YK MYK WEATHER TODAY MAX 31 C MIN 27 C PRESENT BULK DRUGS CRISIS IN INDIA IS TOTALLY SELF-MADE OPINION Rainfall may occur. KOLKATA WEDNESDAY, 2 SEPT, 2020 PG-12, YEAR—7, ISSUE—111 (RNI NO: :WBENG / 2014 / 56803) INDIA TOTAL CASES: 3,702,731 TOTAL DEATH: 65,554 WORLD TOTAL CASES: 25,671,531 TOTAL DEATH: 855,645 AT A GLANCE NEW RULES FOR MARGINS AND PLEDGING OF SHARES COME INTO FORCE NEW DELHI: Two major regulatory changes have kicked in for stock market investors from Tuesday (September 1), including the method of pledging stocks and upfront margin requirements for stocks and futures and options (F&Os). Under the new margins system, there will be a bunch of changes with respect to margin requirements. Buying and selling of shares will require an upfront margin from now onwards. So if anyone wants to buy shares worth Rs 1 lakh, they must have Rs 20,000 in their account as cash and the rest of the money is to be paid within 2 days. JEE MAINS HELD AMID STRINGENT PRECAUTIONS NEW DELHI: The Joint Entrance Exam (JEE)Mains for admission to engineering colleges began on Tuesday amid stringent precautions and social distancing measures in view of COVID-19 pandemic. Staggered entry and exit for candidates, sanitisers at the gate, distribution of masks and maintaining social distancing as candidates queued up, were among the scenes witnessed at the exam centres across the country. BIHAR POLLS: RJD OFFICE SEES RUSH OF TICKET ASPIRANTS NATION Morning India Rs. 3 CORONA METER HOW PAK ALTERED DEMOGRAPHY OF OCCUPIED GILGIT-BALTISTAN COVID-19 death toll in Bengal touched 3,283 with 55 casualties KOLKATA : Following the death of 55 more people in West Bengal due to Covid -19 pandemic in one day today, the total number of casualties in the state during the last 24 hours went up to 3,283 by tonight,one of the highest in the country. At the same time another 2,943 people also tested Covid-19 positive in the state,causing concern for all for such a rapid growth. Informing this the latest Medical Bulletin issued by the state Health department here tonight said in the wake of an unabated surge in the number of infected people in one day, like a total number of 2,943 people today, the absolute number of those affected by Corona virus in Bengal also crossed 1,65,000 mark for the first time today to touch the figure of 1,65,721, up from 1,62,778 yesterday Among today's 55 new casualties, 25 were the residents of Kolkata and 20 were from North 24 Parganas and Howrah, while the rest were from other districts of South and North Bengal,the Bulletin said. Of the SC GIVES TELCOS 10 YRS TO CLEAR AGR DUES NEW DELHI: The Supreme Court on Tuesday granted 10 years to telecom operators to clear their AGR dues, while barring them from raising any dispute or seeking reassessment of the demand raised by the Department of Telecom in respect of the dues, based on its judgment. A bench comprising Justices Arun Mishra, S. Abdul Nazeer and M.R. Shah, laying down seven directions in the matter, said: "That for the demand raised by the Department of Telecom in respect of the AGR dues based on the judgment of this court, there shall not be any dispute raised by any of the Telecom Operators and that there shall not be any reassessment. "That, at the first instance, the respective Telecom Operators shall make the payment of 10 per cent of the total dues as demanded by DoT by March 31, 2021. TSPs have to make payment in yearly instalments commencing from April 1, 2021 to March 31, 2031 payable by March 31 of every succeeding financial year." The bench said various companies, through their Managing Director/Chairman or other authorised officer, will furnish an undertaking within four weeks, to make payment of arrears as per the order. "The existing bank guarantees that have been submitted regarding the spectrum shall be kept alive by TSPs until the payment is made," added the bench. The Union Cabinet had favoured a 20-year period for repayment of AGR dues, but, the top court said that this period is excessive. The bench, however, did not interfere with the Cabinet decision concerning the discounted rate of 8 percent, which is based on one marginal MCLR rate of the SBI which is currently at 7.75 percent, and modified the time schedule for making payment of arrears. record number of 2,943 fresh Covid cases in one day in the state, the maximum 1517 were from Kolkata