OPINION, P6 ECONOMY, P2 MOHANDAS PAI & ANURAAG SAXENA Need to make India free of fake & biased media narratives INTERNATIONAL, P8 EDITORIAL CANDIDATE HUNT ACCORD WITH ISRAEL Delhi's EV policy good, but isn’t very ambitious on pushing electric buses that deliver large gains Urjit Patel on search panel for MPC members Turkey may suspend ties with UAE over Israel deal: Erdogan NEW DELHI, SATURDAY, AUGUST 15, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 143, 30 PAGES, `10.00 (PATNA `9.00, RAIPUR `10.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 37877.34 ▼ 433.15 NIFTY: 11178.40 ▼ 122.05 NIKKEI 225: 122.05 ▲ 39.75 HANG SENG: 25183.01 ▼ 47.66 `/$: 74.91 ▼ 0.06 `/€: 88.44 ▲ 0.09 BRENT: $44.97 ▲ $0.01 GOLD: `52630.00 ▲▼ `189.00 JSW ENERGY has entered the domestic wind power generation sector, winning 970 MW of projects in the latest auction conducted by the Solar Energy Corporation of India, reports Anupam Chatterjee in New Delhi. Jio has been using 58.75 MHz spectrum owned by RCom in the 800 MHz band since Jan 2016 under the spectrum sharing pact FE BUREAU New Delhi, August 14 THE SUPREME COURT on FridayquestionedwhyRelianceJio should not pay for the adjusted gross revenue (AGR) dues of Reliance Communications (RCom) if it has been using the latter’s spectrum since January 2016. The development has added a new twist into theAGR case by roping in Jio,which has been out of the picture so far. Reliance Jio and RCom had RCom-Jio spectrum alliance Total held by RCom in 800 MHz band: 96.25 MHz In use by Jio: 58.75 MHz 8 circles traded, 17 circles sharing RELIANCE JIO HAD signed a spectrum trading as well as sharing deal with Reliance Communications in January 2016, but while the former failed in 2018,the lattercon- PRESS TRUST OF INDIA New Delhi, August 14 tinues. Different sets of guidelines govern spectrum trading and spectrum sharing. In trading, spectrum is boughtfromatelecomplayer andthesellerclearsallduesat the time of sale. THE SUPREME COURT on Friday held activist-lawyer Prashant Bhushan guilty of criminal contempt for his two derogatory tweets against the judiciary, saying they cannot be said to be a fair criticism of the functioning of the judiciary made in the public interest. Holding that Bhushan attempted to scandalise the entire institution of the Supreme Court, the top court said: “If such an attack is not dealt with, with requisite degree of firmness, it may affect the national honourand prestige in the comity of nations.” A bench of Justices Arun Mishra, BR Gavai and Krishna Murari said: “The tweets which are based on the distorted facts, in our considered view,amount to committing criminal contempt.” Full report on Page 4 Continued on Page 2 No sharing or trading with Jio: ■ 900 MHz band: 10 MHz ■ 1800 Mhz band: 17.4 MHz ■ 2100 MHz band: 65 MHz entered into a pact in January 2016. Continued on Page 2 Jio's spectrum trade deal failed, sharing continues FE BUREAU New Delhi, August 14 Prashant Bhushan ● FORGERY CASE Deposits in Jan Dhan accounts exceed pre-lockdown level BANIKINKAR PATTANAYAK New Delhi, August 14 DEPOSITS IN THE no-frills Jan Dhan accounts have exceeded the pre-lockdown level by a decent margin week after week. This lends some credence to the notion that concerns about wide-spread rural distress during the pandemic may have been exaggerated. As of August 5, as many as 40.21 crore Jan Dhan accounts had a total balance of `1,29,720 crore, higher than that of `1,18,434 crore on March 25, when the Covidinduced lockdown was imposed or `1,18,106 crore a week before that, official data Jan Dhan deposits (` cr) 140,000 1,18,106 135,000 1,29,720 130,000 1,33,564 125,000 115,000 1,18,434 110,000 18 25 Apr 15 Mar 2020 Continued on Page 2 Continued on Page 2 Jun 10 Aug 5 2020 instalment of the government assistance was almost over. Two factors have obviously contributed to the rise. Continued on Page 2 ● TRANSFER OF `57,128 CRORE RBI dividend a third of last year’s,yet generous FE BUREAU Mumbai, August 14 THE RESERVE BANK of India (RBI) on Friday said it would transfer a surplus of `57,128 crore to the government for 2019-20 (July-June). For the Centre, the receipts will be budgeted for the fiscal year 2020-21, and are almost in sync with its own budget estimateoftransfersfromthecentral bank for the year, but the Dividend receipts from RBI (as accounted for in Central Budget) ` crore FY18 FY19 FY20 FY21* *Based on Friday's announcement FE BUREAU New Delhi, August 14 amountwouldnowlook insufficient given thatCovid-19 crisis has hit its other revenues, including tax receipts,hard. Thanks to the Bimal Jalan committee, which reviewed the RBI’s economic capital framework (ECF), the central bank transferred an all-time high amount of `1.76 lakh crore to the government in 2018-19 (July-June). May 13 Source: DFS show(See the chart).Of course, the net deposits have been easing, albeit at a slow pace, since hitting a peak of `1,35,978 crore on June 10,by when the transfer of the last SC refuses to grant bail to Unitech promoters THE SUPREME COURT on Friday refused to grant bail to Unitech promoters Sanjay Chandra and Ajay Chandra in an alleged 2015 forgery case. Chandra was granted interim bail on July 7 for a month after bothhisseniorcitizensparents were hospitalised forCovid-19 and he needed to be with them. With the period of interim bail having Sanjay expired on Chandra Thursday, a bench led by DY Chandrachud asked Chandra to surrender before the authorities by Monday. Theapexcourtsaidthatthe two brothers have failed to comply with its October 2017 order which asked them to deposit `750 crorewith the SC by December 31, 2017, to be eligible for bail. The SC also asked the Central government to ensure that all aspects of illegality should be investigated by the competent investigative agencies. 1,35,884 1,35,978 Govt aid was transferred by the 2nd week of each month, from Apr to Jun; lockdown was effective from March 25 120,000 57,128* JSW forays into wind energy, wins 970-MW projects Why should Jio not pay: SC SC holds Bhushan guilty of contempt PAIN RELIEVER 1,48,000 MERCHANDISE EXPORTS dropped by only 10.2%, y-oy, in July, against a 12.4% fall in the previous month, but a contraction in imports narrowed sharply to 28.4% from 47.6%, reports fe Bureau in New Delhi. Consequently, trade balance swung from the first monthly surplus ($0.8 billion) in about 18 years in June to a deficit of $4.83 billion in July. ● TWEETS 68,000 IN THE NEWS Trade contraction narrows in July; exports fall 10.2% RCOM AGR DUES 40,659 VOCAL FOR LOCAL New Delhi
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