Unrelenting in its efforts to quell speculation in the foreign exchange market, the Reserve Bank of India, on Tuesday, imposed

further curbs on banks with a view to draining liquidity from the system. The central bank has told banks to necessarily maintain a minimum daily balance of 99 per cent of the CRR requirement, up from 70 per cent currently. The RBI has also prescribed individual limits for banks to access the Liquidity Adjustment Facility (LAF), a monetary policy tool. LAF allows banks to borrow money from the RBI by selling their securities through repurchase agreements. LAF is mainly intended to help banks adjust any mismatch in daily liquidity. Further fine-tuning its policy change in this regard announced on July 15, the RBI has said that each bank would be allowed access to LAF up to 0.5 per cent of its own net demand and time liabilities (NDTL) outstanding on the last Friday of the reporting cycle two weeks prior to the current one. Banks told to maintain a minimum daily balance of 99 per cent of cash reserve ratio requirement, up from 70 per cent now.

Cash Reserve Ratio (CRR) Cash Reserve Ratio (CRR) is the amount of funds that all Scheduled Commercial Banks (SCB) excluding Regional Rural Banks (RRB) are required to maintain without any floor or ceiling rate with RBI with reference to their total net Demand and Time Liabilities (DTL) to ensure the liquidity and solvency of Banks (Section 42 (1) of RBI Act 1934).

Definition of 'Liquidity Adjustment Facility'

A tool used in monetary policy that allows banks to borrow money through repurchase agreements. This arrangement allows banks to respond to liquidity pressures and is used by governments to assure basic stability in the financial markets. Liquidity adjustment facilities are used to aid banks in resolving any short-term cash shortages during periods of economic instability or from any other form of stress caused by forces beyond their control. Various banks will use eligible securities as collateral through a repo agreement and will use the funds to alleviate their short-term requirements, thus remaining stable.

Definition of 'Liquidity'
1. The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity. Assets that can be easily bought or sold are known as liquid assets. 2. The ability to convert an asset to cash quickly. Also known as "marketability." There is no specific liquidity formula; however, liquidity is often calculated by using liquidity ratios. 1. It is safer to invest in liquid assets than illiquid ones because it is easier for an investor to get his/her money out of the investment. 2. Examples of assets that are easily converted into cash include blue chip and money market securities.

Definition of 'Liquidity Risk': The risk stemming from the lack of marketability of an
investment that cannot be bought or sold quickly enough to prevent or minimize a loss. Liquidity risk is typically reflected in unusually wide bid-ask spreads or large price movements (especially to the downside). The rule of thumb is that the smaller the size of the security or its issuer, the larger the liquidity risk. Although liquidity risk is largely associated with micro-cap and small-cap stocks or securities, it can occasionally affect even the biggest stocks during times of crisis. The aftermath of the 9/11 attacks and the 2007-2008 global credit crisis are two relatively recent examples of times when liquidity risk rose to

abnormally high levels. Rising liquidity risk often becomes a self-fulfilling prophecy, since panicky investors try to sell their holdings at any price, causing widening bid-ask spreads and large price declines, which further contribute to market illiquidity and so on.

Definition of 'Flight To Liquidity': A situation where investors attempt to liquidate positions

in inactive or illiquid assets and purchase positions in more liquid assets. A flight to liquidity would typically take place during times of economic or market uncertainty, as investors fear that the markets may tumble they choose to seek positions in more liquid securities in order to increase their abilities to sell their positions in the case where they wish to leave the market. During a flight to liquidity, investors view illiquid assets as uncertain and those illiquid assets will typically fall in their implied value due to discounts for a lack of liquidity. Investors then enter into positions in more liquid assets, such as treasuries or blue-chip stocks in order to gain flexibility and limit their overall portfolio risk. Flights to liquidity are not uncommon and may occur on a small scale on a day-to-day basis.

Definition of 'Core Liquidity Provider': An underwriter or a market maker that is a sizable

holder of a given security or that facilitates the trading of the security. Core liquidity providers ideally bring greater price stability and distribute securities to both retail and institutional investors. Firms that underwrite or provide the financing for equity or debt transactions and then make a market or assist in the trading of these securities are said to be core liquidity providers. Without their assistance, the number of transactions in the security would decrease and the ability of buy- and sell-side firms to accumulate or dispose of stock would be diminished.

