TIRUCHY TUESDAY SEPTEMBER 22, 2020 `7.00 PAGES 12 LATE CITY EDITION GLOBAL BANKS MOVED DIRTY MONEY DESPITE RED FLAGS Several global banks have moved large sums of illicit funds, despite knowing the shady nature of the money, reports say TRANSACTIONS WORTH $2 TN IN TWO DECADES BANKS DELAYED FILING REPORTS Five global banks — HSBC, JPMorgan, Deutsche Bank, Standard Chartered, and Bank of New York Mellon — may have transacted $2 trillion worth of dirty money between 1999 and 2017, the International Consortium of Investigative Journalists said, citing over 2,000 suspicious activity reports (SARs) that banks and financial firms have filed with the US Treasury ■ ■ Banks have to file SARs within 60 days of detecting a reportable transaction. However, in many cases, the banks failed to report suspect transactions years after they had processed them The SARs also showed that banks often moved funds for companies that were registered in offshore havens | P10 HSBC SHARES IN HONG KONG FELL TO A 25-YEAR LOW OF AS MUCH AS 4.4% CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Need of 21st century: PM Prime Minister Narendra Modi on Monday asserted that the farm sector reform bills were the need of the 21st century India, saying farmers will now have the freedom to sell their produce at a place and price of their choice. He also assured farmers that the government will purchase of their produce and the minimum support price (MSP) mechanism will continue POINT-COUNTERPOINT Here’s a look at the fears of a section of farmers on the bills and Centre’s assurance MSP FARMERS: No mention of minimum support price (MSP) in any of the bills. The minimum price they get for their produce would be robbed off when the three bills come into effect CENTRE: The MSP mechanism will continue clause on fixed price before sowing, many corporates would not like to engage with small and marginal farms CENTRE: Will allow farmers to get higher price for their produce and guaranteed buying ESSENTIAL COMMODITIES APMC FARMERS: Though the bills talk Farmers staging a rally in Bengaluru protesting against the recent passage of the farm sector reforms bill in Parliament and the state’s land reforms ordinance | SHRIRAM BN CONTRACT FARMING FARMERS: Apprehension that due to the about intra-state trade, the role of the Agricultural Produce Market Committee (APMC), also called the mandi system, is unclear CENTRE: APMCs will continue to function. The bills create parallel markets outside the mandi as well FARMERS: Bill removes pulses, cereals and other such items from the list of essential commodities. It also does away with imposition of stock limit, so corporates will be the real beneficiaries CENTRE: It transforms the farm sector by deregulating cereals, pulses, and onions, raising farmers’ income Rajya Sabha Chairman cracks whip for Sunday’s unruly behaviour; rejects no-confidence motion moved against his deputy; Oppn urges President not to give assent to the farm bills, seeks time to meet him; weighs legal options too Indefinite dharna by 8 suspended Elders KIKE IN MSP FOR SIX RABI CROPS ANNOUNCED The Centre on Monday hiked the minimum support price for buying six rabi crops by up to 6% in an attempt to allay apprehensions of farmers on the continuation of procurement based on MSP. The MSP of wheat has been hiked by `50 to `1,975 per quintal; gram by `225 to `5,100 per quintal; barley by `75 to `1,600 per quintal; lentil by `300 to `5,100 per quintal; sunflower by `112 to `5,327 per quintal R I C H A S H A R M A @ New Delhi A day after pandemonium in the Rajya Sabha, Chairman M Venkaiah Naidu suspended eight Opposition members for their unruly behaviour during the passage of two farm bills, while rejecting a no-confidence motion moved against Deputy Chairman Harivansh Narayan Singh on technical grounds. The suspended MPs — Derek O’Brien, Dola Sen (all Trinamool), Rajeev Satav, Syed Nassir Hussain, Ripun Bora (all Congress), Sanjay Singh (AAP), Elamaram Kareem (CPI) and K K Ragesh (CPM) — called the action autocratic and continued sitting in the House despite repeated requests by the chair to leave, lead- ing to multiple adjournments. No legislative business could be conducted throughout the day . Holding placards saying ‘Murder of Democracy’ and ‘We will fight for farmers’, the suspended MPs later began an indefinite dharna near Gandhi statue on Parliament’s premises. The Upper House is likely to witness uproar on Tuesday too, as the Oppo, sition plans to press on with its objections to the refusal to allow division on the farm bills. Parallelly, the Opposition sought time to meet President Ramnath Kovind while urging him not to give assent to the two bills passed by the Rajya Sabha on Sunday — the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill 2020 and the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020. They also weighed options to take the matter to the judiciary . Outside Parliament, Prime Minister Narendra Modi sought to dispel concerns among a section of farmers, saying he wanted to make it clear that the bills are not against agriculture mandis. If somebody says that governmentregulated agriculture markets will be finished after these reforms, then he is “blatantly lying”, Modi asserted. Earlier in the day Naidu called , Sunday a bad day for the Rajya Sabha. “It pained me a lot because what happened yesterday in the House is