4 ECONOMY & PUBLIC AFFAIRS

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MUMBAI | 14 DECEMBER 2019 1

IN BRIEF NT THOUSANDS TAKE TO THE STREETS AGAINST CITIZENSHIP LAW N

Forex reserves soar $2.3 billion to
touch all-time high of $453 billion
RISING HIGH The country's foreign exchange reserves
(Figures in $mn) surged by $2.342 billion to touch a life-
time high of $453.422 billion in the week
to December 6, according to the RBI data.
In the previous week, the reserves had
increased by $2.484 billion to $451.08
billion, the weekly data released by the
Reserve Bank on Friday showed.In the
reporting week, the rise in reserves was
mainly on account of an increase in
foreign currency assets, a major
component of the overall reserves, which surged by $1.891 billion Communist Party of India (Marxist) members protest at Lenin Assam actor Barsharani Bishaya and Zarifa Wahid take part in Protestors during a demonstration at Jantar Mantar in
to $421.258 billion, according to the data. PTI< Centre in Vijayawada, Andhra Pradesh PHOTO: PTI a mass hunger strike organised by Guwahati AASU PHOTO: PTI New Delhi PHOTO: DALIP KUMAR

~ pares gains DoT invites bids

Satras give call to hoist black flags
to close flat at
70.83 against $
The rupee jumped 33 paise in
from agencies for
spectrum auction
The Department of
Abe cancels visit as ASSAM The heads of Satras, the Vaishnavite socio-
cultural centres of Assam, hit the streets on
Friday demanding repeal of the amended

day trade before closing flat at
70.83 to the US dollar on Friday
as surging crude oil prices after
reports of a US-China trade deal
knocked off sharp gains. The
rupee opened strong at 70.54
and surged further by 33 paise
to touch the day's high of 70.50
to the US dollar, mirroring
sharp gains in stock markets.
Equity benchmark Sensex
breached the 41,000 level as
the US and China reportedly
reaching a trade deal and Boris
Johnson's win in the UK general
elections boosted the market
sentiment. PTI<
Telecommunications (DoT)
has invited bids from
agencies to conduct e-
auction of 8526 megahertz of
spectrum worth ~4.98
trillion. Interested
companies can submit their
bids by January 13, for which
financial bids will be opened
on January 24, according to a
request for proposal (RFP)
floated by the DoT on
Thursday. According to
official sources, the agency
selected will need at least
one month to understand
and streamline the bidding
process and then the auction
violence escalates
Citizenship Act and urged people to hoist black
flags in front of their houses in protest against it.
The Satradhikar of Auniati Satra, Pitambar
Deva Goswami led the agitation the Assembly
seat of CM Sarbananda Sonowal. PTI
AmitShah’s visit to Shillong and Arunachal also stands cancelled
ARCHIS MOHAN
Ensure strict checking of ILPs: CM
New Delhi, 13 December
ARUNACHAL In view of the volatile situation in
PRADESH neighbouring Assam over the protests
he visit of Japanese Prime against the amended Citizenship Act,
T Minister Shinzo Abe to India for
an annual summit with
Prime Minister Narendra Modi, which
Arunachal Pradesh Chief Minister Pema
Khandu on Friday directed state officials to
ensure strict checking of Inner Line Permits
was to be held in Guwahati, was on Friday (ILP) in check gates across the state. PTI
cancelled.
Guwahati, the capital of Assam,