Definition of 'Liquidity Gap': The difference between a firm's assets and a firm's liabilities,
caused by said assets and liabilities not sharing the same properties. This gap can be positive or negative, depending on if the firm has more assets than liabilities or vice versa. For banks, the liquidity gap can change over the course of the day as deposits and withdrawals are made. This means that the liquidity gap is more of a quick snapshot of a firm's risk, rather than a figure that can be worked over for a long period of time. To compare periods of time banks, calculate the marginal gap, which is the difference between gaps of different periods.

Definition of 'Liquidity Path': The path taken by a company to provide liquidity for
company founders or owners. The most common liquidity paths are through mergers and acquisitions to a larger company, and through initial pubic offerings (IPOs) of stock to investors. Without a path to liquidity, private company owners may not be able to convert their ownership in the company to any other means of currency or investment. Most private companies of a sufficient size are constantly evaluating different liquidity paths. Some owners may simply be looking for a way to "cash out", or looking to the liquidity achieved in an IPO to help fund future business growth and expansion efforts. The state of the overall economy and the stock markets may affect the timing and direction of a liquidity path. If the stock market is currently weak, investors may have little or no appetite for IPOs, making that option less favorable because the company would likely not receive a fair price for its shares. The company could choose to wait out the markets, or change course and sell to another company or private equity investor directly.
Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with the RBI. If the central bank decides to increase the CRR, the available amount with the banks comes down. The RBI uses the CRR to drain out excessive money from the system. Scheduled banks are required to maintain with the RBI an average cash balance, the amount of which shall not be less than 4% of the total of the Net Demand and Time Liabilities (NDTL), on a fortnightly basis. What is Reverse Repo rate?

Reverse Repo rate is the rate at which the RBI borrows money from commercial banks. Banks are always happy to lend money to the RBI since their money are in safe hands with a good interest. An increase in reverse repo rate can prompt banks to park more funds with the RBI to earn higher returns on idle cash. It is also a tool which can be used by the RBI to drain excess money out of the banking system. What is a Repo Rate? The rate at which the RBI lends money to commercial banks is called repo rate. It is an instrument of monetary policy. Whenever banks have any shortage of funds they can borrow from the RBI. A reduction in the repo rate helps banks get money at a cheaper rate and vice versa. The repo rate in India is similar to the discount rate in the US. -

Computation of DTL Demand Liabilities are liabilities which are payable on demand and Time Liabilities are those which are payable otherwise than on demand. The components for computation of DTL include Demand Liabilities, Time Liabilities and Other Demand & Time Liabilities (ODTL) as under:a) Demand Liabilities:- Current Deposits, Savings bank deposits, Margins held against letters of credit/guarantees, Balances in overdue fixed deposits, Outstanding TTs, MTs, DDs, Unclaimed deposits, Credit balances in the Cash Credit account and deposits held as security for advances which are payable on demand, & Money at Call and Short Notice from outside the Banking System (Liability to others). b) Time Liabilities:- Fixed deposits, cash certificates, cumulative and recurring deposits, time liabilities portion of savings bank deposits, staff security deposits, margin held against letters of credit, if not payable on demand, & deposits held as securities for advances which are not payable on demand and Gold deposits. c) Other Demand and Time Liabilities (ODTL):- Interest accrued on deposits, bills payable, unpaid dividends, suspense account balances representing amounts due to other banks or public, net credit balances in branch adjustment account, any amounts due to the banking system which are not in the nature of deposits or borrowing. Participation Certificates issued to other banks, the balances outstanding in the blocked account pertaining to segregated outstanding credit entries for more than 5 years in inter-branch adjustment account, the margin money on bills purchased / discounted and gold borrowed by banks from abroad, Cash collaterals received under collateralized derivative transactions and Loans/borrowings from abroad. Liabilities not included under DTL/ODTL a) Paid up capital, reserves, credit balance in the Profit & Loss Account, loan taken from the RBI, refinance taken from Exim Bank, NHB, NABARD, SIDBI; b) Net income tax provision; c) Amount received from DICGC towards claims pending adjustments thereof; d) Amount received from ECGC e) Amount received from insurance company on ad-hoc settlement of claims pending judgment of the Court; f) Amount received from the Court Receiver; g) The liabilities arising on account of utilization of limits under Bankers Acceptance Facility (BAF); h) District Rural Development Agency (DRDA) subsidy of Rs.10, 000/- kept in Subsidy Reserve Fund account in the name of Self Help Groups. i) Subsidy released by NABARD under Investment Subsidy Scheme for Construction/Renovation/Expansion of Rural Godowns; j) Net unrealized gain/loss arising from derivatives transaction under trading portfolio; k) Income flows received in advance such as annual fees and other charges which are not refundable. l) Bill rediscounted by a bank with eligible financial institutions as approved by RBI and, (m) Provision not being a specific liability arising from contracting additional liability and created from profit and loss account. Exempted Categories a) Liabilities to the banking system in India b) Credit balances in ACU (US$) Accounts; c) Demand and Time Liabilities in respect of their Offshore Banking Units (OBU) d) Inter-bank term deposits/term borrowing liabilities of original maturities of 15 days and above and up to one year, and e) Inter-bank assets of term deposits and term lending of original maturity of 15 days and above and up to one year. Procedure/maintenance As a measure of simplification, a lag of one fortnight in the maintenance of stipulated CRR by SCBs has been introduced. All SCBs are required to maintain minimum CRR balances up to 70 per cent of the average daily required reserves for a reporting fortnight on all days of the fortnight (w.e.f. December 2002). RBI does not pay any interest on CRR maintained by SCBs. Other provisions/penalty

