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7:52 PM

All apps must adhere to India's data integrity, privacy: Niti Aayog CEO

Niti Aayog CEO Amitabh Kant on Tuesday said all apps released in India must adhere to the country's data integrity, privacy and sovereignty, a day after the government banned 59 apps. Asserting that India has to be a data sovereign country, Kant also said apps must be transparent in terms of origin and final destination of data. The 59 apps, most of which have Chinese links, were banned by the government citing that they were prejudicial to sovereignty, integrity and security of the country.

"All Apps released in India must adhere to India's data integrity, privacy, sovereignty and transparency. "They must be transparent in origin & final destination of data. India has to be a data sovereign country. This is critical. Apps against whom action taken are lifestyle apps," Kant said in a tweet.

In a series of tweets, he also said that time is ripe for the best of India technology companies to develop technology solutions for India and the world.

Indians will leverage strength of diversity and build for India together, Kant said, adding that transparency, privacy, security and ease of access will be the key principles of our product design. He also pointed out thattheAarogyaSetu app, developed for tracking COVID-19 patients,has been a unique example of technology innovation in India, built for India, and used by millions of Indians.

"Many more such examples will be created by young Indian innovators," he said.

The ban on the 59 apps also came against the backdrop of the current stand-off between India and China along the Line of Actual control in Ladakh.

7:46 PM

Sebi slaps Rs 11 crore fine on 28 entities on failing to make public announcement

Markets regulator Sebi on Tuesday slapped a total penalty of Rs 11 crore on 28 entities for failing to make public announcement related to the acquisition of shares of Murli Industries and not complying with directions passed by it.

The fine amount has to be paid by the entities jointly and severally.

In July 2015, Sebi had passed an order against the entities wherein it was established that they were acting in concert while acquiring shares in Murli Industries and were required to make public announcement within stipulated time period under the Takeover Regulations. By doing so, the entities violated Substantial Acquisition of Shares And Takeovers norms and consequently a total fine of Rs 10 crore has been levied on the entities. It was noted that the entities failed to comply with the directions of the regulator which required them to make the public announcement.

For not complying with the directions of the regulator passed in July 2015, the entities are facing a total fine of Rs 1 crore. Those who have been fined also include promoters of Murli Industries Ltd.

Among others, the entities include Runicha Alloys and Steel, Inco Infrastructure, Ramji Agri Business, Ambaji Papers, Kanhaiya Minning and Minerals, Krishnum Investment, Lakhi Packaging, Taitan Management service, Simple Mining and Power and Ramkrishna Fabrication and Machineries.

7:43 PM

53 more Border Security Force personnel have tested positive for Covid-19, force's tally stands at 1,018

7:43 PM

Core sector output shrinks for third straight month in May, shrinks 23.4%

Output of the 8 core sectors of the economy shrank by 23.4 per cent in May, as factories remained hamstrung by a lack of labour and cash in the wake of the nationwide coronavirus (Covid-19) lockdown.

While the contraction narrowed from April's record fall of 37 per cent, experts said the aftershocks of the lockdown would continue to weigh heavily on domestic industry, which is expected to post lower but certain contraction in coming months. ICRA predicts overall industrial production may see a contraction of 35-45 per cent in May, down from 55.5 per cent in April.

Updated figures released by the Commerce and Industry Ministry on Tuesday showed 7 out of the 8 core sectors of the economy continued to contract in May. The infrastructure segment continued to see the biggest production shocks among all sectors, despite slowing the fall. Steel production tumbled by 48.4 per cent after April's massive 78.7 per cent fall. However, cement production shrank by 22.2 per cent following a 85.3 per cent fall in April. Both the sectors were in the grip of volatility even before the lockdown, but strict social distancing norms have meant that construction activities have been suspended across the country.

7:39 PM

European Union Air Safety Agency has suspended Pakistan International Airlines to fly to Europe for 6 months, from July 1st: Pakistan Media

5:57 PM

Never claimed to have made medicine for Covid-19: Patanjali Ayurved

Patanjali Ayurved on Tuesday said that it never claimed to have made a medicine for coronavirus.

The Haridwar-based organisation has withdrawn from its earlier claim, in reply to the notice given by Uttarakhand Ayush Ministry.

"Patanjali has never claimed to make corona medicine. Rather, corona patients have been cured with this medicine. The drug was made under the license issued by the Ayush Ministry," stated the reply by Patanjali Ayurved CEO Acharya Balakrishna to the notice.

"We made the combination of Tulsi Giloy Ashwagandha at an advanced level and when the clinical trials were done on the patients of COVID-19, the coronavirus patients were cured. A conspiracy has been hatched against us and if the Ayush Ministry tells us to conduct clinical trials once again then we are ready to face it," he added.

Earlier in the month, Patanjali Ayurved, in collaboration with NIMS University, launched Coronil and Shwasari Vati, claiming to cure corona patients.

5:46 PM

Latest News LIVE update: Gold jumps Rs 119; silver zooms Rs 1,408

Gold in the national capital jumped Rs 119 to Rs 49,306 per 10 gram on Tuesday following rise in international prices of the precious metal, according to HDFC Securities.

