Companies & Sectors
Hyundai to increase prices across models
Automobile manufacturer Hyundai Motor India (HMIL) on Friday said that it will increase the prices of all models across its entire range from August 16.
 
The company pointed out that the depreciation in rupee's value and increase in input cost mandated the move. 
 
"The rupee depreciation and increase in raw materials cost have impacted our overall costs," said Rakesh Srivastava, Senior Vice President, Sales and Marketing, HMIL.
 
According to Srivastava, the prices will be increased from Rs 3,000 to Rs 20,000 across models.
 
"We have been absorbing most of the costs but now we are compelled to consider the price increase. We will be increasing the prices from August 16, 2016 by Rs.3,000 to Rs.20,000 across models," Srivastava added.
 
Currently the company offers ten car models across segments -- Eon, i10, Grand i10, Elite i20, Active i20, Xcent, Verna, Creta, Elantra and Santa Fe.
 
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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Illegal sand mining is endangering bridges, Awaaz Foundation demands full investigation
Illegal sand mining is said to have weakened the foundation of the bridge across Savitri river near Mahad, causing it to collapse, say activists. Earlier, it was reported that illegal mining of the Vaitarna river bed is endangering the railway bridge under Western Railways that is used by thousands of long distance commuters including the Rajdhani Express passengers. Callous government officials are turning a blind eye to rampant illegal sand mining, which is endangering bridges and lives of commuters. 
 
The tragic collapse of the bridge at Mahad, which had been recently certified as fit has thrown the spotlight on the incessant illegal sand mining and dredging that is rampant in the region and across the state. Sumaira Abdulali of Awaaz Foundation has written to the chief minister Devendra Fadnavis asking for a "full investigation into the possible role of sand mining leading to weakening of infrastructure such as bridges and endangering the lives of rail and road travellers”, which should include "previous occasions of bridge collapse and complaints filed by the Western Railway, Awaaz Foundation and locals at various locations".
 
In her letter Ms Abdulali writes that, "The Savitri River at Mahad is one of the many areas being misused to dredge massive quantities of sand. Sand mining sites even not directly next to the collapsed bridge, but when placed upstream and downstream of a bridge, may change the flow and increase the force of the river. Such changes could have contributed in washing away the bridge which has survived the force of nature for decades since the British era and was recently certified as safe.”
 
In 2011, a bridge at Vaitarna Creek was damaged due to sand mining at its base. The Western Railway wrote to the Government about the dangers of allowing sand mining to continue. In spite of this, a huge amount of sand continued to be extracted from the area”. Photographs take by Ms Abdulali below show that a Police chowky exists right next to the railway bridge where sand is stored in large heaps and mining continued for years directly at the base of the bridge. 
 
Major newspapers too have reported that the illegal mining of the Vaitarna river bed is endangering the railways bridge on the Western Railways that is used by thousands of long distance commuters including the Rajdhani Express. The Railways have reportedly issued a warning in 2012 with no action from the State, and a second notice has been sent on 4th June, describing bridge number 92 as being in an "endangered condition” between Saphale and Vaitarna river due to sand mining. While the railways is merely sending out notices, without stopping service and the state remains indifferent, the lives of innocent people are at risk. 
 
Ms Abdulali further writes, "Over the years, I have continued to monitor illegal sand mining sites in various coastal areas of Maharashtra. Many of these sites are in the vicinity or directly next to railway and road bridges. Sand mining in Navi Mumbai, Vaitarna Creek, Bassein Creek, Thane Creek and Savitri River all continue close to bridges and often using suction pumps.” Ms Abdulali provides photographs as recent as May 2016, of sand mining at Vaitarna creek and Mahad immediately next to road and railway bridges. Site visits since 2010 confirm that this activity has been continuous since then.
 
 
In her letter she further highlights that, “Recently, in spite of repeatedly bringing illegal sand mining to the attention of the State Government, Bombay High Court Orders and National Green Tribunal Orders to control sand mining and numerous complaints of local villagers and myself, the Maharashtra State Government has seen fit to permit sand dredging using suction pumps at some locations through a change in policy". 
 
Ms Abdulali reminded the CM that she was attacked by the sand mafia at the Tol Bridge at Mahad in the same general area as the collapsed bridge. Unbridled sand mining in the vicinity of bridges may be a major contributing cause and cannot be ruled out. Awaaz Foundation requests that such investigation takes note of the various previous occasions of bridge collapse and complaints filed by the Western Railway, and locals at various locations.
 