 All SCBs are required to submit to RBI a provisional Return in Form 'A' within 7 days from the expiry of the relevant fortnight. Default in maintenance of CRR requirement on a daily basis (presently 70% of the total requirement) by SCBs attracts penal interest for that day at 3% above Bank Rate on the short fall. In case the shortfall continues on the next succeeding day/s , penal interest at the rate of 5% p.a. above the Bank Rate is applicable.

Definition of 'Interest Rate Ceiling': The maximum interest rate that a financial institution can
charge a borrower for an adjustable rate mortgage or loan according to the contractual terms of the mortgage or loan. This interest rate is expressed as an absolute percentage For example, the terms of the loan might state that the interest rate can never exceed 19%. An interest rate ceiling is sometimes used interchangeably with the term "lifetime interest rate cap". However, an interest rate cap is usually expressed as a maximum change allowed in an initial interest rate. For example, a 5% interest rate cap would suggest that the interest rate on the borrower's loan can fluctuate within a 5% range during any specific rate adjustment period.

A. Commercial Banks refer to both scheduled and non-scheduled commercial banks which are regulated under Banking Regulation Act, 1949.
(a) Scheduled Commercial Banks are grouped under following categories: 1. State Bank of India and its Associates 2. Nationalized Banks 3. Foreign Banks 4. Regional Rural Banks 5. Other Scheduled Commercial Banks. (b) Non-Scheduled Commercial Banks Note: Banks in the groups (1) & (2) above are known as public sector banks whereas, other scheduled commercial banks mentioned at group (5) above are known as private sector banks. C. Branches of banks refer to those offices which are engaged in either; 1. banking business ( i.e., either accepting deposit and/or offering credit to their customer); or 2. banking and foreign exchange business; or 3. administration, banking & foreign exchange; or 4. administration and banking; or 5. administration and foreign exchange; or 6. only foreign exchange business. D. Administrative Offices include head office, zonal office, regional office, local head office, training centre, clearing cell, service branch, asset recovery branch, divisional office, etc.. E. Banked Centre is a centre, which has at least one branch or office of commercial or co-operative bank. F. Unbanked Centre is a centre in which no branch of any commercial/ co-operative bank is functioning. G. Population group of banked centres are defined as below:

1. 2. 3. 4.

'Rural' group includes all banked centres with population of less than 10,000. 'Semi-urban' group includes banked centres with population of 10,000 and above but less than 1 lakh. 'Urban' group includes banked centres with population of 1 lakh and above but less than 10 lakh. 'Metropolitan' group includes banked centres with population of 10 lakh and above.

