Nation
ED seizes Rs 7 cr of Delhi jewellers in Panama Papers case
The Enforcement Directorate on Thursday said it has seized Rs 7 crore of Delhi-based Mehrasons Jewellers in connection with its probe into the foreign exchange violations revealed in the Panama Papers leak case.
 
The ED in an official statement said it has seized Rs 7 crore lying in various bank accounts in India related to A.K. Mehra, Deepak Mehra, Shailini Mehra and Naveen Mehra of Mehrasons Jewellers of Delhi, which was its first seizure under Section 37 A of the Foreign Exchange Management Act, 1999.
 
The ED investigation revealed that huge amounts were sent out of India by the four accused by mis-utilizing the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India in the garb of making investments abroad. 
 
"The amount remitted outside India was given as interest-free loan in individual capacity by the said persons to two companies in the Bahamas and British Virgin Islands and later, transferred to a company in the United Arab Emirates, which is owned by one of said persons," the agency said. 
 
The agency also claimed that around Rs 10.54 crore was still illegally parked outside India by the said persons.
 
 
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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RIL, BP to invest Rs40,000 crore in energy projects in India
Reliance Industries (RIL) and British energy major BP on Thursday annnouced the creation of a joint venture energy vertical to work across the entire value chain, involving investment of $6 billion, or Rs 40,000 crore.
 
This would also develop their existing deep water gas fields in India's eastern offshore to bring to fresh production 1 billion cubic feet per day of natural gas by 2022.
 
"We will invest Rs 40,000 crore over many years as new investment to bring in 30-35 million cubic metres of gas in next three-to-five years and sustain it over seven-to-eight years," Reliance Industries Chairman Mukesh Ambani said at a press briefing here. 
 
The "solid relationship between our two companies is a great example of what can be achieved while working together at scale", he added.
 
Ambani said RIL was investing together with its eastern offshore KG basin gas fields' consortium partner BP after a gap of 6 years.
 
The first project of the tie-up is to develop already discovered R-series gas fields in Block KGD6, approximately 70 km off India's east coast. A dry gas development project in water-depths of more than 2,000 metres, the project is expected to produce up to 12 million cubic metres of gas a day after going on-stream in 2020.
 
"India holds great promise for future," BP CEO Bob Dudley said, adding that tie-up was an important step for BP in India. 
 
"Reliance and BP are now able to develop these major deep water gas resources offshore India efficiently and economically. It is testament to our commitment to working in partnership with Reliance and with the government to produce more energy in India, for India," he said.
 
BP plans to submit development plans for the next two projects for government approval before the end of 2017. Development of the three projects is expected to bring a total 30-35 million cubic metres of gas a day onstream, phased over 2020-2022. 
 
India consumes over 5 billion cubic feet (141.5 million cubic metres) a day of natural gas.
 
Earlier, Dudley met Prime Minister Narendra Modi.
 
Apart from the three projects, the two companies have also agreed for strategic cooperation, under which they will jointly explore options to develop differentiated fuels, mobility and advanced low carbon energy businesses in India, Ambani said.
 
BP had entered into a partnership with RIL in 2011 with a 30 per cent stake in multiple oil and gas blocks operated by RIL in India, including KGD6. Since then, the two companies have invested over Rs 10,000 crore ($1.6 billion) in deepwater exploration and production up to May 2017, according to information given by RIL.
 
Queried multiple times about their ongoing arbitration disputes with the Indian government, the consortium said that it were the change in policies made by the current NDA government that had guided this investment decision designed to meet the energy needs of the Indian consumer, which effort would then be upscaled at a global level.
 
"We still have some pending arbitrations and we hope to follow this legal process to conclude these within the framework of the law," Ambani said, referring to the arbitrations cases on shortfall in KG-D6 targeted gas output and on alleged seepage of gas from contiguous fields of state-run ONGC.
 
"We're pretty sure of a fair outcome of these proceedings, and which will not come in the way of future investments. Because you have arbitration, you don't stop all businesses," he added.
 