unfortunate, unacceptable and condemnable,” he said and recalled that some members were seen “climbing on the Secretary General’s table, dancing, shouting in the well, tearing papers, breaking the mikes, obstructing Deputy Chairman from his duties, throwing papers, Rule Book on Deputy Chairman”. The Deputy Chairman was physically threatened, he added. As the Deputy Chairman had stated, if the members had remained seated, voting would have been carried out, Naidu claimed. “Certainly the conduct of some mem, bers grossly crossed all barriers of all parliamentary decorum.” On the no-confidence motion moved by the Opposition against Harivansh, Naidu said it was not in proper format as it did not give a 14-day notice as prescribed. P7 Increase capital expenditure, panel tells CM T M U R U GA N A N D H A M @ Chennai ital expenditure for various sectors provided in the Budget A high-level committee, head- by another `10,000 crore. This ed by former RBI Governor C will generate employment and Rangararajan, on Monday lay the basis for future growth. suggested that Tamil Nadu in- We have also made similar crease the capital expenditure recommendations to stimufor various sectors and imple- l a t e the economy ment an Urban Employment immediately .” Scheme, among other measRangarajan said impleu r e s, t o s t i m u l a t e t h e menting an Urban Employeconomy . ment Scheme for cities and The committee also hinted towns is a must in the present that given the consituation, given the sumption of power Alternative fact that the rural and fuel after easing measures to employment scheme of the lockdown, the has benefitted many curb virus State may be heading people in the villagThe panel towards the pre-panes. He said the `3,200 headed by demic junction withcrore lying in the i n t h e n e x t t wo Rangarajan has construction workrecommended months. ers’ fund should be alternative Handing over its spent for workers to measures to economic prescripbring back migrant prevent the tion to stimulate the labourers to Tamil economy with short spread of Covid Nadu. term relief and long and to continue “The Inter-State supply of free term revival to Chief Migration Act should rice beyond Minister Edappadi K be implemented beNovember Palaniswami, the cause that requires committee has given registration of all sector-wise suggestions to migrant labourers, with a sepspur industrial growth and arate regulating body for generate employment. Ranga- them,” he said. rajan also briefed the Chief Coming up with the idea of Minister about the key aspects a better accommodation for of the report. Palaniswami, in workers, he said, “Their resiturn, has promised Rangara- dential facilities should be imjan that the gover nment proved. We have suggested afw o u l d c o n s i d e r t h e s e fordable housing for them - at measures. least on a rental basis immediTalking to Express, Ranga- ately. The government can rajan said, “We think the gov- build dormitories etc., for P4 ernment can increase the cap- them.” Lost job? Pay cut? New SBI scheme to rejig retail loans E X P R E SS N E WS S E R V I C E @ New Delhi Sub Lieutenant Riti Singh (left) and Sub Lieutenant Kumudini Tyagi during their passing out parade in Kochi on Monday | A SANESH WOMEN POWER IN NAVY’S AIRBORNE COMBAT TEAM E X P R E SS N E WS S E R V I C E @ Kochi / New Delhi TWO women have made their way into a domain held by male officers in the Navy Sub-lieutenant Riti Singh . and sub-lieutenant Kumudini Tyagi will be the first women airborne combatants of the Navy to operate helicopters from the deck of warships. Earlier, the role of women was restricted to the fixed wing aircraft that took off and landed ashore. The two officers graduated as the Navy’s Observers at a ceremony held at INS Navy gets more Garuda, the air station of the women power Southern Naval Command in Kochi on Monday Both are en. Two other woman gineering graduates in computofficers — Sub Lt er science and were commisAfnan Sheikh and sioned into the Navy in 2018. Sub Lt Kreeshma R Sub Lt Singh, a native of Hy— graduated on derabad, is the third-generaMonday. They will tion officer from her family to operate the fixedserve the armed forces. “It is a wing aircraft of dream-come-true moment as the Navy joining the Navy was my longcherished dream,” she said. Sub Lt Tyagi, a native of Ghaziabad, said she wanted to be inducted into the Navy in combat role. “The news about Lt Kiran Shekhawat, a woman officer who laid down her life in an accident involving a naval aircraft in 2015 motivated me to join the force,” she said. Meanwhile, a woman fighter pilot of the Indian Air Force is set to join the newly-inducted multi-role aircraft Rafale fighter fleet soon. The woman pilot has been flying MiG-21 fighters and was selected to join the Ambala-based Golden Arrows squadron operating the Rafale jets, sources said. “She was chosen to fly Rafale jets following a stringent selection process. She is undergoing training now,” said a source. INDIA’s largest lender State Bank of India (SBI) on Monday unveiled the set of rules it intends to follow for both personal and corporate loan restructuring process. For retail loan restructuring, the bank will check whether the applicants have lost their jobs or had their incomes reduced due to the pandemic. The loans will be restructured based on the customer’s future income. Borrowers can check