Type of Business activity wise Designatory Code of Branches/Offices of banks Code Description 0 1 2 3 4 5 6 7 Only Banking Business, Banking & Foreign Exchange Business, Administration, Banking & Foreign Exchange Business, Administration & Banking Business, Administration & Foreign Exchange Business, Only Foreign Exchange Business, Only Administration / Training / etc. Non-Scheduled Banks doing Banking Business,

I. Authorised Dealer(AD) Branches: Branches of banks authorised to deal in foreign exchange business. Authorised Dealer Category (AD-Category): Code Description A B C Maintaining Independent Foreign Currency (FC) Accounts Maintaining FC A/Cs. through H.O. Or any other Link Office Handling Forex through A Or B Category Office

Scheduled Banks in India (Public Sector)

The following are the Scheduled Banks in India (Public Sector):

Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Punjab and Sindh Bank Punjab National Bank State Bank of Bikaner and Jaipur State Bank of Hyderabad

State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank shandilya Bank

Scheduled Banks in India (Private Sector)

The following are the Scheduled Banks in India (Private Sector):[2][3]

Abhyudaya Bank [4] Axis Bank Ltd Bank of Punjab Ltd Bank of Rajasthan Catholic Syrian Bank Centurion Bank Ltd City Union Bank Development Credit Bank Dhanlaxmi Bank Federal Bank Ltd HDFC Bank Ltd ICICI Banking Corporation Bank Ltd IndusInd Bank ING Vysya Bank Jammu & Kashmir Bank Nainital Bank, estb. 1954 Karur Vysya Bank Karnataka Bank Kotak Mahindra Bank Lakshmi Vilas Bank South Indian Bank Ltd Tamilnad Mercantile Bank Limited Yes Bank The Ratnakar Bank Ltd

Scheduled Foreign Banks in India

The following are the Scheduled Foreign Banks in India:

American Express Bank Ltd. ANZ Bank Bank of America NT & SA Bank of Tokyo Ltd. Banque Nationale de Paris

Barclays Bank Plc Citibank Deutsche Bank AG Hongkong and Shanghai Banking Corporation The Royal Bank of Scotland The Chase Manhattan Bank Ltd. Dresdner Bank AG Standard Chartered Bank

The Protection of Children from Sexual Offences Act, 2012 The Protection of Children from Sexual Offences Act, 2012, has been passed by the Lok Sabha today, 22nd May, 2012. The Bill was earlier passed by the Rajya Sabha on 10th May, 2012.
The Protection of Children from Sexual Offences Act, 2012 has been drafted to strengthen the legal provisions for the protection of children from sexual abuse and exploitation. For the first time, a special law has been passed to address the issue of sexual offences against children. Sexual offences are currently covered under different sections of IPC. The IPC does not provide for all types of sexual offences against children and, more importantly, does not distinguish between adult and child victims. The Protection of Children from Sexual Offences Act, 2012 defines a child as any person below the age of 18 years and provides protection to all children under the age of 18 years from the offences of sexual assault, sexual harassment and pornography. These offences have been clearly defined for the first time in law. The Act provides for stringent punishments, which have been graded as per the gravity of the offence. The punishments range from simple to rigorous imprisonment of varying periods. There is also provision for fine, which is to be decided by the Court. An offence is treated as aggravated when committed by a person in a position of trust or authority of child such as a member of security forces, police officer, public servant, etc. Punishments for Offences covered in the Act are: Penetrative Sexual Assault (Section 3) Not less than seven years which may extend to imprisonment for life, and fine (Section 4) Aggravated Penetrative Sexual Assault (Section 5) Not less than ten years which may extend to imprisonment for life, and fine (Section 6) Sexual Assault (Section 7) Not less than three years which may extend to five years, and fine (Section 8) Aggravated Sexual Assault (Section 9) Not less than five years which may extend to seven years, and fine (Section 10) Sexual Harassment of the Child (Section 11) Three years and fine (Section 12) Use of Child for Pornographic Purposes (Section 13) Five years and fine and in the event of subsequent conviction, seven years and fine (Section 14 (1)) The Act provides for the establishment of Special Courts for trial of offences under the Act, keeping the best interest of the child as of paramount importance at every stage of the judicial process. The Act incorporates child friendly procedures for reporting, recording of evidence, investigation and trial of offences. These include: Recording the statement of the child at the residence of the child or at the place of his choice, preferably by a woman police officer not below the rank of sub-inspector No child to be detained in the police station in the night for any reason. Police officer to not be in uniform while recording the statement of the child The statement of the child to be recorded as spoken by the child Assistance of an interpreter or translator or an expert as per the need of the child

Assistance of special educator or any person familiar with the manner of communication of the child in case child is disabled Medical examination of the child to be conducted in the presence of the parent of the child or any other person in whom the child has trust or confidence. In case the victim is a girl child, the medical examination shall be conducted by a woman doctor. Frequent breaks for the child during trial Child not to be called repeatedly to testify No aggressive questioning or character assassination of the child In-camera trial of cases