Deutsche Bank
considers cutting
bonus pool by 20%
Deutsche Bank is considering
deep cuts to bonuses for this
year as Chief Executive Officer
Christian Sewing seeks to
eliminate billions of euros of
costs in a radical restructuring.
Germany’s largest lender may
reduce discretionary
compensation by as much as 20
per cent, outpacing a 5 per cent
decline in the bank’s workforce
this year, according sources.
Sewing and the board still
haven’t made a final decision
since the fourth quarter isn’t
yet over. BLOOMBERG<
Economic census
may be given to
MoSPI by March ’20
CSC e-Governance Service India
expects to submit the survey
report of the 7th Economic
Census by March 2020, a top
official said on Friday. The
Ministry of Statistics and
Programme Implementation
(MoSPI) has tied up with CSC e-
Governance Service for the 7th
Economic Census. The ministry
will compile the report based
on the survey done by the CSCs.
The survey was launched in
Delhi on Friday. "For the first
time, the entire Census is being
conducted on a digital
platform by the use of an
application which will ensure
high accuracy and data
security. PTI<
YES Bank expects Q3
to be muted, sees
improvement in Q4
YES Bank on Friday said it
expects the third quarter of the
current financial year to remain
subdued for companies but
can be held around June-
July 2020. PTI<
Relaxed fumigation
norms on onions
extended till Jan
The Agriculture Ministry on
Friday further extended
relaxed fumigation norms for
imported onions till January
31 in a bid to improve
domestic supply and check
prices that are ruling above
~100 per kg in many cities.
The second extension has
been given as most of the
onion shipments are
expected to arrive by next
month. Currently, state-run
MMTC is importing onion on
the behalf of the government
which has decided to buy
1,20,000 tonnes from the
overseas market to increase
domestic supplies. The
government is also
facilitating private imports as
well. PTI<
Ministry satisfied
with progress of
IL&FS resolution
The corporate affairs ministry
this week reviewed the steps
taken to address the issues
pertaining to IL&FS and is
“generally satisfied” with the
progress, according to an
official. After the crisis at
diversified IL&FS came to
light last year, the ministry
had superseded its board
and since then various
measures have been taken to
address the issues as well as
repay outstanding dues of
the group. In October, Kotak
Mahindra Bank's Managing
and several parts of the Northeast
have seen violent protests since Thursday
against the Citizenship Amendment Act.
Union Home Minister Amit Shah’s
visit to Shillong, the capital of
Meghalaya, and Arunachal Pradesh on
Sunday and Monday also stands can-
celled in view of the protests. Shah was
scheduled to take part in the passing-
out parade at North Eastern Police
Academy near Shillong on Sunday and
a festival in Tawang the next day. The
parliamentary standing committee on
home affairs also cancelled its planned
field visit to the region. The visit was
scheduled for December 18 to 21.
According to a statement from India’s
Ministry of External Affairs, “both sides
have decided to defer” the Japanese PM’s
visit for the December 15-17 summit to a
mutually convenient date. External
Affairs Ministry Spokesperson Raveesh
Kumar did not specify the reasons for
the cancellation of the visit.
Diplomatic sources said the Japanese
government conveyed to New Delhi that
it would not be possible for Abe to travel
to Guwahati in view of large-scale
protests in the region. They said the sum-
mit is now expected to take place next
year. Sources said an alternative venue
was not considered as hosting a leader-
ship-level summit involves long prepa-
rations. The summit is held in India and
Japan in turns.
States have no power to reject law: Top official
PRESS TRUST OF INDIA
New Delhi, 13 December
A top Union Home Ministry official
said state governments have no pow-
er to reject the Citizenship Act as it
was enacted under the Union List of
the 7th Schedule of the Constitution,
after several states said they won’t
implement it.
West Bengal Chief Minister
Mamata Banerjee, one of the fore-
most Opposition voices against the
Act and the National Register of
Citizens (NRC), was one of the CMs
to reject the law.
NEWSMAKER: SAMUEL B JYRWA, PRESIDENT, NORTHEAST STUDENTS ORGANISATION
BJP urges Thackeray to implement
Citizenship Act in state
MAHARASHTRA BJP leader Ashish Shelar on Friday wrote to
Chief Minister Uddhav Thackeray seeking
immediate implementation of the “historic”
amended Citizenship Act in Maharashtra. He
also urged Thackeray to clarify his
government’s position after Congress leader
Union Home Minister Amit Shah at an event in New Delhi to pay tributes to the and minister Nitin Raut pitched against
martyrs of the 2001 Parliament attack on its 18th anniversary PHOTO: PTI implementing the law in the state. PTI
Two killed in Assam university. Forty-two students were
At least two people were killed in police detained following a violent clash
firing in Assam, following widespread
protests against the contentious act.
between police and students after the
protestors were stopped at the varsity
Stalin’s son detained for protest
Curfew has been imposed at several gate and prevented from carrying out TAMIL NADU Dravida Munnetra Kazhagam (DMK) youth
places in Assam, while the Army has car- their march. A third protest was organ- wing leader Udhayanidhi Stalin and scores of
ried out flag marches in many districts to ised by the Delhi Congress in Seelampur party workers were detained on Friday when
control protests and violence. Protesters area of East Delhi. they tried to stage a road blockade in
torched several vehicles and shops in Chennai while holding a protest against the
Shillong in past two days. US and UN sound alarm Citizenship Act, police said. Udhayanidhi,
In recent years, Japan has increased The US is “closely following” the devel- son of DMK president M K Stalin, led the
its investments in infrastructure and opments of citizenship law, a senior offi- protest at Saidapet. PTI
development work in Assam. cial has said. “The US urges India to pro-
tect the rights of its religious minorities in
Clashes in national capital
A large number of protesters, including
keeping with India’s Constitution and
democratic values,” the spokesperson
Protesters vandalise railway
Jamiat Ulama-i-Hind leaders, protested at
Delhi’s Jantar Mantar and called the Act
said. In Geneva, the United Nations’
human rights body voiced concern, stations, block roads
“anti-constitutional” and “divisive”, and terming the law “fundamentally dis- Protests over the Citizenship Act reached the
demanded its immediate withdrawal. criminatory” in nature. WEST shores of West Bengal on Friday, with agitators
Separately, Jamia Millia Islamia
BENGAL resorting to violence and arson at railway
University students held a protest at the With inputs from PTI stations and thorough fares across the state,
seeking immediate revocation of the law.
According to police sources, people in the
minority- dominated districts of rural Howrah,
Murshidabad, Birbhum, parts of Burdwan,
and North Bengal hit the streets. PTI
While Punjab and Kerala also
refused to implement it, Madhya
Several pleas filed in
Pradesh appeared set to reject the
Act, with Chief Minister Kamal Nath
SC challenging Act Oppn leader supports IUML plea
asserting in New Delhi that it was Several petitions, including those by KERALA Leader of the Opposition in the Kerala
part of the Centre’s “politics of dis- Congress MP Jairam Ramesh and Assembly Ramesh Chennithala on Friday
tractions” to deflect people’s atten- Trinamool Congress MP Mahua Moitra, said he would implead himself in the plea
tion from economic slowdown. were filed in the Supreme Court on Friday filed by the Indian Union Muslim League
“The stand of the Congress in challenging the constitutional validity of the (IUML), a partner of the Congress-led United
any law that divides society will be Citizenship (Amendment) Act 2019. Democratic Front, in the Supreme Court
the stand of the MP govt,” he said Petitioners including All Assam Students challenging the Citizenship Act. The Act is a
when asked if like West Bengal and Union (AASU), Peace Party, NGOs ‘Rihai violation of the Constitution and the people
Kerala, Madhya Pradesh too would Manch’ and Citizens Against Hate, of the state were against it, Chennithala told reporters here. “The bill is a
reject the Act. Nath’s Chhattisgarh advocate M L Sharma, law students have violation of secular principles enshrined in the Constitution. As
counterpart Bhupesh Baghel shared also approached the apex court challenging opposition leader, I will implead (myself) in the case filed by IUML,” the
similar view. the Act. PTI congress leader said. PTI

