and officer-in-Charge of the Dhulia police station.

The CID had been roped in for the investigation of this case.

The charge sheet on this case was already submitted by the Department and the main accused is in judicial custody.

Rajib Saikia, CPRO to Assam Police, said that three doctors of the Mongoldoi civil hospital, a former OC of Dhula police station, and another senior police officer were also arrested.

"The other accused Ashirvad Hazarika, the Magistrate whose role has also come on record, is absconding. Further investigation is continuing on this case," he added.

--IANS
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Srinagar, Nov 11 (IANS) A foreign Jaish-e-Mohammad (JeM) terrorist was killed on Friday in an encounter currently underway in South Kashmir's Shopian district, police said.

"One FT of JeM terror outfit killed, identified as Kamran Bhai alias Hanees who was active in Kulgam-Shopian area. Search is still going on," J&K Police said in a tweet citing Vijay Kumar, the Additional Director General of Police (Kashmir Zone).

The encounter in Kapren area was triggered after a joint team of the police and security forces received an input about the presence of terrorists.

After the area was cordoned off, terrorists hiding there started firing drawing retaliation by the security forces.

--IANS
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New Delhi, Nov 11 (IANS) The Supreme Court has issued a contempt notice to the Securities and Exchange Board of India (SEBI) on Reliance Industries (RIL) plea alleging non-compliance of the court's August 5 order, which directed the market regulator to provide access to certain documents to the company.

A bench comprising Justices M.R. Shah and M.M. Sundresh said: "Issue notice to the respondent, making it returnable on December 2, 2022. Abhishek Singh, counsel accepts service of notice on behalf of the respondent."

Senior advocate Harish N. Salve, appearing on behalf of RIL, vehemently submitted that despite the August 5 order passed by the apex court by which the respondent (SEBI) was directed to furnish a copy of the documents, the same has not been furnished till date.

Senior advocate and former Attorney General of India K.K. Venugopal, representing SEBI, submitted that the review petition preferred by the respondent is pending before this court and, therefore, no further order be passed in the present proceedings.

The bench, in its order, noted: "We have gone through the subsequent order passed by this court dated October 12, 2022 in review petition. The pendency of an appeal and/or writ petition along with stay cannot be equated with pendency of the review petition.

I"There is a final decision by this court in an appeal. Merely because the stay application is pending in review petition cannot be a ground to grant stay by the respondent on its own and not to comply with the directions issued by this court."

The bench said it is required to be noted that the State of J&K Vs. Mohd. Yaqoob Khan and others was a case where against the ex-parte order passed by the single judge, pending writ petition, the contempt proceedings were initiated.

"Therefore, this court observed that when the stay application is yet to be heard and decided and disposed of, the contempt proceedings cannot be initiated. Under the circumstances, the said decision(s) cannot be of any assistance to the respondent," said the apex court.

The bench has scheduled the matter for further hearing on December 2.

The company had sought three documents from SEBI that it had claimed would exonerate it and its promoters from criminal prosecution initiated in a case related to the alleged irregularities in acquisition of its own shares between 1994 and 2000.

On August 5, a bench led by then Chief Justice N.V. Ramana, had said: "The approach of SEBI, in failing to disclose the documents, also raises concerns of transparency and fair trial. Opaqueness only propagates prejudice and partiality. Opaqueness is antithetical to transparency."

The top court had said the market regulator should show fairness and furnish documents sought by RIL, and SEBI has a duty to act fairly, while conducting proceedings or initiating any action against the parties.

RIL filed a contempt petition as SEBI has not shared three documents -- the two legal opinions by former Supreme Court judge B.N. Srikrishna and former ICAI President Y.H. Malegam's report which examined the irregularities.

The company claimed that SEBI cannot continue to resist the production of these documents and it had also sent a notice to the market regulator saying if documents were not received by August 18, then it will establish that SEBI does not want to comply with the apex court's judgment.

In 2002, Chartered Accountant S. Gurumurthy filed a complaint with SEBI alleging irregularities by RIL, its associate companies and their directors/promoters, including Mukesh Ambani and his wife, Nita; Anil Ambani and his wife, Tina; and 98 others.

The complaint cited the issue of two preferential placement of non-convertible debentures in 1994.

SEBI had alleged that RIL along with Reliance Petroleum had circuitously funded the acquisition of its own shares in violation of the Sections 77 and 77A of the Companies Act, 1956.

--IANS
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Lucknow, Nov 8 (IANS) The Uttar Pradesh Vidhan Sabha secretariat, late on Monday night, issued a notification declaring Khatauli assembly seat as vacant.

Khatauli MLA Vikram Saini was sentenced to two-year imprisonment by an MP/MLA court on October 11 for his alleged role in 2013 Muzaffarnagar riots.

The notification stated that Khatauli assembly seat would be considered vacant with effect from October 11, the day MP/MLA court, Muzaffarnagar, awarded two-year imprisonment to Saini in the case.

Earlier on October 29, the assembly secretariat had declared Rampur seat as vacant, just two days after its MLA and veteran SP leader Azam Khan was awarded a three-year sentence in a hate speech case.