The Act recognizes that the intent to commit an offence, even when unsuccessful for whatever reason, needs to be penalized. The attempt to commit an offence under the Act has been made liable for punishment for upto half the punishment prescribed for the commission of the offence. The Act also provides for punishment for abetment of the offence, which is the same as for the commission of the offence. This would cover trafficking of children for sexual purposes. For the more heinous offences of Penetrative Sexual Assault, Aggravated Penetrative Sexual Assault, Sexual Assault and Aggravated Sexual Assault, the burden of proof is shifted on the accused. This provision has been made keeping in view the greater vulnerability and innocence of children. At the same time, to prevent misuse of the law, punishment has been provided for making false complaint or proving false information with malicious intent. Such punishment has been kept relatively light (six months) to encourage reporting. If false complaint is made against a child, punishment is higher (one year). The media has been barred from disclosing the identity of the child without the permission of the Special Court. The punishment for breaching this provision by media may be from six months to one year. For speedy trial, the Act provides for the evidence of the child to be recorded within a period of 30 days. Also, the Special Court is to complete the trial within a period of one year, as far as possible. To provide for relief and rehabilitation of the child, as soon as the complaint is made to the Special Juvenile Police Unit (SJPU) or local police, these will make immediate arrangements to give the child, care and protection such as admitting the child into shelter home or to the nearest hospital within twenty-four hours of the report. The SJPU or the local police are also required to report the matter to the Child Welfare Committee within 24 hours of recording the complaint, for long term rehabilitation of the child. The Act casts a duty on the Central and State Governments to spread awareness through media including the television, radio and the print media at regular intervals to make the general public, children as well as their parents and guardians aware of the provisions of this Act. The National Commission for the Protection of Child Rights (NCPCR) and State Commissions for the Protection of Child Rights (SCPCRs) have been made the designated authority to monitor the implementation of the Act.
With the Tirumala Balaji temple attracting visitors in hordes, Andhra Pradesh has become the top tourist destination in the country, recording 206.8 million domestic tourists last year. Tamil Nadu and Uttar Pradesh stood second and third, with 184.1 million and 168.4 million domestic tourists, according to data available with the Tourism Ministry A commentary issued by Chinas official Xinhua news agency on Tuesday hit out at the Indian media for hyping the situation along the disputed border, following reports in recent days of new incursions by Chinese troops. The commentary said sensational reports were harmful to the China-India relationship, and it accused media reports of sour[ing] to some extent the atmosphere of Mays visit by Premier Li Keqiang to India.

Media reports, the commentary added, have only served to further sow misunderstandings between Indians and Chinese even at a time when their leaders are working hard to manage their differences and to build a constructive relationship that can benefit both sides. The maritime world has lost a pioneering leader and visionary with the passing of C.P. Srivastava, Padma Vibhushan and Secretary-General Emeritus of the International Maritime Organization (IMO), in Genoa in Italy on Monday. He was elected uncontested IMO Secretary-General for four consecutive terms from 1974 until he voluntarily demitted office on December 31, 1989. He was its longest serving Secretary-General. The record remains unbroken. Before making a mark internationally, Dr. Srivastava was an IAS officer (1949 batch) from the Uttar Pradesh cadre who worked in close association with Lal Bahadur Shastri, then Union Transport Minister. He was part of the Prime Ministers entourage to Tashkent in 1966, where Shastri signed the famous no-war treaty with Pakistan and mysteriously died the next day. Decades later, Dr. Srivastava authored the biography, Lal Bahadur Shastri: A Life of Truth in Politics. However, the world knows Dr. Srivastava as an eminent administrator who was instrumental in setting up pioneering maritime training institutions such as the World Maritime University in Sweden and the International Maritime Law Institute in Malta He was the force behind key maritime conventions and codes that greatly contributed to enhanced crew safety, high training standards and security on the high seas, besides propagating a philosophy of cleaner, less-polluted oceans.
The Consumer Protection Act, 1986 (in short, the Act), is a benevolent social legislation that lays down the rights of the consumers and provides their for promotion and protection of the rights of the consumers. The first and the only Act of its kind in India, it has enabled ordinary consumers to secure less expensive and often speedy redressal of their grievances. By spelling out the rights and remedies of the consumers in a market so far dominated by organized manufacturers and traders of goods and providers of various types of services, the Act makes the dictum , caveat emptor (buyer beware) a thing of the past.