alone, followed by those from other districts, the bulletin said. Meanwhile,the total number of Active and serious Corona cases in different hospitals once again reduced by a record number of 458 today to bring further down their total number to 24,822 from 25,280 during 24 hours ago. In this present grim situation the only positive indication was the rapid increase in the number of daily Covid-19 tests in the state which has crossed 43,000 today to reach the figure of 43,738 tonight from 42,239 yesterday. As a result the total number of daily tests has now touched the astounding figure of 19,31,373 tonight from 18,87,635 yesterday, the Bulletin said Similarly the rate of recovery of Covid-19 patients in West Bengal during the day also once again surged to a record 83.04 per cent from 82.49 per cent yesterday, compared to the national average of around 82 per cent. PNB launches new MSME seva scheme KOLKATA: Punjab National Bank, India’s second-largest public sector bank has announced the launch of 'PNB Seva Scheme' to provide adequate funding to small-scale industries and enable them to meet their working capital requirements in this present critical time. Informing this top PNB sources informed today that the scheme was aimed to offer need-based financing through working capital, term loan, and non fund based limit to small scale industries not only in West Bengal but in several other states too. Claiming that SMEs and MSMEs were value-generating engines of the economy,the sources said they also contributed to the GDP,besides creating huge employment opportunities and playing a vital role in exports. In these unprecedented Covid-19 times and due to prolonged lockdowns, this segment was the hardest hit,he stated further adding as India’s 2nd largest public sector lender 'PNB stands strong to ensure SMEs and INDIA HOLDS HIMALAYAN HILLTOPS AFTER FACE-OFF WITH PLA Security brass meets to discuss strategy to deal with China NEW DELHI: India's top security and defence authorities are currently meeting to discuss the fresh Chinese incursions in Indian territory at Pangong Tso in eastern Ladakh. "A high-level meeting is underway to discuss the ongoing situation and future strategy in Ladakh," said a government source. Union Defence Minister Rajnath Singh, External Affairs Minister S. Jaishankar, National Security Advisor Ajit Doval, Chief of Defence Staff General Bipin Rawat, Army Chief General M.M. Naravane and Director General Military Operations Lt Gen Paramjit Singh are holding discussions on the further course of action. The meeting is happening after Indian and Chinese troops were engaged in a brief skirmish at the southern bank of the Pangong Lake. The Chinese brought in close to 450 troops but the Indian Army said an attempt to change the status quo was thwarted. Sources said Chinese People's Liberation Army with help of ropes and other climbing equipment started climbing at a table-top area between Black Top and Thakung Heights at Pangong Tso, south bank. Hearing the commotion Indian Army was alerted and swung into action. Earlier, Indian intelligence agencies had alerted Indian Army about the Chinese's PLA plans to change status quo in other areas along Line of Actual Control. Thereafter, despite skirmishes between both armies things did not escalate. When Chinese troops saw the strength of Indian Army troops, the skirmishes stopped. MORE ON WORLD PAGE File Picture of Pangong lake at the Line of Actual Control (LAC). China claims Indian troops ‘illegally trespassed’ LAC NEW DELHI: After India thwarted China's attempt to transgress in Ladakh, China on Tuesday claimed that Indian troops "illegally trespassed" the Line of Actual Control (LAC) which "damaged" peace and tranquillity along the border. "On August 31, Indian troops violated the consensus reached in previous multi-level engagements and negotiations between China and India, illegally trespassed the Line of Actual Control again at the southern bank of the Pangong Tso and near the Reqin Pass in the western sector of China-India border, and conducted flagrant provocations, which again stirred tension in the border areas," said a spokesperson of Chinese Embassy in India, Ji Rong, in a statement. "India's move has grossly violated China's territorial sovereignty, seriously violated relevant agreements, protocols and important consensus reached between the two