03082017-TTC-01.qxd 8/3/2017 1:25 AM Page 1 13 established in 1881 thursday,august 3, 2017 late city chandigarh | gurugram | jalandhar | bathinda | jammu | srinagar | www.tribuneindia.com | vol. 1 no. 108 | 22 pages | ~4.50 | regd. no. chd/0006/2015-2017 /thetribunechd RBI cuts repo rate; home, auto loans to get cheaper Sanjeev Sharma Tribune News Service New Delhi, August 2 To boost investment and demand in the economy with growth impulses weakening, the Reserve Bank (RBI) today cut the benchmark repo rate by 25 basis points from 6.25 per cent to 6 per cent. This will result in cheaper home, auto and consumer durables loans. On the flip side, the interest rate will lead to a further fall in deposit rates. Already banks like the State Bank of India have lowered the rate offered on savings accounts, and fixed deposits for one year are at 6.5 per cent. Also, the government has cut interest rates on small savings schemes. The drop in deposit rates are leading to a paucity of investment avenues and driving more liquidity into the stock market. 'Could’ve been more’ Growth forecast same ■ India Inc was expecting a ■ Key policy rate reduced by steeper rate cut “more in consonance with market realities,” the CII said in a statement ■ Industry body Ficci said the current situation “warranted a steeper cut of 50 bps” ■ Assocham said the 25 bps cut “may not make much of a difference” to debt servicing burden of borrowers, but would improve sentiment ■ Industry body PHDCI said reduction in key lending rate would not only reduce costs of doing business, but also enhance exporters' competitiveness 0.25% to 6% ■ Reverse repo rate cut by 0.25% to 5.75% ■ Focus on keeping headline inflation close to 4% on a durable basis ■ Growth forecast unchanged at 7.3% for the current fiscal ■ Four members of the Monetary Policy Committee voted for 0.25% rate cut Acknowledging room for a rate cut as inflation is at a record low and risks to the upside are lower owing to a smooth GST rollout and normal monsoon, the RBI's six- RBI GOVERNOR URJIT PATEL member Monetary Policy Committee (MPC), in a split vote, decided to ease interest rates after a gap of 10 months to a six-year low. Lower interest rates by themselves will not translate into boosting investment or reviving consumer demand. On measures to revive the economy, RBI Governor Urjit Patel said the MPC was of the view that there was an urgent need to reinvigorate private investment, remove infrastructure bottlenecks and provide a major thrust to the Pradhan Mantri Awas Yojana. He said the government and the RBI were working in close coordination to resolve large stressed corporate borrowers and re-capitalise public sector banks within the fiscal deficit target. These efforts should help restart credit flows to productive sectors as demand revived. However, the RBI maintained its stance on rate cuts remained neutral as it continued on page 11 edit: RBI goes by rulebook /thetribunechd I-T raids on K’taka minister hosting Congress MLAs Bow out Queen Elizabeth’s husband Prince Philip (96) made his final solo appearance at an official engagement in London on Wednesday, before retiring from active public life. REUTERS P15 Kotkhai rape case Right to privacy Shimla: The High Court on Wednesday granted two more weeks to the CBI to file a status report on the brutal rape and murder of a 16year-old Kotkhai girl. PAGE 12 New Delhi: A nine-Judge Constitution Bench on Wednesday reserved its verdict on the question of right to privacy that has been sought to be declared a fundamental right. BACK PAGE RS poll: Cong moves SC against NOTA, BJP poll panel Tribune News Service New Delhi, August 2 The Supreme Court on Wednesday agreed to hear a petition filed by the Gujarat Congress challenging the decision to use “None of the above” (NOTA) option in the August 8 Rajya Sabha polls in the state. A Bench headed by Justice Dipak Misra said it would hear the petition after senior advocate Kapil Sibal mentioned it for urgent hearing. The petition is likely to be taken up on Thursday. Four candidates are in the fray for three Rajya Sabha seats from the state. Apart from BJP president Amit Shah and Union minister Smriti Irani, the ruling party has decided to field Balwantsinh Rajput against lone Congress candidate Ahmed Patel. Sibal told the apex court that there is no statutory provision with regard to NOTA in the Constitution. The decision to use NOTA in Rajya Sabha polls was enforced in January 2014 after the 2013 Supreme Court verdict made it mandatory to have NOTA option in EVMs. Amid the ongoing political war, the BJP too approached the EC and sought removal of the NOTA option in the upcoming RS polls, a day after the Congress made a similar demand. continued on page 11 Bengaluru, August 2 The Income Tax Department today conducted searches at 64 locations and properties linked to Karnataka Energy Minister DK Shivakumar, who is overseeing the stay of 44 Congress MLAs from Gujarat at a resort near here. I-T officials said Rs 10 crore in cash had been found during the raids at various properties linked to the minister who was taken to his house in Bengaluru from the resort by tax officials early today. A “good amount” of jewellery had been found from a locker in a local college in the name of a elative of the minister, they said. While currency worth Rs 7.9 crore was seized from Delhi, a sum of Rs 2.23 crore was found at various locations in Karnataka. Officials said the department was probing Shivakumar for alleged tax evasion and undisclosed investments in real estate and other sectors. Certain investments in Singapore and other foreign locations were also under the department scanner. Some shell firms and their operatives were also being probed, the officials said. Shivakumar, in charge of the 44 MLAs lodged there to prevent the BJP from "poach- Centre rushes to EC use of central ❝ The in Income Tax forces investigations is a new low by the BJP government in their desperate quest to intimidate and coerce the Congress MLAs from Gujarat to toe the BJP line❞ Congress memorandum ing" them, was at the Eagleton resort when the search took place. The department has prepared a 'panchnama.' The minister was allegedly found "tearing" pages of loose paper sheets, when the taxman arrived at the resort. “The torn sheet, restored partially, is now being analysed,” an official said. The raids triggered angry reaction from the Congress. But the department said the resort was not being raided and only the minister's room in the resort had been "searched.” Senior Congress leader Ahmed Patel, who is contesting the Rajya Sabha polls from Gujarat accused the BJP of indulging in "unprecedented witch-hunt" to win one Rajya Sabha seat. — PTI Uproar in parliament page 18 Today’s issue is of 22 pages, including four-page Bathinda Tribune.
The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising four eminent persons as trustees.
The Tribune, the largest selling daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the paper. It is an independent newspaper in the real sense of the term.
The English edition apart, the 133-year-old Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).