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First Post July 18, 2018 A policeman died in Jammu and Kashmir's Pulwama on Monday after suspected militants opened fired at a police post outside National Conference leader Ghulam Mohiuddin's house at Moran Chowk. The two officers present at the post were critically injured in the attack, and one of them succumbed to his injuries immediately after being brought to a hospital. The deceased constable has been identified as Mudasir Ahmad. The other guard, Nazir Ahmad, has been referred to a Srinagar hospital for advanced treatment.  After attacking the police post, the suspected militants fled with the two rifles of the officers. Senior Superintendent of Police (Pulwama) Mohd Aslam Choudhary confirmed the attack and death of the constable Mudasir Ahmad, according to Rising Kashmir. An official said  Mohiuddin escaped unhurt in the attack. Reference: https://www.firstpost.com/india/jammu-and-kashmir-policeman-killed-another-injured-as-militants-attack-police-p...

Hindustan Times July 16, 2018 The cash was kept in big travel bags and in parked cars, and dozens of gold biscuits were also recovered. The Income Tax Department on Monday recovered Rs 100-crore cash and about 90-kg bullion after raids at multiple premises of a road construction firm in Tamil Nadu, officials said. The searches were launched on the premises of Ms SPK and Company, a partnership firm engaged in road and highway construction, on contract from the government. “About Rs 100 crore cash, which is suspected to be unaccounted, and bullion and gold jewellery weighing about 90 kg has been recovered so far. The raids are still on,” a senior official said in Chennai. The Chennai investigation wing of the department is conducting the operation. The raids were conducted after the department found “evidence of suspected tax evasion by the firm and its associates”, who also have political links, he said. A total of 22 premises -- 17 in Chennai, four in ...

The Express Tribune July 17, 2018 Human trafficking survivors are urging Indian lawmakers to support proposed legislation to fight the crime, after an opposition leader said it could be used to target consenting adults working in the sex industry. Congress party leader Shashi Tharoor called for further consultations before the bill is presented to parliament, which resumes this week. He raised his concerns to Women and Child Development Minister Maneka Gandhi in a petition endorsed by thousands of sex workers, hundreds of activists and 30 civil society groups. Trafficking survivors and activists have rejected the petition, saying the draft legislation focuses on victims and that the law would not be used against sex workers unless they were forcing others into the practice. Campaigners noted the bill was drafted after years of consultations. “We urge the government not to hold back passage of this law,” said a 23-year-old who was trafficked as a teenager. “O...

The Indian Express July 17, 2018 Nirupama Subramanian The Mastung attack was the deadliest to hit the province in the last several years and it left at least 148 people dead. Balochistan Awami Party leader Siraj Raisani, who was killed in the Mastung bomb blast last Friday, was hailed by Pakistan Army chief General Qamar Javed Bajwa as a “soldier of Pakistan” whose sacrifice the country would never forget. Major Gen Asif Ghafoor, head of Inter Services Public Relations, quoted Bajwa describing Raisani as a “die hard brave patriot Pakistani who shall be remembered for his commitment and contributions”. It is not a label that the Pakistan Army has given to any other Baloch, not even to Mir Jam Mohammed Yousaf, who was Pervez Musharraf’s hand-picked chief minister for Balochistan and belonged to a family of staunch Pakistan loyalists, and certainly not to the other Pakistani patriot, Nawab Akbar Ali Khan Bugti, who was taken out by the Army on Musharraf’s orders in 200...

Business Standard July 17, 2018 The United States in certain cases will consider waivers for countries that need more time to wind down imports of oil from Iran as it seeks to avoid disrupting global oil markets while reimposing sanctions against Tehran, US Treasury Secretary Steven Mnuchin said.  "We want people to reduce oil purchases to zero, but in certain cases, if people can't do that overnight, we'll consider exceptions," Mnuchin told reporters on Friday, clarifying some US officials' comments that there would be no exemptions. Mnuchin's comments were embargoed for release on Monday as other US officials were expected to begin talks in India this week on cutbacks in Iranian oil supplies. Mnuchin spoke to reporters while en route from Mexico, where he was part of a high-level US delegation led by Secretary of State Mike Pompeo to meet Mexico's next president, Andres Manuel Lopez Obrador. The Trump administration is pushing countri...

The Indian Express July 17, 2018 Shubhajit Roy The restrictions were announced in May when the US withdrew from JCPOA. Other signatories to the deal —Russia, China, Germany, Britain, and France — have refused to leave the nuclear agreement and introduce sanctions against the country. India and Iran are looking closely at European assurances that can salvage the Joint Comprehensive Plan of Action (JCPOA), also known as the Iranian nuclear deal, sources have told The Indian Express. Enthused at the Indian government granting approval to an Iranian bank recently after almost 8-9 years of waiting, the two sides are also looking at “different banking mechanisms” to overcome the sanctions imposed by the US. These issues were discussed during the bilateral meeting between visiting deputy Seyyed Abbas Araghchi and Foreign secretary Vijay Gokhale Monday. Araghchi, one of Tehran’s negotiators for the nuclear deal with P5+1 countries, also met Minister of State (External A...

