Commerce Minister Shri.Anand Sharma has strongly argued for
100 % FDI in Telecom to attract more foriegn investment.
The privat telecom companies are also in support of increasing
the cap from the 74% to 100%!
Most of the Indian telecom companies,including Bharti Airtel and
Vodafone India have significant foriegn direct investment.
The High Level Committee on Financing infrastructure constituted
by the Cabinet Secretariat is reported to have recommended for
100% FDI.
However the DOT has opposed the move citing national security.
It is the reality that no private company with forien collaboration
can be depended during such emergent situations involving the
the security of the nation.

In the name of relaxation of investment norms for the public sector
Units,the government is planning to shift the surplus fund of the cash-
rich PSUs to the private sector.
At present PSUs are allowed to invest their funds only in public sector
Mutual funds.According to the new proposal,there will be certain limit
for investing in public mutual funds and PSUs should be allowed to
invest rest of their fund in the private sector mutual funds.However
there is no mention about the percentage of surplus funds that PSUs
would be required to invest in public sector mutual funds.
The proposal is reported to be part of a report prepared by a committee
of the Department of Public Enterprises which was constituted to review
guidelines on investment of excess funds available with the cash-rich
PSUs.
Once it is approved,the government is certain to dictate the PSUs to
invest in a particular private sector of their choice and the PSUs may
lose their fund for ever.
What an easy method of making the cash rich PSUs to sick PSU s.

For the second time within a fortnight,the oil compnies have
hiked petrol price by Rs.2 per litre.
The impact of this increase would vary from state-to-state based
local taxes
The reason for the price hike is attributed to depreciation of rupee.

.
The last time the hike was made on June 01 by paise 75 stating
depreciation of rupee against US dollar.
If the oil compnies are allowed freely to increase the prices of
petrleum products,there will be no end to this phenomenon.
Despite intervention by the Reserve Bank of India,the government
is struggling to stabilise the value of rupee which has sunk to a
record low of almost Rs.60 against dollar.
It is certain that the hike in the prices of petrol would result in the
price rise of all the essential commodities.

Comrade K.G.Jayaraj, General Secretary AIBDPA has joined CHQ at Delhi on 14^th June 2013 and will be available there till 5^th July. His  Delhi mobile No. is 9013714470.

Com. V.A.N.Namboodiri, Advisor  and Com. K.G.Jayaraj, General Secretary, AIBDPA met Smt. Sadhana Dixit, Member (Finance) today (14-06-2013) and discussed about issue of orders on 78.2% IDA fixation for the pre-2007 retirees without any delay. The Association representatives pointed out that clarifications  are required for the post-2007 retirees  to ensure that their pension is fixed calculating the 78.2 % since there is no provision for notional pension. Member (Finance) appreciated our concern and assured that all the points will be examined and orders issued.

The Association representatives met Sri S.C.Misra, Member (Services) and discussed the same issue. He assured for taking action on his part. Member (Services) stated that he has asked the BSNL to intimate how the fixation will be done.  The representatives brought to his notice the shortage of staff in the CCAs, which is creating problem in early settlement of pension cases. He assured to look in to the matter.

Both Member (Finance) and Member (Services) were presented with the souvenirs of the All India Conference of the AIBDPA held at Kannur, which they had agreed to attend but could not do so, due to the meeting of the Parliamentary Standing Committee Meeting in which they were also asked to be present.

BSNL ALSO HAS ISSUED ORDER ON 78.2% IDA MERGER ON 11 TH. JUNE ,2013.
MANY COMRADES ARE CONTACTING US AND ASK WHETHER IT IS APPtLICABLE TO THE PENSIONERS.
WE HAVE MADE IT CLEAR AT THE TIME OF AGREEMENT ITSELF THAT THE PENSIONERS ALSO ARE ELIGIBLE TO GET THE BENEFIT AND A MENTION WAS MADE IN THE AGREEMENT IN THIS REGARD ON 12-06-2012 SIGNED BY THE BSNL MANAGEMENT AND FORUM LEADERS.
NOW WHEN THE ORDER WAS iSSUED BY DOT
ON 10-06-2013COM.VAN NAMBOODIRI,CONVENOR,FORUM OF BSNL UNIONS/ASSOCIATIONS AND ADVISOR,AIBDPA ALONG WITH OTHER LEADERS OF THE FORUM
HAD MET THE CONCERNED DIRECTOR IN DOT AND DISCUSSED THE ISSUE OF COVERING THE BENEFIT TO THE PENSIONERS.THE DIRECTOR HAS ASSURED THE LEADERS THAT A SEPERATE ORDER WILL BE ISSUED SHORTL FOR THE PENSIONERS..
LET US WAIT A FEW DAYS FOR THE ORDER AND WE ARE IN CONSTANT TOUCH WITH THE DOT AND SHALL INTERVENE TO SAFEGUARD THE INTERESTS OF THE PENSIONERS AT THE
APPROPRIATE TIME..

Three private sector banks,Axis Bank,HDFC Bank and ICICI Bank
have been imposed fine by the Reserve Bank of India for
violation of KYC (Know Your Customer ) norms.
The Reserve Bank of India,after investigation into the matter,
slapped monetary penalties of Rs.5 crore on Axis Bank,
Rs.4..5 crore on HDFC Bank and Rs.1 crore on ICICI Bank.
The scrutiny of books of accounts,internal ontrol and processes
of these three banks at their corporate offices and some
branches during March-April,2013 has revealed that there had
been contrvention of KYC guidelines and violation of certain
regulations and instructions issued by the Reserve Bank.
Eventhough the investigation did not reveal any prima facie
evidence of money laundering,any conclusive inference inb this
regard can be drawn only by an investigation by tax and
enforcement agencies.

One US Dollar costs Rs.58.16 on 10th June!
Yes, it is a life-time low of rupee against the dollar,making the struggling
economy furthur vulnerable.
The rupee has slumped by 8 per cent from 53.80 on April 30.
The forex traders were critical of the Reserve Bank for its inaction
in the matter.
The rising rupee will make the oil companies hike the rates soon.
The record low of rupee is sending shock waves to the economy
and all import intensive sectors such as auto,capital goods,metal
products and power will be affected.
Foriegn Institutional Investors are pulling out,fearing furthur erosion
of their value of their stocks.
Still some people are rejoicing.Exporters,including IT companies and oil
companies from the private sector are happy as their income is in
Doller terms.

DoT Order on 78.2% IDA merger

Value of the rupee has gone down to 57.07 today against US dollar
even as Prime Minister and Finance Minister make tall claim of the
Economic growth.
And what about the economic growth!
The GDP has slipped to 4.8 % for the last quarter of the financial year,
2012-13 and the average for the fiscal year to only 5 per cent.
This is natural adverse effect of the neo liberal policy being pursued
by the UPA government.
The Manmohan Singh government has granted concessions to the
cporporates tothe extent of Rs. 31 lakh crore since it came to power in 2004whereas the subsidies to the poor and the peasants are cut drastically.
The vast majority of the total population,77 % are struggling with a
meager income of less than Rs.20 per day.