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1 12 th SEP 2018 The Hindu Editorial Analysis in Hindi Watch Video here: Get in Touch with Tapasvi IAS Join us on Facebook for daily updates and important material for UPSC Join Now Join our Telegram Channel and turn on your notification for daily updates and monthly PDFs. Join Now Visit and Subscribe our Channel for daily free videos. Subscribe Now To get IAS 2019 Full Video Course share your details with your mobile number and location on Don t Forget to Read Below Page Visit our Website and stay connected for daily updates

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3 THE HINDU editorial Analysis in Hindi today EDITORIAL The Hindu Editorial Decode in Hindi DATE: 12 SEPTEMBER 2018 WEDNESDAY UPSC IAS EXAMS YOUTUBE CHANNEL BY KARDAM RAVAL GENERAL STUDIES EXPERT WE BELIEVE IN DELIVERING EXCELLENCE

4 Today s Roadmap AAJ KA MANTRA QUESTION ANSWER FUN FACT (AAJ KA GYAN) ANALYSIS MEHUL CHOKSI S PROPERTIES FACE SEIZURE AVOIDABLE SUSPENSE: ON INDIAN-ORIGIN FPIS VOCABULARY

5 AAJ KA MANTRA

6 QUESTION ANSWER Which noted Odia poet will be honoured with the prestigious 39th edition of the Sarala Puraskar award 2018? [A] Banaj Devi [B] Satrughna Pandav [C] Umesh Chandra Kar [D] Ghasiram Mishra CORRECT ANSWER BY ABID MAGRAY MANJAY KUMAR SYED DABEER AMRITPAL SINGH GURLEEN KAUR AAJ KA PRASN JO DIYALEGA AAPKO MAUKA YAHA AAPKA NAAM DARJ KARWANEKA AUR AAPKO MILLEGA HUMARE COURSE KE LIYE COUPON CODE The Indian Air Force has successfully carried out the first-ever mid-air refuelling of the indigenously build which aircraft? [A] Tejas [B] Sukhoi [C] Jaguar [D] Mirage

7 FUN FACT AAJ KA GYAN PART 1 Software major Infosys has recently signed a 3-year partnership with the Australian Open as its official digital innovation partner. The partnership is about creating new ways of experiencing the Australian Open. As per agreement, Infosys will leverage its expertise in emerging technologies like Big Data and Analytics, Artificial Intelligence as well as Virtual and Augmented Reality, to provide unique, innovative and engaging experiences for fans. However, the financial details of the deal were, not disclosed. Tennis Australia is the governing body of tennis in Australia, promoting and facilitating participation the sport at all levels, as well as conducting national and international tournaments and events. PART 2 The Kempegowda International Airport (KIA) in Bengaluru is set to become the first airport in Asia to use face recognition as the boarding procedure for passengers to board flights and move across different sections of the airport. For this, the agreement was signed between Bangalore International Airport Limited (BIAL) & Portuguese software firm Vision-Box in Lisbon to launch paperless biometric self-boarding technology. The first implementation milestone at Kempegowda will be completed in the first quarter of 2019, with Jet Airways, Air Asia and SpiceJet passengers as first users. The goal of the programme is to simplify the journey by making it paperless from registration to boarding. Biometric technology will identify passengers by their face as they move across the airport. The technology will avoid stops and the repeated presentation of boarding passes, passports or other physical identity documents. PART 3 On September 11, the Haryana government signed a Memorandum of Understanding (MoU) with Indian Oil Corporation (IOC) to set up an ethanol plant in Panipat with an outlay of over Rs 900 crore. The initiative at village Bohali with a proposed capacity of 100 kilolitres of ethanol per day will manage crop residue and prevent straw burning before the upcoming paddy season. The state Agriculture and Farmers Welfare department will motivate the farmers in the 50 km radius of the plant to provide crop residue or feedstock on regular basis as raw material. The pact will be valid for one year.

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9 Mehul Choksi s properties face seizure Failure to appear on September 26 could lead to confiscation of assets in India and abroad, says ED Investigating agencies suspect that diamond merchant Mehul Choksi, who is wanted in the Punjab National Bank fraudulent LoUs case, has started speaking up as his summons before the court under the Fugitive Economic Offenders Act is approaching. Mr. Choksi has been directed to appear before the court on September 26. If he fails to comply with the court directive, as the Act provides, his assets can be confiscated and disposed of. In July, the Enforcement Directorate moved applications before a Mumbai special court, requesting that Mr. Choksi and his nephew Nirav Modi be declared fugitive economic offenders and if they fail to appear in response to court summons, their assets located in India, the U.K. and the UAE be confiscated.

