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Idea of Islamic Banking by RBI rejected by Modi Government, “Islamic Window” in Conventional Banks is now a Myth

Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam

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Reserve Bank of India. VOA

New Delhi, Dec 11, 2016: The idea of Islamic banking by RBI has been rejected by the Finance Ministry since the Central Government has already introduced several inclusive schemes for the benefit of the citizens. Schemes such as Jan Dhan Yojana and Suraksha Bima Yojana are some of those.

It was last month, in November when the Reserve Bank of India (RBI) proposed the introduction of “Islamic window” in the conventional banks for “gradual” start of Sharia-compliant or interest-free banking in the country.

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Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam.

In the Lok Sabha, a statement was made by Minister of State for Finance Santosh Kumar Gangwar which suggested that the introduction of Islamic Banking in India will bring with it numerous legal hurdles.

It was the committee headed by Raghuram Rajan (who later became the RBI Governor) and in 2008, he submitted a report to the UPA Government that did not mention anything about the Sharia Banking but suggested a need of having an interest-free model in India.

Presently, the idea of Islamic Banking is rejected by an inter-departmental group set up by Reserve Bank of India (RBI).

– prepared by NewsGram Team

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New Reforms and Alternative Markets Likely To Benefit Farmers

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New reforms will benefit farmers who are reeling under the Covid-19 crisis. Pixabay

The Modi government in order to double the income of farmers by 2022 announced a slew of measures last week, and it is widely expected that these reforms will benefit farmers who are reeling under the Covid-19 crisis. Post Coronavirus as state reopens farmers might benefit.

IANS spoke to Ashok Dalwai, chairman of the Committee for Doubling Farmers’ Income, on the issue of strategic reforms initiated by the government and their importance to the farm sector.

He said the alternative market provided to the farmers will give them more earning power. The reforms will unshackle the agriculture value chains by deregulating the essential commodity trade and introducing a Central law to ease inter-state farm trade, effectively overriding the Agricultural Produce Market Committee (APMC) mandis that have shown resistance to change in the past.

“We are not ending the APMC, but reforming it. Till now APMC was regulated by the state governments, now the private sector can establish its own APMC which will give an alternative market to farmers,” Dalwai said.

He said the way the telecom sector provided options to the consumers to choose the operators of their choice, in the same way the private AMPC will give farmers the choice to sell their produce at a better price anywhere in India. “The proposed amendment to the Essential Commodities Act of 1955 will ensure seamless movement of farm produce not only inter-state, but also within the state. Anyone having a central license can buy and sell anywhere,” Dalwai said.

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Ashok Dalwai says Alternative markets might help corona struck farmers. Pixabay

Dalwai said many states have already adopted the reforms and more will join in the future. “The new law related to APMC will be definitely adopted by the state governments and the Centre will provide the framework for inter-state trade of agricultural produce. If a farmer in UP wants to sell his produce to a market in Karnataka, he does not need to go there. He can do so online. The way e-NAM works for APMC mandis, e-platform will work for such farmers.”

He said the amendment to the Essential Commodities Act has been initiated with the sole purpose to provide better prices to the farmers. The government has also decided to free certain categories of agricultural products such as cereals, pulses, oilseeds, onions, and potatoes from the government’s control and lend more predictability to even export policies.

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On the question of challenges due to Covid-19 with regard to doubling farmers’ income, Dalwai said, “The farmers have not been impacted due to the pandemic. There will be no problem in achieving the target of doubling farmers’ income by the year 2022.” (IANS)

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Sanitization to Fight Coronavius Begins in UP

Massive sanitization drive begins in UP

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A massive sanitization drive began in major cities in Uttar Pradesh on Friday. (Representation Image). Pixabay

A massive sanitization drive began in major cities in Uttar Pradesh on Friday. This is the latest news in India.

Rajkumar Vishwakarma, DG, fire services, told reporters that sanitization was being done with sodium hypochlorite and fire personnel had been instructed to take care and not to spray the disinfectant on human beings and animals.

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The sanitization will be done using sodium hypochlorite. (Representational Image). Pixabay

Spraying will also not be done inside any building due to electrical connections.

Fire personnel have been asked to take photographs and post it on WhatsApp media groups. They have been asked to avoid calling the media personnel to the sanitisation sites to avoid risks.

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Earlier this week, about 50 migrant workers who were at a bus station in Bareilly, were sprayed with sodium hypochlorite by the sanitisation staff. Those who were sprayed, including children, complained of itching in the eyes and rashes on the body.

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Chief minister Yogi Adityanath had expressed his concern over the incident and assured action against the guilty.

District magistrate Bareilly, Nitish Kumar said that the incident happened due to ‘over-zealous’ workers. (IANS)

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People Have Faith in Modi Government to Handle COVID-19 Crisis

Over 83% trust Modi govt will handle COVID-19 crisis well

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The Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic. Wikimedia Commons

As the Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic, 83.5 per cent people from various states “trust in government” in handling the crisis.

The findings came out in the IANS-CVoter exclusive tracker on COVID-19 Wave 2 survey conducted during last seven days among 18 plus adults nationwide. The findings and projections are based on Computer-Assisted Telephone Interviewing (CATI).

Replying to a question “I think Indian government is handling the coronavirus well”, 83.5 per cent people agreed that they trust in government’s steps being taken in fight against the deadly disease, and 9.4 per cent expressed their disagreement. The survey was conducted on March 26 and 27. Of the 83.5 per cent who showed their trust in government, 66.4 per cent strongly agree with the opinion and 17.1 agree with the view.

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A similar survey on the same question done on March 17 and 18 showed that 83.6 per cent people expressed their trust in government in fight against the pandemic which so far has claimed 29 lives and over 1,000 conformed cases. A total of 13.7 per cent people expressed their disagreement.

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83.5 per cent people from various states trust the Modi government in handling the COVID-19 crisis. Wikimedia Commons

As per the tracker, the data is weighted to the known demographic profile of the states. Sometimes the table figures do not sum to 100 due to the effects of rounding, it says. “Our final data file has socio-economic profile within plus 1 per cent of the demographic profile of the state. We believe this will give the closest possible trends.”

The Tracking Pol fieldwork covers random probability samples during the last seven days from the release date and that the sample spread is across all assembly segments across all states. This survey covers all states in India and was conducted in 10 languages as part of our routine OmniBus, it says.

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“This is a thorough random probability sample; and we are ensuring a proper representative analysis by statistical weighing of the data to make it representative of the local population as per the latest census and or other available demographic benchmarks.”

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The data clarified that it strictly follows the WAPOR code of conduct (World Association of Public Opinion Research) for our ethical and transparent scientific practices and have incorporated the PCI (Press Council of India ) guidelines as our SOP (Standard Operating Procedures). (IANS)