The Supreme Court’s vacation bench has rejected a plea submitted by Ashwini Kumar Upadhyay, a lawyer, for an urgent hearing of his petition challenging the RBI’s order permitting the exchange of Rs 2,000 notes without the need for identity proof. The bench instructed Upadhyay to mention the matter after the summer vacations before Chief Justice of India. Upadhyay had originally filed the PIL in the Delhi High Court (HC) challenging the RBI’s notification of 19 May and the SBI’s of 20 May, permitting exchange without identification slips. However, the Delhi HC dismissed the initiative.
BJP accused of misusing I-T, CBI, and ED in Tamil Nadu by Stalin
Tamil Nadu Chief Minister M.K. Stalin has accused the BJP government of misusing regulatory agencies such as Income Tax, Central Bureau of Investigation (CBI), and the Enforcement Directorate (ED) in the state. Stalin made these allegations upon returning from a nine-day trip to Singapore and Japan. Speaking to reporters, he claimed that the Centre was taking revenge on opposition governments and political leaders. He was asked to comment on the searches conducted by the Income Tax department on the premises of individuals associated with the state excise minister, Senthil Balaji. Stalin also commented on the Sengol installation in Parliament and pointed out that historians had rejected the claim of it being of Chola lineage. He also confirmed that Arvind Kejriwal and Bhagwant Mann, the chiefs of Delhi and Punjab, respectively, were planning to meet him in Chennai, and efforts to coordinate opposition parties were underway. The DMK leader also reiterated Tamil Nadu’s stance on the Mekedatu dam issue and touched upon several MoUs signed during his foreign trips, which were expected to bring investments worth Rs 3,233 crore and generate employment opportunities for 5,000 people in the state.
Punjab Chief Minister Refuses Z Plus Security from the Centre, Trusts Local Police
Punjab Chief Minister Bhagwant Mann has declined the Z plus security cover offered to him by the Centre, stating that he has confidence in the state police. The Chief Minister’s office has sent a letter to the Union Home Ministry stating that he is protected by the Punjab Police special team in both Punjab and Delhi and therefore does not require additional security from a Central security force. The decision to decline the Z plus security comes after the Centre announced plans to provide elaborate security cover to Mann due to possible threats to him domestically and abroad. The Chief Minister’s office stated that accepting the Central security cover would convey a lack of confidence in the Punjab Police, which they do not want to portray.
SEBI Tightening FPI Disclosure Rules Previously Diluted for Adani’s Benefit: Congress Alleges.
India’s capital markets regulator, Securities and Exchange Board of India (SEBI), is proposing to mandate additional disclosure for high-risk Foreign Portfolio Investors (FPIs) to prevent possible circumvention of the Minimum Public Shareholding requirement. The SEBI observed that some FPIs have concentrated a substantial portion of their equity portfolio in a single investee company, with these holdings being maintained for a long time. The regulator has proposed obtaining granular information from high-risk FPIs that have concentrated equity holdings in single companies or business groups. However, the Congress has claimed that the regulator is now looking to tighten the very rules that it was forced to dilute in 2018 to benefit the Adani Group. Congress has been seeking a joint parliamentary committee probe into the Adani matter after Hindenburg Research levelled allegations of fraud, stock manipulation, and money laundering against the Adani group. While the group has denied all allegations, the Supreme Court constituted an expert committee for assessment of the extant regulatory framework and asked stock market regulator SEBI to complete its probe into allegations.
Asia Markets Rise as US Fed Considers Pause and House Clears Debt Deal
Asia markets have opened higher on Thursday, with investors keeping an eye on the Federal Reserve amidst the ongoing spread of the Delta variant. In India, gross domestic product (GDP) expanded 6.1% year on year from January to March, faster than expected by economists. However, the US saw all three major indexes close lower on Wednesday, as the Dow industrial average fell by -0.40% and NASDAQ index fell by -0.63%. The US House voted on Wednesday night to pass its debt-ceiling relief deal, ensuring a limit increase to keep funding on track. Eurozone CPI is the key release to watch ahead. Oil prices dipped for the third straight session due to an unexpected, large build in US crude stocks along with signs of weaker Chinese demand. Meanwhile, gold prices held steady as investors assessed the Federal Reserve’s interest rate outlook following a critical vote on the US debt ceiling. Spot gold was supported by a pullback in the US dollar and held at $1,963.99 per ounce.
