Delhi, Mumbai LPG buyers to get cash subsidy from today

Domestic cooking gas consumers in Delhi and Mumbai from Wednesday will get cash subsidy for buying cooking gas refils as theDirect Benefit Transfer for LPG (DBTL) Scheme will be extended to 105 more districts.

Under the scheme, which till now has been rolled out in 184 districts in 18 states, cooking gas consumers will get Rs 435 advance money in their bank accounts so as to help them purchase a 14.2-kg LPG cylinder at market price.

Currently, the subsidised LPG cylinder costs Rs 414 while the market price per bottle comes to Rs 1,021.

The moment the refill is bought, the subsidy prevalent on that day will be credited to Aadhaar-linked bank account of LPG consumer for another cylinder. In all, cash subsidy is provided for nine refills in a year under the Direct Benefit Transfer for LPG (DBTL) Scheme.

Official sources said in the last phase of DBTL rollout from today, 105 districts including nine in Delhi, Ahmedabad in Gujarat, Gurgaon in Haryana, Belgaum in Karnataka, Gwalior in Madhya Pradesh, Mumbai, Jodhpur in Rajasthan, Thanjavur in Tamil Nadu, Lucknow in Uttar Pradesh and Murshidabad in West Bengal would be covered.

So far, 40 million cash transfers to consumer's bank accounts have taken place since the launch of the scheme in June this year. Over Rs 2,000 crore have been transfered in 184 districts in 18 states providing direct benefits in hands of the consumers.

The scheme was launched in 20 districts on June 1 and was extended to 34 more on September 1. Only those consumers in these 54 districts who have their LPG consumer number and bank account with Aadhaar number get the cash subsidy, they said.

The DBTL scheme currently covers 66 million consumers in in 184 high Aadhaar coverage districts.

With the rollout , almost half the country, covering 289 districts, will get covered by the scheme that is aimed at curbing leakages and preventing black-marketing, sources said.

All Aadhaar-linked domestic LPG consumers get an advance in their bank account as soon as they book their first subsidised cylinder. No sooner do they take delivery of the first cylinder, the next subsidy gets transferred in their bank account, which is available for purchase of next subsidised cylinder at market rate.

"In order to avail transfer of cash subsidy into the bank account, Aadhaar number of the LPG consumer has to be linked to the LPG consumer number and bank account for which a three months grace period from date of launch is being provided," a source said.

A three month grace period has been given to get Aadhaar number and link it with their bank accounts. After the grace period, only consumers with Aadhaar number-linked bank accounts will get cash subsidy.

Sources said the three-month grace period has expired in Phase-1 and II districts and subsidy is being transferred only to accounts linked to Aadhaar numbers.

More: http://businesstoday.intoday.in/story/delhi-mumbai-lpg-buyers-to-get-cash-subsidy-from-today/1/201959.html

Mumbai firm buys prime diplomatic property in UK

Mumbai-based Lodha Developers have been confirmed as the new owners of Macdonald House in central London, which currently houses the Canadian High Commission.


Canada's High Commissioner to the UK, Gordon Campbell,confirmed on Thursday night that legal contracts have been exchanged for the sale of 1 Grosvenor Square for 530 million Canadian dollars.

"We thank Lodha Group for their keen interest and welcome this new phase in the project," Campbell said.

The High Commission, advised by Savills UK, said the Lodha Group will acquire the property.

"There was exceptional interest from international parties for the property on Grosvenor Square. We are looking forward to the move to Canada House on Trafalgar Square, Canada's traditional home in the United Kingdom, in the next year," he said.

Canada had first announced its intention to sell the property in Canada's House of Commons in February.

It has described the move as a key step in plans to revitalise Canada House on Trafalgar Square in the heart of London and to consolidate the Canadian High Commission?s diplomatic activity in the UK in one central London location, "saving valuable operational dollars".