Teachable moments for a student leader

sees improvement in revenue
in the March quarter on the
back of government measures.
The muted demand
environment weighed on
corporate earnings during the
second quarter of 2019-20 with
an aggregate revenue
recording a contraction of 3.5
per cent year-on-year. PTI<
HCwarns Chidambaram, two
Director Uday Kotak was
given one-year extension as
head of IL&FS, which was
estimated to have debt worth
over ~94,000 crore.
The group is aiming to
address repayment of half of
its debt pile through resolu-
tion, recovery and restruc-
turing by March-end.
RITWIK SHARMA
New Delhi, 13 December
The Northeastern states have erupted in
PTI< protests this week after both Houses of
Parliament cleared the controversial
Citizenship (Amendment) Bill. Ripples of
anger have spread across a population — as is
often the case in a region where the ruling
so as he grew up in a family of government Hindus, Sikhs, Buddhists, Jains, Parsis, and
employees — his father was in the account- Christians from Afghanistan, Bangladesh
ant general’s office, and his mother was in and Pakistan, who entered India on or before
the health department — he was witness to December 31, 2014, eligible for Indian citizen-
the influence of student-led politics for the ship. “People from other countries might
Khasi community. “Right from our child- come tomorrow, but they can easily say that
hood, we have seen how the KSU has been they came 10 years ago. For someone who
trying to protect our people,” he says.
One of the major concerns for the student
has no document, how do you determine
whether he migrated today or 20 years ago?”

