Citizens' Issues
Country's first e-court opened at Hyderabad High Court
India's first e-court was Sunday opened at High Court of Judicature at Hyderabad, which is the common high court for the states of Telangana and Andhra Pradesh.
 
Inaugurating the e-court, Supreme Court judge Justice Madan B. Lokur said Telangana and Andhra Pradesh were first two states in the country to be chosen for Integrated Criminal Justice System (ICJS) project.
 
While noting that the two states made lot of progress in technology, he said it was one of the reasons for the decision to launch the ICJS, a "system which is going to integrate police stations with the courts, with jails, with the prosecution and with the forensic science laboratories".
 
Justice Lokur, who heads the e-Committee of the Supreme Court, said modalities of the system will be worked out at a meeting scheduled on July 28, and he was impressed with the e-court at Hyderabad High Court.
 
"It is not only the e-court in the sense it is fully computerised but it also a paperless court. We spent few minutes understanding the system and I tried my hand at using the technology. It's extremely user friendly.
 
I will encourage all judges to try it," he said
 
"During this coming week I am going to try and introduce this in Supreme Court as well. If it happens in the Supreme Court, you (Telangana and Andhra Pradesh high court) can take all credit for it," he said.
 
Stating that technology today is much better, he exuded confidence that all judges will be able to use it easily. He hoped that there will be more e-courts in near future.
 
Justice Lokur said a huge amount of progress has been made in this high court over couple of years due to the keen interest taken by the chief justice.
 
"Things dramatically changed over last 3 or 4 years. The team effort led to this change. The e-committee trying to supplement this team effort," he added.
 
He said the purpose of e-courts was to ensure speedy justice for the litigants. He stressed the need to appoint staff for paperless courts and advised judges to focus on online data entry.
 
High court incharge Chief Justice Dilip B. Bhosale, judges of the high court and senior officials were present.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

manoharlalsharma

7 months ago

Each and Every thing available on e...but,ask the conman citizen how far he can able to coup with system?so my humble request is to get educated people first.

Enter helicopter money: Global central bank's post QE era ammunition
Move over Brexit. The big talk in the financial markets right now is a meeting between former US Fed chairman Ben Bernanke and Japanese Prime Minister Shinzo Abe and his key economic advisors last week.
 
Bernanke, also dubbed 'Helicopter Ben' since the early 2000s after advocating tax cuts financed by money creation to fight deflation, is a leading academic voice on the rather exotic topic of helicopter money.
 
Even after pumping in trillions of yen into the financial system and delaying a scheduled sales tax hike to 2019, Japanese policymakers have had little or no effect in restoring growth and inflation. It is important to remember that in terms of the percentage of the monetary base, Japan has undertaken the largest quantitative easing (QE) programme -- much larger in relative terms than the US Federal Reserve and the European Central Bank (ECB).
 
It was actually the legendary Chicago economist Milton Friedman who introduced this concept in 1969 in his paper titled 'The Optimal Quantity of Money'. Friedman wrote: "Let us suppose now that one day a helicopter flies over this community and drops an additional $1,000 in bills from the sky, which is, of course, hastily collected by members of the community. Let us suppose further that everyone is convinced that this is a unique event which will never be repeated."
 
The basic thinking behind this economic idea is that if a central bank wants to raise inflation and output in an economy running significantly below potential, one effective tool is to simply give everyone direct money transfers. In theory, people would see this as a permanent one-off expansion of the amount of money in circulation and would then start to spend more freely, increasing broader economic activity and pushing inflation back up to the central bank's target. (which is two per cent in Japan's case).
 
We are witnessing arguably the most unique conditions in the financial markets: stocks and bonds are both at all-time highs. Trillions of dollars of debt is negative-yielding but fixed income is still the best performing asset class. Some market participants are building long positions in gold as the global economic recovery is running out of steam and more action in terms of cheap money injection is expected from central banks. But rates can't go much lower than where they currently are and more QE is clearly not the answer -- looking at the economic data out of Europe and Japan.
 
Thus, we should expect the talk of helicopter money and its effect on asset markets to be one of the most hotly-debated topics in the financial world in the coming weeks and months.
 
What do we need to know about helicopter money? Initial introduction and thoughts:
 
Firstly, we need to understand that in theory, this is a fiscal policy financed by monetary policy -- an expansionary fiscal policy financed by the central bank's balance sheet. Unlike debt-financed fiscal programmes, a money-financed programme does not lead to increased future tax burdens. So, it requires the central bank and the government to work together and coordinate policy responses. This is not always easy as we saw when US debt ceiling stand-offs between Democrats and Republicans in Washington effectively pushed back against the efforts of the Federal Reserve to keep the country's economic recovery on track.
 
What also follows from the very construct of helicopter money is the scary fact that when governments become used to being able to fund tax breaks or investment projects with newly-printed money, they might decide that the tool is too useful to give up, even in good times. 
 