"The acquisition of this marquee asset overlooking London's most renowned garden square, in the heart of Mayfair, and in close proximity to Bond Street and Mount Street is a great opportunity for our company," Abhishek Lodha, MD of Lodha Group said.

The value of Macdonald House, if converted to residential use, is estimated at over 450 million pounds.

"This is without doubt one of the finest addresses in central London," Tim Whitmey, director in Savills development team, said.

London has been witnessing a massive property boom this year, largely triggered by cash-rich overseas investors keen on investing in the British capital.

Estate agent Wetherell recently claimed at least 20 of the 165 diplomatic missions in London have been sold or explored a sale in the past six months after prices in up-market embassy areas rose by up to 60 per cent since 2007.

The Canadians are following in the footsteps of their American counterparts, who sold the US embassy on Grosvenor Square in 2008.

More: http://www.hindustantimes.com/india-news/mumbai-firm-buys-prime-diplomatic-property-in-uk/article1-1156979.aspx

Inventory piles up in Mumbai residential realty on muted demand

Mumbai’s residential real estate market is perhaps going through its worst phase. Almost 45% of MMR's (Mumbai Metropolitan Region’s) ready and under-construction projects are lying unsold due to weak demand and high prices, according to a report by international property consultant Knight Frank.

There are nearly 2.9 lakh under-construction residential units in the Mumbai market while unsold inventory is close to 1.3 lakh units. Last year, Knight Frank said in a similar report that unsold inventory in Mumbai was 80,000 units.

The latest report further says that the unsold inventory level in the MMR (almost 45%) is way higher than that in the NCR (National Capital Region) at 26%, given that the NCR market has nearly twice the number of under-construction units compared to Mumbai.

With the significant tapering in demand, Knight Frank says developers are keeping new launches in check to bridge the supply and demand gap, as is evident by the slowdown in new launch momentum in MMR for the last three years.

Approximately 47,488 units were launched during January-September 2013, a 28% year-on-year drop. The difference is even greater, at 42% and 46%, when compared with the same period during 2011 and 2010, respectively, says the report.

At the same time, absorption levels for the January-September 2013 period have dropped to around 39,000 units, a 26% drop y-o-y and more than 43% off the 2010 highs. The unsold inventory levels are as high as 52% for units launched in the premimum segment of R2 crore price bracket.

However, despite there being no takers for apartments at current price levels, research shows that prices of residential units have not corrected as sharply as the fall in absorption has been. Price correction, though, is on the anvil.

"Unsold inventory pressure in Mumbai is the highest among all other cities and is depicting a growing trend. We expect a more pronounced price correction which may drive the market to a better equilibrium," says Samantak Das, chief economist, (director-research & advisory services), Knight Frank India.

Prices in some south and central Mumbai locations, like Parel, Lower Parel and Mahalaxmi, have declined close to just 10% over the previous three quarters. However, in a bid to liquidate their higher priced inventory, developers have been reducing prices by up to 25% in favour of a sizeable up-front payment, in the premium segment.

"In the last few quarters, there has been huge pressure in terms of excess unsold inventory coupled with lower demand from clients due to the economic uncertainty. This will put pressure on prices in the medium term and the scenario will last till the general elections of 2014," says Mudassir Zaidi, national director, residential agency, Knight Frank India.

More: http://www.financialexpress.com/news/inventory-piles-up-in-mumbai-residential-realty-on-muted-demand/1199906/0

Mumbai: FIR against man for offensive content on FB against NCP chief

An FIR has been registered against a man in the neighbouring Navi Mumbai for allegedly posting "offensive and humiliating" messages about NCP chief Sharad Pawar on a social networking site, police said on Friday.

No arrests have been made, with police saying appropriate action would be initiated after a proper probe. They also did not reveal the content of the messages posted on Facebook.

According to Nerul police station, an NCP worker saw the posts on Facebook about Pawar and found them "offensive and humiliating". He complained to the police on Wednesday, following which an FIR was registered against one Pravin Pisal.


No arrests have been made, with police saying appropriate action would be initiated after a proper probe.