10 CONTINUE Taking cognisance, the court summoned Mr. Nirav Modi and Mr. Choksi to appear before it on September 25 and 26. The ED alleges to have unearthed a significant part of the entire money trail behind the PNB scam: from the raising of money through the Letters of Undertaking (LoU) fraudulently issued by the bank s Brady House branch between 2011 and 2018, to the laundering of funds to several entities located in India and overseas. In Mr. Choksi s case, as alleged, the ED has so far established a money trail in the U.S., the UAE, Thailand, the U.K., Hong Kong, Japan, Italy and Belgium, amounting to about 3,257 crore. It has also identified 16 entities in which the funds were diverted. While six of them are based in the U.S., four are in the UAE. PNB funds were also diverted to U.S.-based A. Jaffe and Firestar Diamond Inc in the form of LoUs; to Firestar USA, Belgium and Hong Kong from six dummy companies in Hong Kong; and to Mr. Nirav Modi, his father Deepak Modi and sister Purvi via the dummy firms, as alleged.

11 CONCLUSION These Hong Kong- and UAE-based companies were controlled by Mr. Choksi through dummy directors. The agency alleges that Mr. Choksi, who owns the Gitanjali group, knew about the fraudulent means used to get credit facilities from the PNB without proper collateral and on nominal interest rates. Investigations revealed that there was no manufacturing activity in any of the overseas companies located in Hong Kong and the UAE; only bogus import/export and sale among the group companies were carried out. The import/export invoices were overvalued to get more credit, said a senior official. The transactions were rotational. The jewellery exported from India was dismantled and diamonds/pearls were taken out of it. The gold/silver was melted and re-exported to Dubai or India. Diamonds/pearls were also separately reexported to India. The whole process was only for inflating the turnover of Indian companies, to maximise credit worthiness, said the official. The agency said that from 2015, part of the funds were used for repayment of bank dues. Mr. Choksi allegedly fixed the rate of goods sold by his companies without applying any economic rationale. In some cases, the actual rate used to be even less then 3% of the declared value, the official said.

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13 Avoidable suspense: on Indian-origin FPIs Foreign investors in the Indian market are used to unexpected twists in the regulatory landscape, but they seldom talk tough in the public domain. So it was unusual for a group of foreign portfolio investors (FPIs) to openly appeal to the Prime Minister for an urgent intervention last Monday. The Asset Managers Roundtable of India (AMRI) warned that India s booming stock markets will be in for a tight bear-hug and the embattled rupee could face even greater pressure if an April 10 diktat from the Securities and Exchange Board of India is not scrapped. The SEBI circular, they argued, disqualifies about $75 billion of portfolio investments into India made by FPIs backed by domestic institutions, NRIs, Persons of Indian Origin and Overseas Citizen of India card-holders. The total portfolio investments in India s financial markets are estimated at $450 billion.

14 CONTINUE The circular, issued to enhance the Know Your Client norms for FPIs, ended up imposing a blanket ban on certain types of investments where NRIs, PIOs or OCIs were investors (beyond a threshold) or even served as senior managing officials of these funds. The circular delegates the task of identifying high-risk jurisdictions, with tighter KYC norms, on custodian banks. Last week, SEBI called AMRI s warning as preposterous and highly irresponsible. Yet, by the weekend the H.R. Khan Committee set up by SEBI recommended changes that may be made to the regulator s directive, addressing most of the concerns raised by the FPIs. The panel s report clarified that NRIs, OCI card-holders and resident Indians can manage the investments of any FPI registered with SEBI and, more importantly, hold up to 50% of an FPI s assets under management.

15 CONCLUSION This has removed any ambiguity and provided relief to foreign investors who were left guessing how the term majority as stated in the April circular would be determined by SEBI while applying the beneficial ownership test. The committee said the deadline for complying with the circular, which was already extended from August 31 to December 31, must be extended further, and funds with investments breaching the final thresholds that the regulator decides upon should be granted 180 days to unwind positions. SEBI has now announced public consultations before it finalises these norms, and in the process created some breathing space for such funds to remain invested on Dalal Street. No one should have a grouse with attempts to curb round-tripping of illegal domestic wealth into the Indian market through the foreign investments route. But treating all FPIs with Indian-origin managers as potential conduits of illicit money is unwise. SEBI could have managed all of this as an independent regulator had it held a timely dialogue with stakeholders before framing these norms, as it usually does. Such policy uncertainty and sharp about-turns will do little to enhance India s credibility among global investors.

16 VOCABULARY 1. ORNERY (ADJECTIVE): belligerent :(नटखट) 2. OUTLAY (NOUN): expenses :(पररव यय) 3. VERBALIZATION (NOUN): discourse :(श ब द क अभ व यब त ) 4. ROTE (NOUN): routine of daily life :( हर व) 5. MUDDLED (ADJECTIVE): disordered :(अव यवब थ ) 6. HIATUS (NOUN): pause :(ववर म) 7. FRORE (ADJECTIVE): bitter :(जम ह आ) 8. IMPERVIOUS (ADJECTIVE): impenetrable :(अ द य) 9. HALTER (NOUN): control :(ऱग म) 10. IDYLL (NOUN): suggestive :(ववच र त जक)

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