In the previous trade, gold prices had closed at Rs 49,187 per 10 gram. Silver also rose by Rs 1,408 to Rs 49,483 per kg from Rs 48,075 per kg on Monday. In the international market, gold traded with gains at USD 1,773 per ounce and silver at USD 17.86 per ounce.

"Gold prices continued upside on Tuesday on weak global cues which fetched safe-haven interest from the investors," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

5:44 PM

Testing of railway engine performed on the Pamban railway bridge in Rameswaram

5:35 PM

Latest News LIVE update: HC suspends two FIRs against Arnab Goswami in Maharashtra

The Bombay High Court on Tuesday suspended two FIRs filed against Republic TV editor-in-chief Arnab Goswami for allegedly making inflammatory comments, saying that on the face of it no offence was disclosed.

The FIRs pertain to Goswami's comments about the Palghar lynching incident and migrants gathering in large numbers in Bandra area of Mumbai during lockdown. A division bench of Justices Ujjal Bhuyan and Riyaz Chagla noted that while Goswami's comments targeted the Congress and its president Sonia Gandhi, he did not make any statement that would cause public disharmony or incite violence between different religious groups.

Citing observations made by the Supreme Court that India's freedom will rest safe as long as journalists can speak to power without being chilled by a threat of reprisal, the bench in its order said free citizens cannot exist when the news media is chained to adhere to any one position.

"We cannot have the spectacle of a Damocles' sword hanging over the head of a journalist while conducting a public debate. India is now a mature democracy," the HC said. "Seventy years into our republic, we cannot be seen to be skating on thin ice so much that mere mention of a place of worship will lead to animosity or hatred among religious communities causing upheaval and conflagration on the streets. Subscribing to such a view would stifle all legitimate discussions and debates in the public domain," the court said.

While admitting for final hearing the petition filed by Goswami seeking to quash the two FIRs, the court directed the police not to take any coercive action until the disposal of the plea.

5:34 PM

LIVE: India looks to sign long-term LNG deal benchmarked to spot prices

In a first, India's biggest LNG importer Petronet on Tuesday said it is close to signing a long-term LNG deal benchmarked to daily or spot prices, which generally are lower than standard rates of such contracts.

India bought liquefied natural gas (LNG) under long-term contracts from Qatar and Australia at an average of USD 3.5-4.5 per million British thermal unit in the current quarter. Spot or current prices of LNG - gas turned into liquid at sub-zero temperature for ease of transporting in ships - are in the range of USD 2.

"We are very close to a long-term deal on the daily benchmark. There will be a long term deal but on a daily benchmark," Petronet LNG Ltd CEO and Managing Director Prabhat Singh told reporters here.

Refusing to give details of the supplier, he said the company was initially looking at buying 1 million tonnes of LNG under such a contract and would scale it up depending on the response from customers. Petronet had in February sought bids from suppliers for 1 million tones of LNG per year for 10 years, starting 2024. The company wanted 1 million tonnes per annum (Mtpa) of LNG on a delivered ex-ship (DES) basis.

5:31 PM

Loan recasts to only defer problem, NPAs may zoom up to 14% due to Covid-19: S&P

Amid reports of the RBI mulling restructuring of loans, global rating agency S&P on Tuesday said that a loan recast will only defer NPAs recognition and not solve the problem. The agency also said operational outages and the recession because of the pandemic will have a deeper and longer impact on lenders than previously assumed, and estimated the gross non-performing assets ratio to rise up to 14 per cent in FY2021 from the 8.5 per cent in FY2020.

"The COVID-19 pandemic may set back the recovery of India's banking sector by years, which could hit credit flows and, ultimately, the economy," the agency said.

The coronavirus pandemic has led to prolonged lockdowns and a chilling of economic activity, forcing the RBI to declare a six-month voluntary moratorium on loan repayments till September.

The RBI, which had stopped the practice of loan forbearance, is reportedly mulling to reintroduce restructuring with a few safeguards.

"... restructuring may not resolve the problem. It may just defer NPL (non performing loans) recognition, as it did a few years ago, the agency said.

It reminded that in the past, rampant restructuring had led the RBI to come up with an asset quality review and withdrew forbearance on the majority of restructured loans, leading to exceptionally high credit costs on banks. In its base case, the agency expects slippages or the addition to the NPAs to come at 6 per cent during the fiscal. If the RBI allows for restructuring of loans, it may reduce the loan slippages this fiscal, it noted.

5:29 PM

Latest News LIVE update: HDFC Bank launches 'e-Kisaan Dhan' app for farmers

HDFC Bank on Tuesday launched 'e-Kisaan Dhan' app for farmers across India to access a bouquet of agricultural and banking services on their mobile. The app, which serves as a repository of knowledge and information for any individual engaged in farming, helps meet needs of the rural ecosystem.

The app will also provide value-added services, like mandi prices, latest farming news, weather forecast, information on seed varieties, SMS advisory, e-pashuhaat and Kisan TV, according to a HDFC Bank statement.

Users can also avail multiple banking services, like procuring loans, opening bank accounts, insurance facilities, online calculation of KCC loan eligibility, and for acquiring government social security schemes. The app will help with traditional banking services and keep users informed about new government schemes and ways to access them. It's part of the bank's 'Har Gaon Hamara' initiative to reach out to customers in the rural and under-served areas.

5:24 PM