Energy, Economy and Infrastructure on Agenda for Talks Between PM Modi and Nepal PM
The talks between Prime Minister Narendra Modi and Nepalese Prime Minister Pushpa Kamal Dahal ‘Prachanda’ will involve discussions on energy, economic, and infrastructure matters. The discussions will focus on deepening power sector cooperation through new initiatives, with the aim of transforming the ties between the two countries. The India-Nepal Joint Vision Statement on Power Sector Cooperation, signed in April 2022, will be reviewed since Nepal has been exporting over 450 MW of electricity to India. Also, Indian firms have shown keen interest in developing hydropower projects in Nepal. The progress made by large infrastructure projects in Nepal such as the Arun III hydropower project, Gorakhpur-Butwal 400 kV cross border line, ICP in Nepalgunj- Rupaidiha and Bhairahawa-Sunauli, and the Railway projects Jayanagar-Bijalpura-Bardibas and Jogbani-Biratnagar rail link, will also be evaluated. The two leaders will also review how to strengthen the financial connectivity between the two countries, and foster people-to-people and cultural ties.
Experience Relaxation at Avas Wellness Center and Spa in Alibaugh – Business News
Alibaugh, Maharashtra, is becoming a popular destination for luxury construction with villas being developed for famous names like sports personality Virat Kohli and Axis Bank MD Amitabh Chaudhry. Avas Living plans to launch a state-of-the-art Wellness Center and Spa in 2024, promising to be a place where wellness and fitness enthusiasts can come together to reconnect and rejuvenate. Located 10 minutes from the Mandwa Jetty, the Wellness Center and Spa will offer workshops on meditation, yoga, and Ayurveda nutrition, as well as therapies such as Cryotherapy, acupuncture, IV therapy, and infrared treatments. The Center will also launch a membership program for villa owners and Alibaugh residents who want to enjoy the Avas way of life, including innovative activities for families and children. The founder, Aditya Kilachand, envisions the Center as the center of the community for Avas and Alibaugh, a place where like-minded people who share similar views on wellness can come together to experience the best and feel their best.
Karnataka to receive second Vande Bharat train in July as per Union Minister
According to Union Minister for Mine, Coal and Parliamentary Affairs Pralhad Joshi, Karnataka will receive its second Vande Bharat Express train in July. The train will travel between Bengaluru and Dharwad, connecting north Karnataka with the state capital. Speaking in Hubballi, Joshi confirmed that preparations for the service were complete and the Union railway minister has given assurances of its inauguration by July. The Vande Bharat Express debuted in south India in a service between Mysuru and Chennai, with Pralhad Joshi highlighting the benefits of the rail service to the people of Hubballi and Dharwad.
Elon Musk Regains Title of World’s Wealthiest Person in Business News
According to Bloomberg Billionaires Index, Elon Musk has again become the world’s richest person, surpassing Bernard Arnault, the CEO of French luxury brand Louis Vuitton. Musk’s net worth as of Thursday was around USD 192 billion, while Arnault’s was USD 187 billion. This index is a daily ranking of the wealthiest person globally, and its figures get updated every trading day in New York.
Musk’s wealth increase can be partly attributed to the latest surge in Tesla’s stock prices. Its value rose approximately 89% so far in 2023. Previously, Arnault overtook Musk in the world’s richest person list in December 2022, but Musk reclaimed the position in late February.
The index data also showed Jeff Bezos and Bill Gates’ net worth at USD 144 billion and USD 125 billion, respectively.
National Road Safety Hackathon Organized by IIT Madras and Renault Nissan Technology and Business Centre India
The Indian Institute of Technology Madras (IIT Madras) and Renault Nissan Technology and Business Centre India (RNTBCI) recently hosted a national hackathon called ‘HACK-CIDENTS’ to address the critical issue of road safety in India. The event invited teams comprised of college students and young professionals with various skills to participate with the aim of reducing the number of fatalities caused by road accidents. The Ministry of Road Transport and Highways (MoRTH) is seeking to partner with startups working in the field of road safety to find new solutions to existing road safety problems quickly. Students from various colleges competed in the final round at IIT Madras, where the top three winners were chosen. The winning teams included Team Megami who designed a device to measure collision shockwaves and report details of the accident to help centers and family members, Team Forage who developed a pothole location and drowsiness detection alerting system, and Team Bolt who proposed a collision avoidance system compatible with all four-wheelers. The hackathon was a successful example of how CSR projects can help make a positive difference in the real world.