1. The Act mandates establishment of Consumer Protection Councils at the Centre as well as in each State and District, with a view to
promoting consumer awareness.

2. The Central Council is headed by Minster, In-charge of the Department of Consumer Affairs in the Central Government and the
State Councils by the Minister In-charge of the Consumer Affairs in the State Governments.

3. It also provides for a 3-tier structure of the National and State Commissions and District Forums for speedy resolution of
consumer disputes.

4. To provide inexpensive, speedy and summary redressal of consumer disputes, quasi-judicial bodies have been set up in each District
and State and at the National level, called the District Forums, the State Consumer Disputes Redressal Commissions and the National Consumer Disputes Redressal Commission respectively.

5. At present, there are 629 District Forums and 35 State Commissions with the National Consumer Disputes Redressal Commission
(NCDRC) at the apex.

6. Each District Forum is headed by a person who is or has been or is eligible to be appointed as a District Judge and each State
Commission is headed by a person who is or has been a Judge of High Court.

7. The National Commission was constituted in the year 1988. It is headed by a sitting or retired Judge of the Supreme
Court of India.

8. The provisions of this Act cover goods as well as services. The goods are those which are manufactured or produced and sold to
consumers through wholesalers and retailers. The services are in the nature of transport, telephone, electricity, housing, banking, insurance, medical treatment, etc.

9. A written complaint, can be filed before the District Consumer Forum for pecuniary value of upto Rupees

twenty lakh, State Commission for value upto Rupees one crore and the National Commission for value above Rupees one crore, in respect of defects in goods and or deficiency in service. The service can be of any description and the illustrations given above are only indicative. However, no complaint can be filed for alleged deficiency in any service that is rendered free of charge or under a contract of personal service.

10. The remedy under the Consumer Protection Act is an alternative in addition to that already available to the aggrieved persons by
way of civil suit. In the complaint submitted under the Act, a consumer is not required to pay any court fees but only a nominal fee.

11. If a consumer is not satisfied by the decision of a District Forum, he can appeal to the State Commission. Against the order of the
State Commission a consumer can come to the National Commission.

12. In order to help achieve the objects of the Consumer Protection Act, the National Commission has also been conferred with the

powers of administrative control over all the State Commissions by calling for periodical returns regarding the institution, disposal and pendency of cases.

The Uyghurs are a Turkic ethnic group living in Eastern and Central Asia. Outside of China, significant diasporic communities of Uyghurs exist in the Central Asian countries of Kazakhstan, Kyrgyzstan, and Uzbekistan. Smaller communities are found in Afghanistan,Pakistan, Germany, Russian Siberia and Turkey. They are remembered mainly for their involvement in Indo-China war 1962

Foodgrains output this year (2012-13) has declined by 3.64 million tonnes over the previous year. Drought in parts of some States last year adversely impacted rice, wheat and coarse cereals harvest. Pulses production on the other hand, has shown a remarkable improvement at 18.45 million tonnes as against 17.09 million tonnes, the previous year. The shortfall in food grains production is, however, likely to be made up in the 2013-14 crop year with the kharif (paddy) sown area about 114 lakh hectares higher so far than last year, owing to good southwest monsoon. As per the fourth advance estimates released by Agriculture Ministry on Monday, the total food grains output is 255.36 million tonnes as against 259.29 million tonnes last year. Rice output is 104.40 million tonnes compared to 105.30 million tonnes last year, while rabi (wheat) production is 92.46 million tonnes as against 105.30 million tonnes last year. Procurement of wheat this season has been around 26 million tonnes against a target of 44 million tonnes as private trade had entered the market and purchased the grain. The likely output of pulses has been revised upwards in the fourth estimates to 18.45 million tonnes, which is higher than the target of 18.24 million tonnes. Pulses production last year was 17.09 million tonnes. The higher output is attributed to handsome enhancement in the minimum support price and a special thrust under the National Food Security Mission. India traditionally imports about 3 to 3.5 million tonnes of pulses to fill up the gap in demand and supply. Coarse cereals at 40.06 million tonnes are lower than 42.01 million tonnes produced in the 2011-12 crop year (July to June). In oilseeds and commercial crops, the output of oilseeds is higher at 310.06 million tonnes over 297 the previous year. While cotton and mesta outputs are lower, jute has done better than the previous year. Sugarcane output in 2012-13 is lower at 3389.63 lakh tonnes over 3610.37 lakh tonnes in the previous year. This is due to severe drought last year in parts of Maharashtra, Karnataka, Andhra Pradesh and Gujarat. The final report of the Technical Expert Committee (TEC) set up by the Supreme Court in a Public Interest Litigation on Genetically Modified Organisms (GMOs) has said that it will not be advisable to conduct more field trials till gaps in the regulatory system are addressed.

