TheIndian EXPRESS LATE CITY, 26 PAGES, NEW DELHI, `6.00 (`8 PATNA & RAIPUR, `12 SRINAGAR) ● TUESDAY, NOVEMBER 6, 2018 ● WWW.INDIANEXPRESS.COM DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA AT HEART OF STANDOFF Govt wants Rs 3.6 lakh crore from RBI, a third of its reserves, central bank says no Calling its risk model conservative, Govt claims can manage funds with RBI SUNNY VERMA NEW DELHI, NOVEMBER 5 AT THE heart of the RBI-governmentstandoffisaproposalbythe FinanceMinistryseekingtotransfer a surplus of Rs 3.6 lakh crore, more than a third of the total Rs 9.59 lakh crore reserves of the central bank, to the government. The ministry has suggested thatthissurpluscanbemanaged jointly by the RBI and the government. Finance Minister Jaitley in New Delhi, Monday. Praveen Khanna The Finance Ministry claims thattheexistingeconomiccapital framework — which governs the RBI’s capital requirements and terms for transfer of its reserves to the government — is based on avery“conservative”assessment of risk by the central bank. Sources have confirmed to The Indian Express that the RBI views this attempt by the Government to dip into its reserves can adversely impact macro-economic stability. And CONTINUED ON PAGE 2 RED FLAGS IN RBI ■ Using reserves erodes market’s confidence in govt’s commitment to fiscal prudence ■ Dipping into RBI’s capital creates no new government revenue ■ A central bank with low capital level may lose credibility JOURNALISM OF COURAGE ARIHANT’S PATROL OVER N-triad in place, submarine our shield against US sanctions in, blackmail: PM kickbuyIndia can Iran WORLD CHINA, EU PROMISE TO RESIST SANCTIONS ON IRAN 14 Committed to doctrine of minimum credible deterrence, no first use: Modi oil for now SUSHANT SINGH ■ Using RBI reserves to recapitalize PSU banks creates problems of regulator owning banks SHUBHAJIT ROY INDIA ANNOUNCED Monday the completion of its survivable nuclear triad by adding maritime strike capability to land andair-baseddeliveryplatforms for nuclear weapons. Prime Minister Narendra Modi, while declaring that India’s first nuclear ballistic missile submarine had completed its maiden “deterrence” patrol, said INS Arihant was an “open warning” (khuli chetavni) to “enemies of India and peace” and a “fitting response to nuclear blackmail”. Receiving the crew of INS Arihant,thePrimeMinistersaid: “Icongratulateallthoseinvolved, especially the crew of INS Arihant for this accomplishment, which will always be remembered in our history.” India has become the sixth country — after US, Russia, UK, France and China — to have a fully operational nuclear triad. “In an era such as this,a credible nuclear deterrence is the need of the hour. The success of INS Arihant gives a fitting response to those who indulge in nuclear blackmail,” Modi said. He was referring to the ‘second-strike’ capability provided by an SSBN (Ship Submersible Ballistic Nuclear) which is not only nuclear-powered but armed with nuclear missiles as well.ItmeansthatIndiacanhide its ballistic missiles at sea for a long period of time and hit back at the enemy from sea, if its land and air-based delivery systems havebeenneutralisedbytheenemy in a nuclear strike. THE TRUMP administration Monday named India among eight countries granted temporary exemption for buying Iranian oil as the US imposed its toughest sanctions till date against Tehran. There was no immediate statement from the Ministry of External Affairs but sources in NewDelhisaidthiswastheresult ofhecticnegotiationsoverthelast six months with US officials. India, China, Japan, Italy, Greece,SouthKorea,Taiwanand Turkey make the list of eight countries granted temporary waiver for purchase of Iranian oil. US Secretary of State Michael R Pompeo said these countries have shown significant reduction in oil purchase from Iran. Pompeo promised that the US will be “relentless” in pressuring Iran as he announced the temporary exemption list. The sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports. India, which is the second biggest buyer of Iranian oil after China, is being pushed by the US to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrelsperday),downfrom22.6 million tonnes (452,000 barrels perday)boughtin2017-18financial year, according to sources. New Delhi had pushed back on zero oil imports, citing its adverse fallout on the economy NEW DELHI, NOVEMBER 5 THE EDITORIAL PAGE Hashimpura and police prejudice BY VRINDA GROVER Killers of J&K BJP secretary identified: Governor ARUN SHARMA JAMMU, NOVEMBER 5 FOUR DAYS after J&K BJP secretary Anil Parihar and his brother Ajitwereshotdeadbygunmenin Kishtwar, Governor Satya Pal MalikMondaysaidthatthekillers havebeenidentifiedandtheywill be brought to book soon. The Parihar brothers were shot dead from close range by suspected militants last week in Kishtwar’s Tapal mohalla and just days before panchayat polls in the state will be held in nine phases starting November 17. “Those people who did it have been identified and they will be brought before you very soon,’’ Malik said while talking to reporters on the sidelines ‘Will be of an event at brought the civil secrebefore you’ tariat. “It has been 100 per cent terrorist related incident,’’ he said, adding that there are efforts to revive militancyinthearea.