"The FIR was registered under section 66 A (punishment for sending offensive message through a communication service) of the IT Act. We have not arrested Pisal as we want to first make a thorough investigation into the case," Rajkumar Chaphekar, senior inspector at the police station, told PTI. The officer, however, did not divulge the name of the complainant.

Investigators are taking help of legal experts before initiating any action against the accused, said another officer adding that Pisal would be questioned in this connection.

More: http://ibnlive.in.com/news/mumbai-fir-against-man-for-offensive-content-on-fb-against-ncp-chief/434404-37-64.html

Fire in Mumbai building spread through cable network, say officials

Fire officials and police said that the blaze in Mumbai building which killed four people, was first noticed around 3 a.m. this morning, and could have started in the electric meter cable box before spreading through the rest of the cable network.

The fire was put out at around 6:30 a.m., and everyone from the building has been evacuated. The injured have been admitted to the Rajawadi Hospital and other medical institutions.

The building was a slum redevelopment structure, according to local authorities.

At least four people were feared dead and eight others injured after a seven-storey building caught fire in the Mumbai suburb of Vikhroli early on Monday morning.

An elderly couple, their son and grandson perished in the fire.

Most victims were asleep when the fire broke out in the seven-storey Kailash Apartments in Vikhroli's Siddharth Nagar around 3.15 a.m., said a BMC Disaster Control official.

The deceased have been identified as Gautam Shalivan, 55, his wife Poornima, 50, son Vishal, 32, and grandson Ayush, 10.

Four people in nearby flats too were injured in the blaze and have been admitted to Sion Hospital.


Read more at:http://indiatoday.intoday.in/story/mumbai-building-fire-spread-through-cable-network-officials/1/322563.html

Four killed, eight injured in Mumbai building fire

Four persons were killed and eight others got injured when a fire broke out in a seven-storey building in suburban Vikhroli early today, officials said.

Fire brigade sources said the fire broke out in the building located in Siddharthanagar area this morning.

It was a residential building and the victims were sleeping when the blaze broke out, they said.

The cause of the blaze is yet to be ascertained, they said.

According to TV reports, fire started in the electric meter cable box and spread through the cable network. Everyone has been evacuated from the building and the injured have been taken to hospital, according to authorities.

More: http://www.hindustantimes.com/india-news/mumbai/four-killed-eight-injured-in-mumbai-building-fire/article1-1149657.aspx

NSEL crisis: Mumbai police raid Jignesh Shah’s office, residence

The Economic Offences Wing at Mumbai of Mumbai Police today lodged FIRs against the National Spot Exchange Ltd’s (NSEL) promoters including Jignesh Shah, the board of directors and key employees and are currently carrying out searches and raids in the offices and residences in 180 places across the country in connection with Rs 5,600 crore payment crisis.

 NSEL, promoted by Jignesh Shah-led Financial Technologies, has been facing problems in settling Rs 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients, after it suspended trade on July 31 on the government’s direction. The economic offences wing also searched the residences of Jignesh Shah, chairman and managing director of Financial Technologies, and Joseph Massey, managing director and CEO of MCX-SX, in connection with the payments crisis at National Spot Exchange Ltd (NSEL), an EOW official said. 

While Shah could not be reached for comments, Massey, denied any raid at his residence. “While I clarify that there was no raid at my house, I want to say that I am willing to cooperate fully with the police in the investigations,” Massey told PTI. PTI Last week a 32-page preliminary inquiry (PE) report was submitted to EOW additional commissioner of police Rajvardhan Sinha, and it found that there were evidence of financial fraud at the commodity bourse promoted by Jignesh Shah-controlled Financial Technologies group. Central agencies like ED, income-tax department, etc, have already submitted their reports on the fiasco to Arvind Mayaram, secretary, economic affairs, who then presented the findings of violations by NSEL to the finance minister. 

