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Direct cash transfer: EC asks government to defer its operation in Gujarat and Himachal

The Election Commission also expressed concern over the announcement and expected the union government to avoid doing so during the operation of model code of conduct

New Delhi: Voicing concern over announcement of direct cash transfer scheme during the operation of Model Code of Conduct, the Election Commission on Tuesday directed the union government to keep in abeyance its implementation in Gujarat and Himachal Pradesh where the poll process is on, reports PTI.

 

The three-member Election Commission met under the chairmanship of Chief Election Commissioner VS Sampath and considered the government's reply on the issue following its query and said the announcement was 'avoidable' during the election process.

 

The Commission also expressed concern over the announcement and expected the government to avoid doing so during the operation of model code.

 

"Taking into consideration of the above chronology of milestones of the scheme, the Commission is of the considered opinion that the aforesaid announcement was avoidable during the currency of the election process going by the letter and spirit of the Model Code of Conduct," the EC order said.

 

"The Commission further directs that all follow up and consequential steps towards the implementation of the scheme in respect of the four districts in the State of Gujarat and the two districts in the State of Himachal Pradesh, which are proposed to be covered in the first phase of implementation of the scheme, shall be kept in abeyance till completion of the election process in these two States," the order stated.

 

While considering the government's response to its query on the issue, the poll body said, "It is silent with regard to the justification sought by the Commission as to the necessity of announcement of the scheme at this juncture, when the Model Code of Conduct is in operation in Gujarat and Himachal Pradesh."

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Dena Bank scraps processing fee on home, auto loans till 31st December

Dena Bank cut its processing fee on home, auto, personal and gold loans till month end

 
Mumbai: State-run Dena Bank has scrapped processing fee for housing and auto loans for a limited period till month-end, reports PTI.
 
The fee on personal loans and gold loans have also been halved, a statement issued here said, adding the offer is valid till the end of the month.
 
Apart from that, it will also be giving a 50% concession in processing fee for trade finance scheme for credit facilities of up to Rs2 crore, it said.
 
Doctors availing credit facilities of up to Rs2 crore will also get to enjoy 50% cut in the processing fee, the bank said.
 
At present, the rate of interest for the bank's housing loans range from 10.45 to 11%, 11-12% for auto loans, while personal loans come at 13-14%, the statement said.
 
Demand from the corporate side has dried up due to gloomy economic conditions, which has forced bankers to shift focus towards the retail segment, where demand continues.
 

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SEBI-Sahara case: Supreme Court defers hearing till tomorrow

A bench headed by Chief Justice Altamas Kabir granted one more day to Sahara which sought additional time to make a statement on when it would return Rs27,000 crore invested by people in its two companies

 
New Delhi: Sahara group was on Tuesday given a day more by the Supreme Court to spell out when it would return Rs27,000 crore invested by people in its two companies, reports PTI.
 
A bench headed by Chief Justice Altamas Kabir granted one more day to Sahara which sought additional time to make a statement on the issue before the apex court.
 
Senior advocate Gopal Subramaniam, appearing for one of the Sahara group companies, made the plea following which the bench deferred the hearing of the case till tomorrow.
 
Sahara Group had been yesterday directed by the apex court to apprise it on the issue of refunding the money to investors.
 
The court had pulled it up for not refunding the money despite its order and had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to inform the court by today whether they would be able to refund the entire amount to their investors within a week.
 
Justice Kabir had come down heavily on the companies for not implementing the apex court's order and said they are not entitled to a hearing, but finally agreed to hear Sahara's plea saying he is more concerned about investors' money.
 

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