Secondly, how is this different from QE? And why can it be more helpful to the real economy? Economists argue that the major difference between QE as it has been carried out and helicopter drops as envisaged by Friedman is that the vast majority of purchases have been asset swaps, where a government bond is exchanged for bank reserves. While this has lowered government borrowing costs, its transmission to the real economy has been indirect and underwhelming. Direct transfers into people's accounts, or monetary-financed tax breaks or government spending would offer one way to increase the effectiveness of the policy by directly influencing aggregate demand rather than hoping for a trickle-down effect from financial markets.
 
Thirdly, as economist Willem Buiter points out, there are three conditions that must be met for helicopter money to boost aggregate demand. 1) There must be benefits from holding fiat base money other than its pecuniary rate of return. 2) Fiat base money is irredeemable: it is viewed as an asset by the holder but not as a liability by the issuer. This is necessary for helicopter money to work even in a permanent liquidity trap, with risk-free nominal interest rates at zero for all maturities. 3) The price of money is positive.
 
The idea of helicopter money and the framework which policymakers will likely deploy in the coming time may be slightly different from Friedman's idea depending on market conditions as well as the desired objectives. But one thing is certain. If QE fails, helicopter money will be dropped by major global central banks.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Can the bulls take Nifty, Sensex higher? Weekly Closing Report
We had mentioned in last week’s closing report that Nifty, Sensex were to move sideways to down. The major indices of the Indian stock markets have ended up over the week. The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
Positive global cues and fresh buying support lifted the Indian equity markets on Monday as buying support was seen in interest sensitive stocks like automobiles and banks.  The BSE market breadth was skewed in favour of the bulls -- with 1,718 advances and 1,040 declines. Iron ore producer NMDC Ltd. on Monday said its production has grown by about 28% and sales have increased nearly 17% in the April-June quarter of the current fiscal. The shares of NMDC closed at Rs96.25, up 1.69% on the BSE. UK's decision to exit the European Union will not have any significant credit impact on India and other countries in the Asia Pacific region, Moody's Investors Service said on Monday. However, in case of countries where fiscal and monetary policy space is constrained, a shift in portfolio and/or banking flows in some Asia Pacific markets might hurt growth, said the credit rating agency.  While the fiscal and monetary policy space is constrained in India its exposure to external financing is limited, it said in its latest report.
 
Positive global cues, combined with short covering and healthy monsoon rains, buoyed the Indian equity markets to new intra-day highs in the last 11 months on Tuesday as buying was witnessed in banking, metal and consumer durables stocks. However, the BSE market breadth was tilted in favour of the bears -- with 1,519 declines and 1,243 advances. However, gains were capped due to profit booking at higher levels and uncertainties over upcoming macro-economic data like factory output -- Index of Industrial Production (IIP) -- for May and inflation figures for June. 
 
Coal India Board approved a buyback of over 10 crore shares at a price of Rs335 per share for an aggregate consideration not exceeding Rs3,650 crore, the company said on Tuesday. The buyback offer is, however, subject to approval from shareholders and other regulators and government authorities. But Coal India shares closed at Rs316.85, down 1.14% on the BSE.
 
Profit booking, coupled with disappointing macro-economic inflation data and lower crude oil prices, subdued the Indian equity markets on Wednesday. Consequently, the key indices closed the day's trade on a flat note, as selling pressure was witnessed in automobile, consumer durables and capital goods stocks. The NSE Nifty market breadth was skewed in favour of the bears -- with 17 advances and 34 declines.
 
On Wednesday, initially the benchmark indices opened on a higher note, in-sync with their Asian peers. However, equity markets soon ceded their initial gains as a weak rupee and disappointing inflation figures for June eroded investors' confidence. Nifty traded on a flat note. Banking and pharma sector stocks traded with mixed sentiments on profit booking.
 
Disappointing macro-economic data and mixed global cues subdued the equity markets on Thursday. Consequently, both the indices traded on a flat note. Buying was witnessed in banking, consumer durables and capital goods sectors, whereas stocks of information technology (IT) faced selling pressure. The BSE market breadth was tilted in favour of the bulls -- with 1,533 advances and 1,016 declines.
 
On Friday, key Indian equity markets were suppressed by a weak rupee and poor results from Infosys. Indian IT major Infosys on Friday reported double-digit net profit and revenue for April-June quarter, but lowered annual revenue guidance in dollar value, resulting in its stock plunging on the bourses. Though consolidated net profit grew 13.4% year-on-year to Rs3,436 crore and revenue 16.9% to Rs16,782 crore for the quarter under review, the IT company lowered dollar guidance for fiscal 2016-17 to 10%-11.5% from 11.8%-13.8% projected in April due to currency volatility and headwinds. The revised revenue outlook is based on June 30 exchange rate of Rs67.53 per dollar and 10.8%-12.3% on March 31 exchange rate of Rs66.26 per dollar. In constancy currency, consolidated revenue for the fiscal is expected to grow 10.5%-12% at June 30 dollar rate. The key indices closed the day's trade in the red, as selling pressure was witnessed in IT (information technology) and TECK (media, entertainment and technology) stocks. However, the losses in the major indices were less than 0.50% over Thursday’s close.

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