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COMMENTS

Deepak Narain

4 months ago

The present kind of 'free for all govt' helps only the corrupt, criminals and rich. The law and its long-drawn procedures are so framed that justice is seldom done and is very long- drawn. It suits our politicians well. They take care of each other. Mr Modi finds it very convenient for his short-term objectives. Rapes and crimes can be stopped within a month if the powerful mean business. I can do that. Only sincerity is needed. This is a golden opportunity for the BJP govt and is being frittered away. Hinduism, Hindus, Hindi and senior citizens - all are suffering.

Dr.MAHESH K MANDHYANI

4 months ago

WE ALL SHOULD SUPPORT SUCH ILLEGAL ACTIVITIES AROUND US.

D S Ranga Rao

4 months ago

''................however, no VIPs were reportedly involved in the accident.........'' used to be the refrain of the news reporters and officials which used to comfort the government whenever a major accident happens. So, illegal sand mining or any other illegal activity that always costs the lives of innocent poor people does not matter to government that is full of irresponsible and unaccountable public servants.

How the credit linked subsidy scheme- CLSS works
The Pradhan Mantri Awas Yojana (PMAY)– Housing for All aims at addressing the shortage of 20 million slum and non-slum urban poor households, by 2022. Under the PMAY, central assistance will be provided to the Urban Local Bodies (ULB) and other implementing agencies through union territories (UT) and states for the following –
 
  1.  In-situ rehabilitation of existing slum dwellers using land as a resource through private participation 
     
  2. Credit linked subsidy scheme (CLSS)
     
  3. Affordable housing in partnership 
     
  4. Subsidy for survey-led individual house construction or enhancement
 
Among the above CLSS is the only scheme that is implemented as a central sector scheme, rest will be implemented as a central sector sponsored schemes. The CLSS is aimed at increasing the institutional credit flow to the housing needs of the urban poor as a demand side intervention. 
 
This Scheme is being implemented through two central nodal agencies – National Housing Bank (NHB) and Housing Urban Development Corp (HUDCO). Till date the Scheme has drawn a lot of traction from the housing finance industry with 185 primary lending institutions registered under the scheme, mostly represented by housing finance companies (HFCs). 
 
This Scheme, certainly, would address the demand size issues of the affordable housing finance segment but there is matter of concern when it is looked at a bit closer. Under this scheme, upon the receipt of the subsidy, the entire amount is reduced from the effective loan amount at the inception of the tenure, which means the borrower will have to pay off only to extent of the principal, arrived at, after the adjustment of the principal. If the borrowers think of repaying the principal amount before the end of the loan tenure, the very intent of this Scheme will be defeated. 
 
Let us understand this with the help of an example – say a homebuyer borrows Rs100 from an HFC against which a subsidy of Rs10 is allowed under the Scheme; therefore, the borrower will actually have to pay back Rs90 towards the principal. Now if the borrower decides to prepay the loan, it will have to pay principal to the extent of Rs90, while it received Rs100. So there will be a gain of Rs10 in the hands of the borrower.
 
However, the merits in this Scheme are far more to cover this drawback.
 
The Scheme
 
The CLSS is applicable only for affordable housing loans availed by Economically Weaker Sections (EWS) and Low Income Groups (LIG) seeking housing loans from banks and housing finance companies and such other institution as may be eligible to be a part of this scheme. 
 
Here the amount of interest subsidy allowed by the central government is apportioned directly against the principal outstanding of the loan amount at the very inception of the loan tenure.
 
The quantum of interest subsidy will be at a rate of 6.5% for a tenure of 15 years or during the tenure of the loan, whichever is shorter, which is to be discounted at the rate of 9%. Let us understand this by way of an example.
 
Principal – Rs1 lakh
 
Tenure – five years or 60 months
 
Rate of interest – 13% 
 
The interest rate subsidy at the rate of 6.5% is to be calculated at the rate of 6.5% for a period of 60 months using the “IPMT” formula in Excel. The figures will look like – 
 
 
The figure, as calculated above, is same as that of the amount of subsidy shown by the calculator prepared by the central government in this regard.
 
 
There are additional conditions which should be satisfied in order to avail benefits under the Scheme and they are –
 
  1. Subsidy shall be available only in case of loans up to Rs 6 lakh;
     
  2. Credit linked subsidy would be available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing;
     
  3. The carpet area of houses being constructed under this component of the mission should be up to 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy.
 
(Abhirup Ghosh works as Senior Manager at Vinod Kothari Consultants P Ltd)

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