On 21st January, the Indian states of Manipur, Tripura and Meghalaya marked their 51st statehood day. Their statehood was established in 1972, pursuant to the North-Eastern Areas (Re-organisation) Act of 1971. Prior to India’s independence, Bodhachandra Singh, the Maharaja of Manipur, had signed the Instrument of Accession with the Indian government, under the assurance that Manipur’s internal autonomy would remain intact.
Subsequently, Tripura merged with the Indian Union on 15th November 1949. This historic merger was largely due to the efforts of Queen Kanchan Prabha, who took the reins after the death of King Bir Bikram. Meanwhile, Meghalaya was recognized as an autonomous state in April 1970 within the state of Assam, encompassing the United Khasi and Jaintia Hills and the Garo Hills districts.
Unexpected Relief for AT1 Bond Investors
In a recent development, the Bombay High Court repudiated the write-off of Additional Tier-1 (AT1) bonds valued at Rs 8,400 crore by Yes Bank Ltd. This judgement brings relief to the bank’s investors. During a SEBI investigation, it surfaced that Yes Bank had facilitated the transfer of AT1 bonds from institutional to individual investors. However, the individual investors were not made aware of the potential risks attached to these bonds.
As an unsecured bond with an indefinite tenor, AT1 bonds are often employed by banks to fortify their core or tier-1 capital. Despite being inferior to all other debt forms, they are still superior to common equity.
Germany’s Leopard 2 Tanks: A Sought-After Commodity
In the midst of discussions amongst NATO allies to supply defence equipment to Ukraine, Germany expresses reservations about permitting its highly-regarded Leopard 2 tanks to be transported to Ukraine. The Leopard 2 has been a central part of the German Army’s arsenal for many years and is used by various countries around the world, including Canada, Indonesia, and several European nations. It has proven its worth in battles in Afghanistan, Kosovo, and Syria.
However, Germany maintains that the re-exportation of its tanks without prior approval would be illegal. The Leopard 2 boasts a diesel engine and is equipped with night-vision technology and a laser range finder, rendering it highly effective at aiming at moving targets regardless of the terrain. Thus far, Soviet-era tanks have been used in conflicts between Ukraine and Russia.
Hike in PM-KISAN Scheme’s Handouts
As part of an initiative to stimulate consumption, the Central Government may amplify the income support provided to farmers under the PM-KISAN scheme from Rs. 6,000 to Rs. 8,000 per year in the forthcoming budget. Under this scheme, Rs. 6000 is annually transferred into each farmer’s DBT-linked bank account in three equal installments, independent of their land holdings.
Since the inception of the PM-KISAN scheme in 2019, the number of beneficiaries has escalated from 31 million to over 110 million. Although the PM-KISAN is a Central Sector Scheme, the responsibility of identifying eligible farmer families lies solely with the respective State or UT Governments.
Last Modified: February 19, 2024