bureaucrats in 63 Moons case National Democratic Alliance now has a lion’s

DILIP KUMAR JHA
Mumbai, 13 December
The Bombay High Court on
Friday warned it could initiate
ex-parte proceedings against
former finance minister P
Chidambaram (pictured) and
two bureaucrats Ramesh
Abhishek and K P Krishnan in
the ~10,000-crore damages suit
filed by 63 Moons Technologies
(formerly Financial Technolog-
ies) in connection with Nation-
al Spot Exchange payment
default.
The warning came in the
wake of their failure to submit
written submission for the sec-
ond time in this case. Hearing
the case, Justice A K Menon
granted four weeks’ extension
to the three to file their reply.
“Enough time has been
given to file reply. If you fail to
submit the written submission
in four weeks, ex-parte pro-
ceedings would be initiated,”
the court said.
The counsel appearing for
Chidambaram argued, “The
former finance minister was in
jail (for over 100 days in a mon-
ey laundering case). Hence, the
instructions could not be taken
from him to file the written
submission. Therefore, some
more time is required to file
the reply.”
share of the MPs (18 out of 25) — by students.
This is more so in the absence of influential
politicians in the Opposition who can give a
voice to their concerns.
The protests have been largely scattered
and leaderless, with a native population
which harbours a perennial fear of foreign
immigrants taking over their land sponta-
neously pouring into the streets. Among the
many players, the North East Students
Organisation (NESO) has emerged as one of
the principal players behind the agitation,
which it initiated when the Bill was intro-
duced in the Lok Sabha in July 2016.
And the person helming the umbrella
outfit is its chairman, Samuel B Jyrwa.
A graduate in economics from St
Anthony’s College in Shillong, Meghalaya,
Jyrwa, 45, has been associated with student
politics for nearly three decades. He was with
the powerful Khasi Students Union (KSU),
where he was president from 2002 to 2012.
Initially, he served as the publicity secretary of
NESO. In 2012, he was chosen chairman of
NESO. Jyrwa is a contractor for private con-
struction firms. He married after his exit
from the KSU and has a three-year-old
daughter. The KSU came into being in 1978,
body has been the influx of people from
Bangladesh. It also focuses on include stu-
dent welfare, educational infrastructure and
community health. Since the 1980s, the KSU
has also been actively opposed to proposed
uranium mining in the Khasi Hills — an
issue that melds fears of negative health
impacts as well as opening the door for
migrant workers from outside the state.
The North East Students’ Coordination
Committee, which was formed at the turn of
the 1990s, was rechristened as NESO in 1993.
It is a coordinating body of all the apex stu-
dent outfits in the states of Northeast except
for Sikkim. Of its eight members, two are
from Meghalaya including the Garo Students
Union. The rest include the Naga Students
Federation, the All Arunachal Pradesh
Students’ Union, the All Manipur Students’
Union, the Twipra Students’ Federation and
Mizo Zirlai Pawl. Each of these “component
organisations” nominates one person to rep-
resent them in NESO.
“NESO is working through component
organisations on the ground. We have been
able to evolve a united voice against the
Citizenship (Amendment) Bill even though
the government of India has tried to divide
the Northeastern people by exempting Sixth
ILLUSTRATION: BINAY SINHA
Schedule areas and states which require the
ILP [inner line permit], and bringing
Manipur under the ILP system,” Jyrwa says.
After the Bill was referred to a joint parlia-
mentary committee that was formed in 2016,
leaders of All Assam Students’ Union as well
as NESO met with it in subsequent years. The
committee submitted a report in Parliament
this January. The Northeast flared up in
protests, although not as intense and wide-
spread as the current agitations. The Bill
lapsed after failing to get approval in the
Rajya Sabha.
NESO had led protests in January, and it
has been holding public meetings to stress
that the Bill is against the interests of the peo-
ple. The Bill makes illegal migrants, who are
asks Jyrwa.
As the protests turn violent, he rues the
lack of all-round backing from the region’s
representatives in Parliament over the Bill.
“It’s very sad that our political representa-
tives toe the line of their alliances. Those
who are its allies vote with the government,
irrespective of whether it affects their lives
and their people’s future or not. This is how
people are getting provoked to come out on
the streets. “Their mind is already made up.
They want to push the agenda of the
Rashtriya Swayamsevak Sangh, which is to
Hinduise the whole of India including the
Northeast,” he says, adding that NESO will
move the Supreme Court as “it is our last
hope to get justice.”
Is this a sign that Jyrwa, who joined stu-
dent politics in 1991 as an eleventh grader,
will join mainstream politics? As he
explains it, “Student organisations in the
Northeast are not aligned to political parties
directly, unlike in the rest of India, but they
are based on ethnicities.” He admits that
some student leaders may have made the
transition to join active politics, but denies
giving it a serious thought himself so far.
But he is quick to add: “If the situation
demands that we join politics, we’ll see.”