TheIndian EXPRESS LATECITY, 16 PAGES, JAIPUR , `5.00 ● 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. BUSINESS AS USUAL BY UNNY 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 totheGovernment—isbasedon 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 BJP Kerala chief lets it out: Sabarimala protests planned ‘Advised priest that closing sanctorum won’t be contempt of court’ 8 THE EDITORIAL PAGE Hashimpura and police prejudice BY VRINDA GROVER ■ 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 ■ Using RBI reserves to recapitalize PSU banks creates problems of regulator owning banks Govt plan: Let ONGC focus on its big fields, give small ones to pvt players NEW DELHI, NOVEMBER 5 SABARIMALA, NOVEMBER 5 Devotees arrive at the Sabarimala temple in Pathanamthitta, Kerala, on Monday. PTI tum 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 despite a Supreme Court order al- lowing them to do so. Pillai defended the remarks made during a meeting of the Bharatiya Janata Yuva Morcha in Kozhikode Sunday, saying that “thereisnothingwrongingiving advice”.ButKeralaChief Minister CONTINUED ON PAGE 2 ARIHANT’S PATROL OVER 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 CONTINUED ON PAGE 2 10 N-triad in place, submarine our shield against US sanctions kick in, blackmail: PM can buyIndia Iran WORLD US SANCTIONS ON IRAN KICK IN, TEHRAN HITS BACK Committed to doctrine of minimum credible deterrence, no first use: Modi oil for now SHUBHAJIT ROY SUSHANT SINGH AMITAV RANJAN SHAJU PHILIP 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 ages was “almost planned” by the BJP. Pillai is also heard claiming that he had advised the temple’s tantri (head priest), Kandaru Rajeevaru, that “locking” the shrine’s nada, or doors to sanc- RED FLAGS IN RBI JOURNALISM OF COURAGE NEW DELHI, NOVEMBER 5 NEW DELHI, NOVEMBER 5 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 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 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 Jaipur CONTINUED ON PAGE 2 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 Secretaryof StateMichael 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. CONTINUED ON PAGE 2
Indian Express Limited is an Indian news media publishing company. It publishes several widely circulated dailies, including The Indian Express and The Financial Express in English, the Loksatta in Marathi and the Jansatta in Hindi.