Regulations
Land bill in sync with environment: PM

PM Modi said environment protection and development can go "hand in hand" but expressed disappointment that "lies" were being floated around in this regard

 

Seeking to scotch "lies" about the controversial land acquisition bill, Prime Minister Narendra Modi on Monday declared that it rather synergized India's growth imperative with the need to protect the environment as tribal and forest land has been kept out of its purview.
 
Inaugurating state environment and forest ministers' conference here, Modi said environment protection and development can go "hand in hand" but expressed disappointment that "lies" were being floated around in this regard.
 
Giving the example of the land bill, he said: "The provisions of the bill do not touch tribal and forest land. But serious misconceptions and lies are being spread about it."
 
He urged those spreading such "lies" to desist from doing so and added that their attempts to "misguide society are harming the nation".
 
The two-day conference, also attended by union Environment Minister Prakash Javadekar, seeks to focus on issues of air pollution and confer better techniques of solid waste management and sewage water treatment.
 
It will also discuss the recommendations of a report by a high-level committee, headed by former cabinet secretary T.S.R. Subramanian. The committee recommended that country's green laws be reviewed.
 
Reflecting on the union environment ministry's expectations from the meet, Javadekar said he hoped all states would partner with the central government in its effort to protect the environment.
 
"We have planned for quite an intensive interaction on all important issues of forest and environment conservation. We will definitely have a good, working outcome," Javadekar told IANS.
 
Modi also said India was ready to take the lead in fight against climate change but "people who lecture us on environment and the use of cleaner energy don't give us nuclear fuel (for clean energy)".
 
"These are double standards," he said, adding that India has to take lead in thinking of ways to protect the environment.
 
"We must think of traditional methods to tackle environmental issues. There can be green solutions in our age-old traditions," he said.
 
The prime minister sought to clear the "wrong impression" of India that it was not serious on environmental issues, saying the country had a culture in which the environment was equal to the divine.
 
Modi urged urban bodies to focus on solid waste management with programmes to generate wealth from it, adding that such authorities could recycle waste water and send it to farmers, who in turn would make use of it and provide other services like growing organic vegetables, which would make life easier for all.
 
The prime minister, who was presented a report on the status of tigers in India, expressed satisfaction on the increase in their number, adding that it reflects "India's commitment to respect for nature".
 
He also released a "Standard Terms of Reference for Environment Impact Analysis", which was described by Javadekar as a step towards ensuring "ease of doing business".
 
Modi also launched a National Air Quality Index, which will enable people across India to track the quality of air they breathe with the click of a button.
 
Available on the ministry's website after the launch in 10 cities in the first phase, the colour-coded index indicating air quality will provide real-time data detailing the level of pollution in a given city.

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ED files charge sheet in Rose Valley ponzi scam

The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate

 

Arrested Rose Valley group chairman Gautam Kundu was among the six people named in the charge sheet filed by the Enforcement Directorate in the Rose Valley ponzi scam on Thursday.
 
The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate.
 
Arrested March 25 by the ED under the Prevention of Money Laundering Act for mobilising public money without proper sanction of the SEBI, Kundu was sent to 10 days judicial custody on Tuesday.
 
The corporate affairs ministry in 2013 had named Rose Valley as one of the 73 companies involved in ponzi schemes in West Bengal.
 
Having cast its net across the states of Bengal, Tripura, Assam, Odisha, Jharkhand and Maharashtra among others, the company is alleged to have raised close to Rs.15,000 crore.
 
Found the company guilty of running "collective investment scheme" without necessary approvals, the SEBI in June 2014 had ordered it to refund the money to the investors and barred it  from accessing the securities market.
 

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Infrastructure lending should not override national security: Rajan

"The required national push to finance infrastructure should not override financial stability, which is key to national security," RBI Governor said.

 

Warning of excessive lending to infrastructure posing a possible threat to the country's security, RBI Governor Raghuram Rajan on Thursday said such loans should not override overall financial stability, which is "key to national security".
 
"The nation has enormous financing needs in infrastructure, and far too many of our banks already have too much exposure. Big corporate infrastructure players have also taken too much debt," Rajan said at the event to mark the 80th anniversary celebrations of the Reserve Bank of India, attended, among others, by Prime Minister Narendra Modi and Finance Minister Arun Jaitley.
 
"The required national push to finance infrastructure should not override financial stability, which is key to national security," he added.
 
The non-performing assets (NPAs), or distressed loans of banks in the country stood at over Rs.300,000 crore as on December 2014. NPAs of public sector banks rose to 5.33 percent of total advances in September 2014, from 4.72 percent in March 2014.
 
Stalled projects have been adding to banks' NPAs and the finance ministry's latest Economic Survey says that, as of December-end, these amounted to Rs.880,000 crore-worth.
 
"Strong national institutions are hard to build. Therefore, existing ones should be nurtured from the outside, and constantly rejuvenated from the inside, for there are precious few of them," Rajan said in a reference to the RBI.
 
"There has always been a constructive dialogue between the government and the bank, informed by their respective time horizons and attitudes towards risk. And history records that successive governments have invariably appreciated the wisdom of the Reserve Bank's counsel," he added.
 
Speaking on the occasion, Jaitley said the RBI's professionalism has served the country well.
 
"Starting from 1935 till today, a large part of the country's sovereign functions rests on shoulders of the RBI. From management of the country's monetary policy, inflation, rates, banking sector regulator, manager of public debt, RBI has performed them in a commendable manner," he said.

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