Dudley pointed out that a lot of such arbitration issues crop up around the world, which are then resolved. He said the change in government policies over the last few years had chiefly guided this major investment decision and also expressed satisfaction over the pricing policy for domestic natural gas for producing from difficult deep sea areas.
 
 
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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No stay on cattle slaughter ban but SC seeks government explanation
The Supreme Court on Thursday did not put on hold an order banning the sale of cattle for slaughter but sought an explanation from the government if the controversial notification, which has invited widespread opposition -- even from within the BJP, was unconstitutional and violated the right to food, privacy and personal liberty of Indian citizens.
 
A vacation bench of Justices R.K. Agrawal and S.K. Kaul, hearing a petition by a Hyderabad-based advocate who had challenged the ban order, asked the central government to file its response within two weeks. The court fixed the matter for hearing on July 11.
 
The lawyer, Mohammed Abdul Faheem Qureshi, challenged the May 26 notification as "arbitrary, illegal, and unconstitutional" and contended that it was "against the freedom of religious practice to sacrifice the animals" and violated the right to food, privacy and personal liberty guaranteed by the Constitution.
 
Qureshi said the notification by the Environment Ministry noted that the "slaughtering of animals for food, the foods and culinary made out of such animal flesh and offering sacrifice of animals is a part of cultural identity of such communities, which is protected from any legislative or executive encroachment (and) is not subjected to any restriction by the framers of the Constitution".
 
The petitioner also argued that the purchaser of cattle "shall not sacrifice the animal for any religious purpose" was contrary to the Prevention of Cruelty to Animals Act, 1960, whose Section 28 says it is not an offence to "kill any animal in a manner required by the religion of any community".
 
As Additional Solicitor General P.S. Narasimha wanted to make a statement on the intent behind the notification, the court asked him to say all that the government had to in response. 
 
Narasimha told the bench that the intent behind the notification was to bring into existence some kind of regime regulating the sale of cattle for purposes other than livestock.
 
The government notification has triggered widespread opposition across the country. Many politicians, including those from the BJP, have also raised concern over the move because it would cause huge economic burden on cattle farmers and traders in India -- the biggest seller of buffalo meat in the world.
 
According to estimates, India exported $4 million worth of meat last year.
 
Union Environment and Science Minister Harsh Vardhan, meanwhile, said the government was trying to clear the confusion and was re-examining the order.
 
"The Supreme Court said what we have been saying for very long. In the days to come, we will give an answer to all of this," Harsh Vardhan told reporters here after the Supreme Court notice.
 
He said the Environment Ministry notification -- Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules, 2017, under the Prevention of Cruelty to Animals Act -- was "misunderstood" as the government did not intend to force people to change their food habits.
 
"We have already said that whosoever has any concern related to this issue, we will seriously and honestly address those," the Minister said.
 
"We will put a positive action in place to address every concern and ensure that not even a single person has heartburn on the issue."
 
Union Minister for Law and Justice Ravi Shankar Prasad said the government notification was not intended to change peoples' eating habits but there was a need to strike a balance since a very large number of people in India revere cows.
 
"We should not forget that a very large section of people respects and reveres cows... we can't control the food habits of people. There has to be a balance," Ravi Shankar Prasad said.
 
The Law Minister referred to the Constitutional clause, saying: "The State shall... take steps for preserving and improving the breeds, and prohibiting the slaughter, of cows and calves and other milch and draught cattle".
 
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

Deepak Narain

1 week ago


It is the height of ingratitude to kill some one who has fed us, taking the life of those who have sustained our life. A day might come when people will seek legal approval to kill their old parents as an unproductive economic liability. They would seek to kill them (Muslims will do the Halal way) and consume/sell their body parts. It would give rise to an era of approved cannibalism. In the Hindu way, all life is sacred and we must respect it as we expect for ourselves. The animals also feel happiness, fear and pain. Killing is sinful and will be punished by God.

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