OPINION, P2 EXPRESS ADDA ‘Regional parties can’t come together against BJP because states compete with each other’ Page 8 Will we write an elegy for GST? FE LINES There have been countless occasions when the British royal family has gone through unhappiness Page 6 HIMANTA BISWA SARMA Royal blues ACROSS THE AISLE , P CHIDAMBARAM SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 14 NO. 16 ANEWBRAND WORLD FINANCIAL EXPRESS ON SUNDAY MUMBAI SUNDAY, JUNE 20, 2021, 18 Pages, `10 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 , ■ LEISURE, P5 PRESS TRUST OF INDIA New Delhi, June 19 The homecoming THE FINANCE MINISTRY onSat- Work-from-home is fast turning into workfrom-hometown, as many professionals are leaving the chaos and rush of metro cities and returning to their native places to embrace a simpler life urdayasserted that Indian customer deposits in Swiss banks have fallen since 2019,but said it is seeking details from Swiss authorities on the relevant facts, along with their view on possible reasons for changes in thefundsparkedbyindividuals and entities in 2020. Inastatement,theministry said the deposits have halved but did not divulge any numbers. Quoting data from Switzerland’s central bank, it had been reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over `20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer ■ WORDS WORTH, P4 The pivot state An enriching exploration of the complex geopolitics of the subcontinent ROHNIT PHORE Finance ministry says figures do not indicate the quantum of alleged black money held by Indians in Switzerland FE BUREAU New Delhi, June 19 THE GOVERNMENT has no intention to delay fixing minimum wages and national floor wages,the labour ministry said on Saturday. The clarification comesamidreportsthatforming anexpertgroupontheissuewith athree-yeartermisanattemptto delay fixing minimum wages andnationalfloorwages. Earlierthismonth,theCentre constituted an expert group underthechairmanshipofeconomistAjitMishratoprovidetechnical inputs and recommendations on fixing these wages.The tenureofthegroupisthreeyears. The provision of minimum wages provided in the labour code on wages was passed in 2019.Currently,theprovisionsof theMinimumWagesActapplyto workers in scheduled employments,includingmining,planta- QuickPicks DPIIT secy Mohapatra dies of Covid-related complications SECRETARY IN the Department of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra died of Covid-19 related complications at AIIMS on Saturday, reports PTI. Mohapatra, 59, was admitted to AIIMS in mid-April. “Saddened by the demise of Dr. Guruprasad Mohapatra, DPIIT Secretary. I had worked with him extensively in Gujarat and at the Centre. He had a great understanding of administrative issues and was known for his innovative zeal. Condolences to his family and friends. Om Shanti," PM Narendra Modi said in a tweet. PAGE 3 Hard-line judiciary head wins Iran presidency as turnout low Rising business transactions by Indian companies, rise in deposits and in inter-bank transactions could have led to increase in deposits: Govt deposits fell. In its statement, the ministry said the figures “do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland.Further,thesestatistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of thirdcountry entities.” The ministry noted that ■ Over three-year tenure of the expert group, the government clarifies that even after the fixation of minimum wages and national floor wages, it may seek technical inputs or advice ■ First meeting of the panel was held on June 14 and the second meeting is scheduled for June 29 tionsandservices.Thewagecode is meant to ensure the“right to sustenance”foreveryworkerand extendsthelegislativeprotection of minimum wage to 100% of thecountry’s50-croreworkforce fromthecurrent40%. Continued on Page 11 Strengthened talent pool: Infosys IRAN'S HARD-LINE judiciary chief won the country's presidential election in a landslide victory on Saturday, propelling the supreme leader's protege into Tehran's highest civilian position in a vote that appeared to see the lowest turnout in the Islamic Republic's history, reports Associated Press. Initial results showed Ebrahim Raisi won 17.8 million votes in the contest, dwarfing those of the race's sole moderate candidate. However, Raisi dominated the election only after a panel under the watch of Supreme Leader Ayatollah Ali Khamenei disqualified his strongest competition. INFOSYSCHAIRMAN Nandan Nilekani on Saturdaysaid the IT major has continued to strengthen its talent pool by recruiting 19,230 graduates inIndiaand1,941outsidethe country to serve its clients' burgeoning demand fordigi- tal acceleration, reports PTI. Speaking at the company's 40th AGM, Nilekani noted thatInfosysiswell-positioned for another