Nation
Panneerselvam given Jayalalithaa's portfolios, Opposition welcomes move
Ending suspense and speculations over Tamil Nadu's governance, the portfolios held by Chief Minister J.Jayalalithaa, who is currently in hospital, have been allocated to state Finance Minister O.Panneerselvam, a Raj Bhavan statement said on Tuesday.
 
According to the statement, Governor Ch.Vidyasagar Rao has, under Clause (3) of the Constitution's Article 166, allocated the subjects hitherto dealt with by Jayalalithaa to Panneerselvam on her advice.
 
Jayalalithaa held the portfolios of Public, Indian Administrative Service, Indian Police Service, Indian Forest Service, General Administration, District Revenue Officers, Police and Home.
 
Panneerselvam will also preside over the cabinet meetings.
 
"This arrangement has been made as per the advice of Hon'ble Chief Minister and will continue until the Hon'ble Chief Minister Selvi J Jayalalithaa resumes her duties. Selvi J Jayalalithaa will continue to be the Chief Minister," the Raj Bhavan statement said.
 
The 68-year-old Jayalalithaa was admitted to the hospital on September 22 for fever and dehydration.
 
The doctors later said she needed a longer stay at the hospital as she was suffering from infection and put her on respiratory support.
 
On October 8, the hospital said: "The respiratory support is closely watched and adjusted. Lungs decongestion treatment is being continued. All other comprehensive measures including nutrition, supportive therapy and passive physiotherapy are under way."
 
The ruling AIADMK has ruled out the need for an acting or temporary chief minister. Panneerselvam has earlier served as Chief Minister when Jayalalithaa had to step down in wake of her conviction in a corruption by a Bengaluru court. She had returned to the post after the Karnataka High Court acquitted her.
 
Reacting to the development, Congress' state unit president S.Thirunavukkarasar told IANS that it "is a welcome development for the continued functioning of the government".
 
He said the situation is similar to the one that existed when AIADMK founder, the late M.G. Ramachandran (MGR) was admitted to the same Apollo Hospitals in October 1984.
 
Leader of Opposition in the assembly, DMK's M.K.Stalin too welcomed the Governor's decision.
 
In a statement issued here, Stalin said the state has to handle several problems and there should be a ministry and it should have a head to take important decisions.
 
Speaking to IANS, political commentator Maalan Narayanan said in 1984, the then Governor Sundar Lal Khurana asked then Finance Minister V.R.Nedunchezhiyan to preside over the cabinet meetings and not to take any policy decision.
 
Senior AIADMK leader C.Ponnaiyan told IANS that the portfolios handled by MGR were allocated to Nedunchezian. 
 
According to Ponnaiyan, in 1984, MGR had instructed orally that his portfolios are to be handled by Nedunchezhiyan.
 
"As per the rules, the Chief Minister can orally tell any one or more cabinet colleagues to handle the portfolios. This is the practice followed across the country," he said.
 
According to him there is no provision in the Constitution for an acting Chief Minister.
 
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.
  

 

User

Gold imports' decline by 59% during January-September: Report
India's gold imports declined by 58.96% to 270 tonnes from January to September from 658 tonnes that were shipped-in during the corresponding period of last year, a research report said on Tuesday.
 
According to the report by the industry body Assocham, gold imports declined due to a prolonged strike by jewellers and continuation of 10% custom duty on imports. 
 
The report stated that smuggling of gold has been on the rise due to high custom duty, even as the industry demands a lower levy structure to encourage official imports. 
 
India has been among the two biggest gold consumers in the world with average imports of more than 1,000 tonnes per annum reported in the recent past.
 
Further, the industry body pointed-out that it expects gold prices to stay firm in the range of Rs30,500-Rs33,500 per 10 grams.
 
The report said that gold prices are expected to remain firm in the backdrop of continuous global political and financial risks coupled with revival in demand in the domestic market. The prices have appreciated by about 25% since January this year.
 
"The moot question among the buyers and analysts is whether scope for any further run is left when gold has seen so much of a rally, the best among all the assets classes - including quantitative easing led stock markets," the research paper by Assocham said.
 
"Revival in Indian consumption, financial risks in the Chinese economy, tapering tantrums of the US Federal Reserve as also close American Presidential elections are all seen as the push factors for the gold to remain as a safe haven." 
 
Currently, gold prices range from Rs31,000-Rs31,500 for 24 carat purity in major Indian cities. 
 
"Going forward, the festive demand will get a further push from the wedding season, which is the main contributor to gold consumption in India," the paper said.
 
"The upside in the short term of a few months is seen between Rs1,500-Rs2,000, while the downside could be limited to Rs1,000- Rs2,000 per ten grams." 
 
D.S. Rawat, Secretary General of Assocham said: "Gold is finding a strong support levels in the international markets and is expected to stay above $1,200 mark, as a starting point for the next possible rally."
 
"All in all, given the state of play in equity, debt and properties, gold would stand out for quite some time."
 
Rawat elaborated that negative interest rates by major global central banks have also led the investors to seek refuge in gold.
 
"The outlook for the precious metal remains upbeat taking into consideration several factors including reduced pace of the US Fed rate hikes, increased adoption of negative interest rates most recently in Japan, increased inflows in gold ETFs (equity trade funds) and decline in gold production," Rawat added.
 
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.

User

G-Sec Yields Down

The 10-year benchmark G-Sec yield, which sets the tone of the fixed-income market, declined...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)