The safety of Bt transgenics with regard to chronic toxicity had not been established: TEC Not possible to segregate GM from non-GM material during collection, handling and storage: Centre

Owner has right over mineral wealth subsoil: SC

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Judgment on appeals filed by private land owners questioning the States rights
In a fillip to private ownership of mineral-rich land in Malabar, the Supreme Court has declared that ajenmi or the hereditary owner has exclusive right not only of the soil under his possession but also the subsoil and minerals underneath the surface of his land. The decision comes at a time when the State is grappling with the issue of rampant quarrying without the least concern shown for environment safeguards, especially in the landslip-prone Western Ghats, a UNESCO world heritage site. The judgment, dated July 8, was delivered by a Bench led by Justice R.M. Lodha, and comprising Justices J. Chelameswar and Madan B. Lokur on a bunch of appeals titled, Threesiamma Jacob and Others Versus Geologist, Department of Mining and Others, filed by private land owners questioning the States rights to the minerals underneath. High Courts no The Kerala High Court had earlier rejected their submission that the land owners were entitled to the rights over the subsoil. But the Supreme Court decided otherwise when asked to examine the amplitude of the rights of thejenmom land holders called jenmis in the Malabar area of the Kerala State and decide whether a jenmiis entitled to the rights of subsoil/the minerals lying beneath the surface of the land. The judgment, authored by Justice Chelameswar, lays a judicial precedent by declaring that we are of the opinion that there is nothing in the law which declares that all mineral wealth subsoil rights vest in the State. It goes on to conclude that on the other hand, the ownership of subsoil/mineral wealth should normally follow the ownership of the land, unless the owner of the land is deprived of the same by some valid process. In the instant appeals, no such deprivation is brought to our notice and therefore we hold that the appellants are the proprietors of the minerals obtaining in their lands. In the court, the landowners had claimed absolute ownership and proprietary rights over both the soil and subsoil. States argument In court, the State argued that with the extension of the pre-Independence Ryotwari settlement of land revenue in Malabar, jenmis had ceased to be the absolute owners and proprietors of the land held by them. The Ryotwari settlement had the effect of transferring the ownership of subsoil/minerals to the government. But the landowners countered that Ryotwari settlement was only a system to collect revenue and did not in any way affect their proprietary rights in the lands. Examining the claims, the Bench said no law made by the Republic of India declares that the State has proprietary rights over the subsoil and minerals on all land.

The court pointed to statutes such as Coking Coal Mines (Nationalisation) Act, 1972 and Coal Bearing Areas (Acquisition and Development) Act, 1957, which only contain express provisions for acquisition of the mines and rights in or over the land from which coal is obtainable. It said even the Mines and Minerals (Development and Regulation) Act, 1957 only regulates mining activities. The Act does not in any way purport to declare the proprietary rights of the State in the mineral wealth nor does it contain any provision divesting any owner of a mine of his proprietary right If the understanding of the State of Kerala that in view of the provisions of the Mines and Minerals Development (Regulation) Act, 1957, the proprietary rights in mines stand transferred and vest in the State, it would be wholly an unnecessary exercise on the part of Parliament to make laws such as the ones mentioned above dealing with the nationalisation of mines, the judgment observed. Again, the court pointed to the Atomic Energy Act, 1962 and the Oilfields (Regulation and Development) Act, 1948 and said both do not contain provisions declaring that the State has proprietary rights over subsoil/minerals held by a private landowner. Even with regard to the minerals which are greatly important and highly sensitive in the context of the national security and also the security of humanity like uranium - the Atomic Energy Act, 1962 only provides under Section 5 for prohibition or regulation of mining activity in such mineral, the judgment observed. The makers of the Constitution were aware of the fact that the mineral wealth obtaining in the land mass (territory of India) is not vested in the State in all cases. They were conscious of the fact that under the law, as it existed, proprietary rights in minerals (subsoil) could vest in private parties who happen to own the land, the court observed.