year of "marketleading performance" in a post-pandemic, cloud-first digital era. ■ Page 3 Hyundai riding high on diesel, SUV sales VIKRAM CHAUDHARY New Delhi, June 19 ON HIGH WHEELS WHILE All carmakers India and Kia Motors India together may not be able to beat Maruti Suzuki India in monthly sales of passenger vehicles (PVs) in the foreseeable future, as they were able to do in May 2021, the two together may be able to maintain the lead in the sports utilityvehicle segment given that the Koreans have a strong portfolio here. In May2021,as per data by the Society of Indian Automobile Manufacturers (Siam), Hyundai India (in May 2021) (in units sold) 4,67,771 1,09,172 Passenger vehicles Maruti Suzuki 32,903 25,001 Hyundai Kia 11,050 Maruti Suzuki sold 32,903 PVs, while Hyundai sold 25,001 units and Kia sold 11,050 units (total Hyundai Utility vehicles 6,355 13,808 11,050 and Kia 36,051 units). However,if one counts only UVs, Maruti Suzuki sold just 6,355 units, while Hyundai Also, statistics do not include money that Indians, NRIs or others might have in Swiss banks in names of third-country entities sold 13,808 units and Kia sold 11,050 units (total 24,858), clearlyshowcasingKoreancarmakers’strength in this growing sub-segment of PVs. While the Koreans maynot be able to maintain overall PV lead over Maruti Suzuki — May was different because Maruti Suzuki had gone into a plant shutdown due to Covid19 second wave earlier than Hyundai did, and the former has a good portfolio of entrylevel PVs that sell in relatively larger numbers — in UVs they have an edge. Continued on Page 11 customer deposits have actually fallen from the end of 2019.The funds held through fiduciarieshavealsomorethan halved from 2019-end. “The biggest increase is in ‘other amounts due from customers’. These are in form of bonds, securities and various other financial instruments,” the ministry added. Continued on Page 11 K O L K A T A , 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 COMPLIANCE DEFICIT 3rd wave in 6-8 weeks if lax: Guleria PRESS TRUST OF INDIA New Delhi, June 19 IF Reports say funds parked by Indian individuals & firms in Swiss banks jumped to a 13-year high of 2.55 billion Swiss francs (over `20,700 crore) in 2020 ‘No intent to delay minimum wages’ SUVs (Jan-May 2021) K O C H I , MONEY MATTERS GOVTSPEAK MOTOR H Y D E R A B A D , Funds halved since 2019, claims govt ● Says seeking details from Swiss authorities HYUNDAI READ TO LEAD SWISS DEPOSITS WHAT'S INSIDE ODD & EVEN C H E N N A I , Many businesses have taken the brand extension route. But does it always work? Page 7 COVID-APPROPRIATE behaviour is not followed and crowding not prevented, the nextwave of theviral infection can strike the country in the next six to eight weeks,AIIMS director Randeep Guleria warned on Saturday. Until a sizeable number of the population are vaccinated, Covidappropriate behaviour needs to be followed aggressively, he said and stressed on the need for stricter surveillance and Randeep area-specific Guleria, lockdownsin AIIMS director case of a significant surge. Guleria reiterated that till now, there is no evidence to suggest that children will be affected more in the nextwave of the infection.Earlier,India's epidemiologists had indicated that a third wave is inevitable and is likely to start from September-October. The number of cases have shown a downward trend and the positivity rate too has been shrinkinginthelastseveraldays. People out for shopping at a market in Thane FILE PHOTO CENTRE TO STATES ‘Calibrate opening, avoid crowding’ PRESS TRUST OF INDIA New Delhi, June 19 THE EASING OF Covid-related lockdown norms has led to crowding in some markets and other places,the Centre said on Saturday, as it urged states to ensure the “extremely important”five-foldstrategyofCovidappropriate behaviour, testtrack-treat and vaccination to check spread of the disease.In a communicationtoallstatesand UTs,UnionhomesecretaryAjay Bhallaalsoaskedstatestoregister cases and invoke the stringent Epidemic Diseases (Amendment) Act, 2020, againstthoseassaultingdoctors and healthcare professionals. “With a decline in the number of active cases,many states and UTs have started relaxing Tech to identify ventilator need THE GOVERNMENT ON Saturday said that a new software — Covid Severity Score — has been developed to identify patients who require ventilator support as well as detect emergency and intensive care unit needs early, reports PTI. restrictions.Iwouldliketohighlightthatthedecisiontoimpose or ease restrictions has to be taken based on the assessment of the situation at the ground level,” hesaid.Bhallasaid,aclose watch needs to be kept on early signsofasurgeinactivecasesor highpositivityrates.
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