countries, and severely damaged peace and tranquillity along the China-India border areas," she added. The spokesperson said China has made solemn representations to the Indian side, and urged the latter to "stop any actions" which could further escalate the situation at the border. "China has made solemn representations to the Indian side..., and immediately (should) withdraw its troops illegally trespassing the Line of Actual Control and immediately stop any actions leading to the escalation and complication of the situation," she said. MORE ON WORLD PAGE PRANAB CREMATED WITH MILITARY HONOURS AMID COVID-19 PRECAUTIONS PATNA: The Rashtriya Janata Dal (RJD) office here has been witnessing a huge rush of ticket aspirants, ahead of the upcoming Assembly elections in Bihar. Kumar Rahul Singh, Bihar's RJD General Secretary said: "We have asked every aspiring candidate to submit the application and resume at the party office. They are coming in large numbers.” NEW DELHI: Former President Pranab Mukherjee, who passed away here at Army's R&R Hospital during treatment on Monday at the age of 84, was cremated with full military honours on Tuesday afternoon at the Lodhi Road crematorium following a strict Covid-19 precautionary protocol. His son Abhijit Mukherjee performed the final rites accompanied by a 21-gun military salute. Only close family members were allowed to enter the crematorium unlike previous cremation ceremonies of such dignitaries, and those handling the mortal remains of Mukherjee wore PPE kits. Following Covid-19 precautionary protocol, President Ram Nath Kovind, Vice President M. Venkaiah Naidu and Prime Minister Narendra Modi led a galaxy of top political leaders who paid floral tributes to the departed soul at his 10, Rajaji Marg residence. Lok Sabha Speaker Om Birla, Defence Minister Rajnath Singh, Health Minister Harsh Vardhan and Chief of Defence Staff Bipin Rawat were among those who joined the rest of the nation in bidding adieu to the 'People's President'. Former Prime Minister Manmohan Singh, BJP President J.P. Nadda, Congress leaders Rahul Gandhi, Shashi Tharoor, Adhir Ranjan Chowdhury, CPI General Secretary D.Raja, Delhi CM Arvind Kejriwal, and many others paid homage to Mukherjee, who passed away on Monday evening after weeks in coma following a brain surgery. The mortal remains of the 13th President were brought to his residence from the Army Research and Referral Hospital, around 9.30 a.m.In keeping with the military tradition, the three service chiefs placed wreaths on Mukherjee's body before politicians cutting across party lines paid their floral tributes. MSMEs get financial support and don’t face difficulties in gaining access to affordable and timely credit and PNB Seva scheme is a major step in that direction. Under the scheme, loans could be availed for 7 years for acquiring fixed assets like land, office or workplace building, equipment and infrastructure. It could also be availed for existing units, expansion of existing offices and renovation and modernization to reduce the service cost, the sources said. Q-1 GDP growth was expected bad, but becomes worse KOLKATA: : The growth rate for April to June quarter was expected to be bad but it turned out worse at nearly 24 per cent.This is the unanimous view of the Indian Industry. According to them a degrowth by 23.9 percent is worse than the most bearish estimate. Positive agricultural output is the only positive element in the GDP print. As the April-June quarter saw the maximum period of the national lockdown the degrowth was severe, going forward as the government re-opens the economy in phases, government spending, and festive season spending is expected to help the growth rate to be in the positive territory going forward, they said. While the RBI has done its part to help boost consumption and economy, a further rate cut may help boost credit offtake. The government may still have some more firepower with further stimulus measures for specific sectors. Good monsoon, high agri output will help with a pickup in rural consumption. Government spending, reforms, and more measures to boost consumption is required to bring back growth on track, said those associated with the Indian Industry here today. . State will fight for GST share: CM SANJAY SAHAY RANCHI: Chief Minister Hemant Soren on Tuesday criticised the Centre for depriving the state