their eligibility and upload relevant documents on the SBI website, which would be followed up by scrutiny and approval at the branch level. “We would like to address those who had a temporary job loss and are likely to come back… Retail customers will be offered a simple option to opt for 1-24 months of moratorium and reschedule the loans. Customers will also be offered a top-up home loan as a re- KERALA SEES 2 MORE ARRESTS BY NIA lief measure,” said C S Shetty, managing director of SBI. This, however, would come at a cost. Borrowers will have to pay 0.35% additional interest over and above current pricing for the remaining tenure of the loan. The last date to apply for restructuring is December 24, 2020. Borrowers will need to get a resolution plan sanctioned before December 31, and the lender will need to implement the restructuring within 90 days. For non-personal loans, the bank will seek additional security in the form of promoter pledges for listed companies and personal guarantee for unlisted companies. A processing fee of 0.25% of the aggregate limits will also be payable, SBI said. For term loans and working capital loans, the interest cost would be increased by 100 basis points over the current pricing, the guidelines said. One Kannur and one UP native were arrested from the T’Puram airport for their alleged role in Delhi, Bengaluru blasts | P5 CM FLAGS OFF MOBILE RATION SHOPS Chief Minister Edappadi K Palaniswami flagging off mobile ration shops to serve people living in the plains, at the Secretariat on Monday MEDIA REGULATION ‘Totally uncontrolled’ digital media spreads hatred and violence, Centre tells apex court E X P R E SS N E WS S E R V I C E @ New Delhi THE Centre on Monday told the Supreme Court that the print and electronic media “rarely cross the line” but the “completely uncontrolled” web-based digital media is often found to be spreading venomous hatred and triggering violence. “By the very nature of its composition, the print and electronic media would rarely cross the line which may need intervention of this Hon’ble Court frequently As against that, by its . very nature the web based digital media, by and large, remains unregulated,” the Ministry of Information and Broadcasting said in its affidavit. The 81-page affidavit urged the apex court to leave it to the legislature to frame guidelines for the mainstream electronic and print media. If the court feels the need to lay down guidelines for electronic and print media, it should first start with web-based digital media, the He didn’t know Hindi, his loan was rejected HINDI imposition has been a simmering emotion in Tamil Nadu, with a section of Tamilians even wearing their “I do not know Hindi” or “I know Hindi, but will not speak” proudly on their sleeves. But it seems to have gone beyond an emotion and stepped into the realm of cold financial transaction if one goes by a retired government doctor’s allegation that a nationalised bank recently re- fused to give him a loan as he did plex. The reason cited was — he not know to speak Hindi. did not know Hindi and could not C Balasubramaniyan, who re- make the manager understand tired from Jayakondam what he wanted. BalasuGovernment Hospital in bramaniyan said a lan2001, approached a naguage argument allegedtionalised bank branch ly led to the rejection. at GangaikondaAccording to sources, a cholapuram in Ariyalur legal notice was sent to district for a loan 10 days the bank manager, Vishal ago. Despite holding a C Balasubramaniyan Kamble, through regissavings account in the tered post, with a copy to branch since 2002, he was refused the bank’s chief grievance rea loan to build a commercial com- dressal officer. Centre said in its affidavit. The government’s response has come on a query by the top court on the need to regulate electronic media, following the controversy surrounding Sudarshan TV’s programme on entry of Muslims in civil services. “In case this Hon’ble Court desires to travel into the wider issues, then the issue in question, including particular series or a particular TV channel, it is absolutely inevitable to start with digital media,” the Centre said. TODAY’S MATCH HINDI THERIYADHA? PODA P T H I R U S E LV A M @ Ariyalur Now, ration card holders living in the plains will also be able to get essential commodities near their homes as Chief Minister Edappadi K Palaniswami on Monday flagged off seven mobile ration shops. In all, 3,501 mobile shops have started functioning across the State to serve 5,37,315 card-holders in getting the commodities near their residences | P4 The notice said the denial of loan just because an applicant did not know Hindi could be termed as defiance in service. It also sought a compensation of `1 lakh for causing mental stress to the applicant. The notice also said that if the compensation was not paid, they would move the Ariyalur district consumer court. When asked for a reaction, Kamble said, “My higher ups have asked me not to talk to the media about this.” vs RAJASTHAN CHENNAI After recording their first win, CSK will meet Rajasthan Royals (playing their first match) at Sharjah on Tuesday. With two big players -- Jos Buttler and Ben Stokes -- missing from RR, Chennai would like to exploit the situation and aim for a big win ODDS: CSK 4/5 RR 6/5 LIVE: Star Sports1/Hotstar @ 7.30pm
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