Live Mint July 17, 2018 In the seven months since Bitcoin’s price peaked, it has fallen by about two-thirds. But it’s still almost three times more valuable than it was a year ago. So what does the future hold for Bitcoin? There are three scenarios: One, Bitcoin replaces the dollar (and probably other currencies as well) as the economy’s main unit of exchange (Bitcoin trumph). Two, currency remains the main unit of exchange everywhere except in a few extremely dysfunctional economies like Venezuela’s, but Bitcoin’s market capitalisation remains substantial, and it rises in value over time, occasionally experiencing large bubbles and crashes (Bitcoin as gold). Three, Bitcoin is abandoned, crashing relative to the dollar and never being useful as a payment method for daily necessities (Bitcoin bust). I have long believed in the middle scenario. Since the total number of Bitcoins that can be created is finite, it is inherently deflationary, meaning it has a positive expect...

The Indian Express July 17, 2018 Anil Sasi A majority of these cases is being probed by the CBI and over half the officers facing action are of the rank of general manager and above. Until the end of March, just 10 officers were officially recorded as being under CBI investigation in five cases of bank fraud. The number of bank officers who have either been booked by law enforcement agencies or are facing charges over their involvement in extending loans that have subsequently turned bad has surged over the last four months to over 50. A majority of these cases is being probed by the CBI and over half the officers facing action are of the rank of general manager and above. Until the end of March, just 10 officers were officially recorded as being under CBI investigation in five cases of bank fraud. Industry players have attributed the five-fold rise in the number of arrests to the renewed urgency in enforcement action following the alleged fraud that erupted in ...

THE TRIBUNE July 17, 2018 British Prime Minister Theresa May bowed to pressure from Brexit supporters in her Conservative Party on Monday, accepting their changes to a customs Bill that underpins Britain’s departure from the European Union. May, vulnerable in Parliament after losing her party’s majority at an ill-judged election last year, has come under fire from both wings of her party over a hard-won Brexit plan, with one ex-minister calling it the “worst of all worlds”. Eurosceptic lawmakers had targeted her government's customs legislation to try to toughen up her plans to leave the EU, but instead of facing them down and fuelling tensions, her spokesman said the government would accept their four amendments. It was not clear the move would fundamentally change her plans — the changes do little more than to put government policy into law, her spokesman said — but it was a victory of sorts for those lawmakers who say May has betrayed them on Brexit, the bigg...

The Indian Express July 17, 2018 Ritu Sarin Panama Papers: At least 16 Indians face prosecution, cases were filed after foreign jurisdiction sent information on holdings, asset. Just over two years after the Panama Papers revelation, the Ministry of Finance announced that Rs 1,140 crore was traced in undetected income and in assets of Indians who incorporated offshore companies through Mossack Fonseca, the Panamanian law firm that has now shut shop. The government also revealed that 16 Indians are facing prosecution in courts in different cities. Now details have emerged of these cases to show the status of these prosecutions. Each case was filed after the foreign jurisdiction sent Indian authorities information on holdings and assets of these offshore firms. Details accessed by The Indian Express show that the first Panama Papers case was filed in a Kolkata court on December 9, 2016, just eight months after the expose. Prosecutions have been filed in Ahmeda...

DAWN July 17, 2018 Baqir Sajjad Syed Pakistan and Iran on Monday pledged to further deepen their military cooperation. This was the upshot of Iranian Chief of General Staff Maj Gen Mohammad Bagheri’s visit to Pakistan. The top Iranian commander’s three-day trip is being attached great importance because bilateral military exchanges between Pakistan and Iran have been very rare due to their mutual mistrust that kept them divided till recently. Gen Bagheri visited caretaker Foreign Minister Abdullah Hussain Haroon at the foreign ministry and then went to the General Headquarters (GHQ) for a meeting with army chief Gen Qamar Bajwa. The public affairs division of Pakistan military said Gen Bajwa underscored the need for intensification of military-to-military cooperation and noted that such cooperation would have a “positive impact on peace and security in the region”. In related development, Afghan president assures Islamabad of enhanced border security on el...

Live Mint  July 17, 2018 Ravindra N. Sonavane The Indian rupee on Tuesday closed at a three-week high against the US dollar as crude oil prices declined after comments from US Treasury secretary Steven Mnuchin. The rupee ended at 68.46 a dollar—a level last seen on 26 June—up 0.16% from its previous close of 68.57. The currency opened at 68.38 a dollar and touched a high and a low of 68.28 and 68.47, respectively. Overnight, oil prices fell over 4% after US officials suggested the US will take a softer stance on countries that import oil from Iran. Traders awaiting Federal Reserve Chairman Jerome Powell’s testimony to Congress later Tuesday. The 10-year bond yield stood at 7.745%, from its Monday’s close of 7.801%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 6.55%, while foreign investors have sold $800 million and $6.34 billion in equity and debt markets, respectively. Benchmark Sensex Index rose 0.54% ...

Live Mint July 17, 2018 Seeking consultation under the aegis of the WTO is the first step of the dispute settlement process. India has expressed its willingness join the World Trade Organisation (WTO) dispute consultation requested by Russia as a third party against the US decision to impose high duties on certain steel and aluminium imports. In a communication to the WTO, India has stated that it has substantial trade interests in the sector. In May, India dragged the US to the WTO’s dispute settlement mechanism over the imposition of these import duties. “India hereby notifies its desire to join consultations requested by the government of the Russian Federation... concerning the measures that the US introduced to adjust imports of steel and aluminium into the US, including imposing additional ad valorem import duties on certain steel and aluminium products and exempting certain WTO members from these measures,” the WTO said. To understand the developmen...