of its dues, adding the latter would fight for its claims. Speaking to media persons at the Project Building, he blamed the Centre for puzzling the state government over allocating dues amounting to Rs 2500 crore arising out of Goods and Services Act (GST). Notably, in a meeting of the GST council recently the finance minister Nirmala Sitharaman had asked the states to borrow from the Reserve Bank of India or from market to compensate the loss of revenue from GST. The state is, however, of the view that the Centre should borrow from the RBI and allocate fund to state, adding the latter should have no liability for repayment. The CM further stated that the Centre is planning to exploit the state’s resources to fulfil various national plans. Rising demand accelerates India’s factory output in Aug: PMI UPTURN LED BY AN IMPROVEMENT IN CUSTOMER DEMAND AS CLIENT BUSINESSES REOPENED POST LOCKDOWN NEW DELHI: Higher demand on the back of easing of 'Lockdown' restrictions has accelerated the growth of India's manufacturing sector in August, PMI data showed on Tuesday. "The upturn was led by an improvement in customer demand as client businesses reopened, after lockdown restrictions eased amid the coronavirus disease 2019 (Covid-19)," IHS Markit said in a report. "Output and new orders expanded at the fastest paces since February. Meanwhile, job cuts continued into August, extending the current sequence of decline to five months." Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index climbed to 52 in August from 46 in July and sig- A labourer dries vermicelli inside a factory in Agartala. File nalled an improvement in operating conditions across the manufacturing sector following four consecutive months of contraction. "For the first time since March, output expanded in the Indian manufacturing sector in August. Production growth was largely driven by greater client demand for Indian goods following the resumption of business operations, according to firms," the PMI report said. "The decline in foreign exports weighed slightly on overall new orders as firms cited subdued demand conditions from abroad. That said, new business received by Indian manufacturers expanded at the fastest pace since February."However, despite an expansion in new orders, job shedding continued in the Indian manufacturing sector. "The relocation of employees following Covid-19 was often linked to the reduction in staffing numbers. The pace of contraction in workforce numbers softened from that seen in July but remained strong overall," the report said. "Capacity restraints in employment drove the rise in incomplete work at Indian manufacturers GOVT ELIMINATES COOKING GAS SUBSIDY AS COVID TURNS OIL MARKET FAVOURABLE NEW DELHI: The government has completely eliminated the need to provide subsidy on domestic cooking gas as the global fall in oil prices and frequent rise in LPG gas cylinder price has brought the price of the common man's fuel closer to market rates. As of September 1, the price of non-subsidised and subsidised 14.2 kg cooking gas is identical at Rs 594 a cylinder. What this means is that government would no longer need to pay subsidy under the DBT into the account of beneficiaries. In fact, with the price gap between the subsidised and non-subsidised cooking gas narrowing since early this fiscal, the government has not made a any cash transfers into the accounts of beneficiaries for the last four months. With the development, the government could easily make a saving of over Rs 20,000 crore in FY21 towards LPG subsidy. This would be huge given the pressure on the government to step up expenditure for Covid-19 relief schemes. midway through the third quarter." As per the report, the rate of increase in backlog was the fastest since December 2012. Commenting on the latest survey results, Shreeya Patel, Economist at IHS Markit, said: "August data highlighted positive developments in the health of the Indian manufacturing sector, signalling moves towards a recovery from the second quarter downturn. The pick-up in demand from domestic markets gave rise to upturns in production and input buying." "However, not all was positive in August, delivery times lengthened to another marked rate amid ongoing Covid-19 disruption. Meanwhile, employment continued to fall despite signs of capacity pressures, as firms struggled to find suitable workers."