Immediately after this, RLD chief Jayant Chaudhary wrote a letter to Vidhan Sabha speaker Satish Mahana, asking why Saini had not been disqualified after being awarded jail sentence while Rampur MLA Azam Khan was disqualified immediately after the court sentenced him.

Vidhan Sabha sources claimed that while disqualifying an MLA did not come under the Speaker's purview, Khatauli's case had been referred to the law department to check whether the Supreme Court's order of 2013 was applicable on Saini's two-year imprisonment.

--IANS
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Patna, Nov 8 (IANS) The results of the Mokama and Gopalganj by-elections have sounded an alarm bell for both the RJD and the BJP in Bihar, showing nothing can be taken for granted as the victory margins reduced in a big way.

However, both the BJP and the RJD are claiming that the margin of defeat in Mokama and Gopalganj, respectively, was smaller compared to the 2020 Assembly elections.

Union Minister Giriraj Singh said: "The victory of (RJD's) Neelam Singh in Mokama was just over by 16,000 votes against BJP candidate Sonam Devi. In the last Assembly election, Neelam's husband and 'Bahubali' leader Anant Singh won the election with a margin of more than 36,000 votes. It is a clear indication that the BJP has gained political ground in the turf of Mokama. It is a victory for Anant Singh and not RJD."

On the other hand, deputy Chief Minister and RJD leader Tejashwi Yadav said: "The margin of defeat in Gopalganj was just 1,794 votes. In the last assembly election, the BJP candidate and late Subhash Singh defeated the RJD candidate by the margin of over 40,000 votes. RJD has emerged in a big way in Gopalganj and if others (AIMIM and Sadhu Yadav) wouldn't have played the role of 'vote-cutter', RJD would have won that seat as well."

RJD MP Ahmed Asfaq Karim blamed Asaduddin Owaisi-led AIMIM for the defeat in Gopalganj.

"Owaisi came here in Bihar and other states to defeat Mahagathbandhan. His party AIMIM is a national 'vote-katwa' (vote-cutter) party in the country. It is a B-team of the BJP to split the votes of minority. It was a job of Owaisi to come to Bihar from Hyderabad and defeat Mahagathbandhan. It is up to minority people to realise this fact and not give votes to parties like AIMIM in Bihar and other states."

Following the result in Gopalganj, there is a ray of hope for BJP to intrude into the 'MY' (Muslim Yadav) equation in 2024 Lok Sabha and 2025 Vidhan Sabha elections.

In Gopalganj, Sadhu Yadav's wife Indira Yadav contested the election on the ticket of BSP and obtained 8,853 votes while Abdul Salam of AIMIM got 12,212 votes.

The win of BJP is a huge setback for RJD and the grand alliance comprising seven parties in Bihar. Kusum Devi of BJP managed to achieve 70,053 votes, while RJD candidate Mohan Prasad Gupta has achieved 68,259 votes.

The two candidates fought neck to neck till the last round and finally the BJP candidate succeeded in the battle. The role of BSP candidate Indira Yadav who is wife of Sadhu Yadav and AIMIM candidate Abdul Salam cannot be ruled out in the victory of BJP. These two have turned as 'vote-cutters' for the RJD candidate in this close contest. RJD has the vote bank of Muslim and Yadav (MY) and these two candidates combined have bagged over 21,000.

--IANS
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New Delhi, Nov 8 (IANS) Centre on Monday amended the electoral bonds scheme through a gazette notification, facilitating their sale for 15 extra days during the "year of general elections to the legislative assembly of states and Union territories with legislature".

Prior to the amendment, only an additional period of 30 days was allowed to be specified by the Centre in the year of general elections.

Now under the Electoral Bond Amendment Scheme 2022, which came into being after the issuance of the gazette notification, an additional period of 15 days will be allowed in those years that have state elections also.

"An additional period of fifteen days shall be specified by the Central government in the year of general elections to the legislative assembly of states and Union territories with legislature," the gazette notification stated.

These bonds are sold four times a year during January, April, July and October for 10 days as notified by the government.

Electoral bonds allow political parties to accept money from donors whose identities are kept anonymous.

They are sold in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.

--IANS
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New Delhi, Nov 7 (IANS) The Enforcement Directorate (ED) on Monday said it has attached immovable and movable properties worth Rs 3.12 crore belonging to one Y. Ningthem Singh and his associates in connection with an investigation into a money laundering case related to massive fund embezzlement of the Manipur Development Society (MDS).

The ED initiated investigation on the basis of the FIR lodged by Imphal West Police under various sections of IPC, and section 13(2) of Prevention of Corruption against officials of MDS and other individuals in 2017.

There were allegations of misappropriation of MDS funds to the tune of more than Rs 169 Crore.

The ED learned during the investigation that huge amount of funds were embezzled and misappropriated from the MDS account by Singh, the then Project Director of MDS, in criminal connivance with his associates.

Later on, these diverted funds were transferred and laundered into various shell firms' accounts and other associates accounts.

Singh and his accomplices acquired several properties at different locations.

In this connection, six immovable properties worth Rs 3.04 crore and an amount of Rs 8,20,000 available in various bank accounts have been attached by the ED.

In this case, "ED has earlier frozen eleven different bank accounts on November 2021 related to the accused persons with a balance amount of Rs 41,53,489", an official said.

--IANS
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