Mayaram committee report implicated the exchange and its promoters, following which which the authorities conducted searches at 184 locations across 16 states. FIRs have also been lodged against NSEL’s parent company Financial Technologies and their directors, 25 borrowers, some defaulters, the promoters and directors of defaulters and some brokers in connection with the payment crisis, sources told CNBC- TV18. Shares of Financial Technologies ended down 6.43 percent at Rs 141.10 following the raid. NSEL, however, said that both Financial Technologies and NSEL will cooperate fully and welcome any action taken by the government and authorities. 

A special investigating team (SIT) had been formed to conduct a preliminary inquiry after complaints from a couple of investors against NSEL. The inquiry concluded that it was a criminal offence following which the FIR was registered. The SIT conducted its inquiry after receiving crucial inputs from the commodity market regulator Forward Markets Commission and Registrar of Companies. 

BJP leader and Investors Grievances Forum president Kirit Somaiya had also recently filed a PIL in the Bombay High Court stating that NSEL forged/manipulated documents regarding stocks and liquidity and allowed some of the companies to pledge the same stock with more than one financial institution. Somaiya has also alleged that government officials and politicians connived with NSEL to cheat investors. With inputs from PTI

Read more at: http://www.firstpost.com/business/nsel-crisis-mumbai-police-raid-jignesh-shahs-office-residence-1142661.html?utm_source=ref_article

Meet the lady who taught Mumbai wonderkid Sarfaraz Khan cricket is all in the mind

MCA psychologist Bavre put the wayward Mumbai teenager back on track by changing his perspective about both sport and life;15-year-old smashes ton against South Africa U-19.

A little over a year ago, Mumbai wonderkid Sarfaraz Khan’s career was in a limbo. The teenager was expelled from the BCCI’s batting academy on grounds of indiscipline.

Consequently, his confidence took a beating and it seemed his prodigious talent would go down the drain.

However, things changed after a well-wisher advised the 15-year-old’s father, Naushad Khan, to take him to Mughda Bavre, a psychologist associated with the Mumbai Cricket Association (MCA). Bavre has counselled every Mumbai player right from the U-14 to the U-25 level for nearly a decade.

And Sarfaraz’s interaction with the soft-spoken woman would change his very approach to life, not just cricket. A national swimmer in the 1990s, Bavre also won the prestigious Shiv Chhatrapati Award before completing her Masters in counselling psychology from Mumbai University.

In other words, she very well knows the kind of pressure a sportsperson goes through.

More on Bavre and her therapeutic sessions with Sarfaraz, but here’s proof of the effect it has had on the boy.

On Wednesday, Sarfaraz smashed his way to a stroke-filled 101 (66 balls, 17x4, 1x6) as India Under-19 defeated South Africa Under-19 by four wickets and more 10 overs to spare in a quadrangular series match in Visakhapatnam.

Sarfaraz shared a 159-run stand for the fifth wicket with Ricky Bhui (94 not out, 95 balls, 12x4, 3x6) as the hosts chased down 271 with ease. At 93/4, India Under-19 were in a spot of bother, but the boys played counter-attacking cricket for the better part of their stand which lasted 19.5 overs.

“I am glad he is back at his best,” an elated Bavre told dna on Wednesday. “When I first spoke to him in 2012, he had self-confidence issues. But I guess I handled him well,” Bavre added.

So what were the sessions about? “I told him the importance of being level-headed and humble. I cited examples of cricketers who fell by the wayside. But Sarfaraz was sure he didn’t want to go into oblivion. I just helped him get his priorities right,” Bavre said.

After the first session, Sarfaraz wondered why he didn’t meet “Mughda aunty” earlier. “I can’t thank her enough,” father Naushad admitted. “She just changed my son’s attitude to life. No more aaltu-faltu (nonsense) business for him. He’s doubly focused on his game and fitness now.”

Bavre has but one regret. “I want him to focus on his studies. The other boys used to taunt him. I have also told his father to ensure Sarfaraz attends school regularly. What does one do after retirement? You have to be educated.”