“Ithashappened earlier also, but we will not allow it to succeed.” Malik described the killings as “very unfortunate’’, and said they were planned “out of frustration’’ among “their mentors of terrorists across the border” after the four-phase urban local body polls were conducted without any untoward incident. Following the incident, the police constituted a Special InvestigationTeam(SIT)toprobe the killing even as curfew was imposed in parts of Kishtwar. BUSINESS AS USUAL BY UNNY Devotees arrive at the Sabarimala temple in Pathanamthitta, Kerala, on Monday. PTI BJP Kerala chief lets it out: Sabarimala protests planned by party... all followed ‘Advised head priest that closing sanctorum won’t be contempt of court’ SHAJU PHILIP SABARIMALA, NOVEMBER 5 TRIGGERING A political firestorm in Kerala over the Sabarimala protests, an audio tape has emerged of BJP state president P S Sreedharan Pillai telling a gathering of the party’s youth wing that the violent agitation at the shrine against the entry of women of all age was “almost planned” by the BJP. Pillai is also heard claiming that he had advised the temple’s thantri (head priest), Kandaru Rajeevaru, that “locking” the shrine’s nada, or doors to sanctum sanctorum, would “not amount to contempt of court”. At the peak of the agitation last month, the tantri had warned that he would shut the nada if women between the ages of 10 and 50 entered the premises de- Under the spotlight: Kerala BJP chief Sreedharan Pillai made during a meeting of the Bharatiya Janata Yuva Morcha in Kozhikode Sunday, saying that “there is nothing wrong in giving advice”. But Kerala Chief Minister and CPM leader PinarayiVijayanlashedoutatthe BJP, saying that the “odious politics and perfidious ways of BJP stand exposed”. CPM state secretaryKodiyeriBalakrishnan demanded a “high-level probe” spite a Supreme Court order allowing them to do so. Pillai defended the remarks PAGE 10 CONTINUED ON PAGE 2 RELATED REPORT Govt plan: Let ONGC focus on its big DECISION fields, give small ones to private firms 2018 Committee under Niti Aayog chief to work on roadmap AMITAV RANJAN NEW DELHI, NOVEMBER 5 THEPETROLEUMMinistryplans to offer up to 149 of Oil & Natural Gas Corporation’s discovered “small and marginal fields” to private companies and induct exploration technology giants in a few of the national explorer’s bigger fields. At a meeting with Prime Minister Narendra Modi on October 12, the Ministry made a presentationshowingthatwhile 95percentof ONGC’sproduction was from 60 large fields, 149 smaller fields contributed to a mere five per cent. It suggested that these smaller fields could be handed over to private firms letting the state-run explorer concentrate on the big ones where it could rope in technology partners through production enhancement contracts (PEC) or technical service arrangements. Afterthemeeting,asix-member committee under Niti Aayog CEOAmitabhKantwassetupand given time until November 10 to come up with a firm plan after consulting all stakeholders. Others who attended this meeting were Finance Minister ArunJaitley; Petroleum Minister Dharmendra Pradhan; ONGC chairman and managing director Shashi Shanker; Oil India Ltd (OIL) CMD Utpal Bora and Petroleum Secretary M M Kutty. Sources said other members of the committee are Cabinet Secretary P K Sinha; Aayog vice chairman Rajiv Kumar; Kutty; CONTINUED ON PAGE 2 JOGI-MAYAWATI ALLIANCEWILLHAVE IMPACT:RAMANSINGH MIZORAM CM WRITES TO PM, WANTS CEO TO GO PAGE 6 ● PAGE ONE ANCHOR ON THE FIRECRACKER TRAIL IN DELHI: FROM DISCOVERY TO DESTRUCTION Two days ago, Delhi Police seized 650 kg of firecrackers in a raid — that was the easy part ANAND MOHAN J NEW DELHI, NOVEMBER 5 11 EXPLAINED TDP-Cong: Alliance of a different kind ITWASaslowSaturdaymorning for the officer in charge of the malkhana (warehouse) at Sadar Bazar police station in old Delhi — except for the bloodstained slipper of an accident victimand a knife with markings recovered from the scene of a crime deposited by investigating officers. All that changed in the evening, however, when five officersbroughtin79boxesof firecrackers weighing 645 kg — from sparklers to “atom bombs” Diwali crowds at Sadar Bazar, Delhi Monday. Prem Nath Pandey 16 — that were recovered from a raid in Sadar Bazar, the hub of Delhi’s firecracker wholesale business. With Diwali around the corner and the Supreme Court banningthesaleof “non-green”firecrackers in the National Capital Region to combat severe air pollution levels, Delhi Police have a hard task at hand — seizing and destroying firecrackers that reached markets before the ban. At the Sadar Bazar station, the boxes were gently placed inside a room designated by the Station House Officer, wrapped CONTINUED ON PAGE 2 NEW DELHI, NOVEMBER 5 PM meets the crew of INS Arihant. PMO Twitter INS ARIHANT Displacement 6,000tons Range Unlimited Speed(submerged) 24knots Speed(surfaced) 15knots Reactor 83MWPWR Launched July2009 Reactorwentcritical August2013 Commissioned August2016 Modi underlined that “as a responsiblenation,Indiahasput in place a robust nuclear command and control structure, effectivesafetyassurancearchitecture and strict political control, under its Nuclear Command Authority.Itremainscommitted to the doctrine of Credible Minimum Deterrence and No First Use, as enshrined in the decision taken by the Cabinet Committee on Security in its meeting chaired by the then Prime Minister Shri Atal Bihari Vajpayee on January 4, 2003.” During a deterrence patrol, a nuclear submarine carries nuclear missiles on board, where the command and control protocols for its operations are fully CONTINUED ON PAGE 2 CONTINUED ON PAGE 2
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