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Two men shoot at a pedestrian in Delhi’s Shastri Nagar, arrested


Two men were arrested Tuesday for allegedly shooting at and injuring a pedestrian at Shastri Nagar in Delhi Monday, police said.

According to North Delhi police, Umesh, 35, who was walking towards Jalebi Chowk, had apparently asked the driver of a car halted at the busy junction to put away the pistol he was brandishing at him. “When the victim told him to put away the pistol, he was immediately shot at leaving with bullet injuries on his leg,” said Sagar Singh Kalsi, DCP (North).

The North Delhi police arrested Abhishek Khari, 25, and Mayank Kharbada, 26. The police also seized the car in which they were travelling and recovered the pistol.

According to Kalsi, the Sarai Rohilla police station received a call regarding the firing at Shastri Nagar Monday. “When the police reached the spot, the injured had already been shifted to the Deep Chand Bandhu Hospital. The patient was unable to give a statement at the time due to severe pain,” he said.

The officer said that the victim’s statement was recorded the next day. Umesh told the police that when he was going to Jalebi Chowk, there was a traffic jam, and the driver of one car was flashing a pistol.

The police tracked down the owner of the car, Abhishek, after examining the CCTV footage. Mayank was later arrested after getting details from Abhishek.





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Fuel thief who is part of Lawrence Bishnoi gang arrested in Delhi


A team of the Special Cell of the Delhi Police on October 17 arrested an alleged member of the Kala Jathedi – Lawrence Bishnoi gang from North Delhi. Police said that Sunil, a sharpshooter wanted for murders in Jhajjar in Haryana, was also one of India’s most wanted fuel thieves.

A .32 calibre pistol with five live cartridges was also recovered from him, they said.

Police said that Sunil was involved in stealing fuel after meeting members of an oil theft syndicate in Jhajjar jail in 2016. His modus operandi was to pilfer large quantities of oil after punching holes in oil pipelines and carrying the fuel in tankers.

He was also allegedly involved in a theft of Rs 47 lakh in Dabri, where he was declared a proclaimed offender, and in a case pertaining to extortion of Rs 5 crore from a Karol Bagh businessman, officials said.

The police had obtained information about Sunil while interrogating another member of the gang, Rakesh, who used to receive financial help from him. They had further received secret information regarding his presence in Burari last Monday that led to his arrest. Sunil was previously involved in 20 other cases, and is wanted in nineteen after jumping interim bail in September 2020.





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Kolkata: Buildings show crack, life off track as Metro bores through


Motilal Shaw, who runs a small business in the narrow Durga Pithuri Lane of Bowbazar in Central Kolkata, has been shuttling between hotel rooms and his home for the last three years. He has been displaced twice — first in 2019 and then again this year — after his house developed cracks when work on building an underground metro tunnel started.

The 10.8-km tunnel, with a small section running below the Hooghly, will be part of the 16.5-km East-West corridor connecting Sector V in Salt Lake City with Howrah Maidan.

The Shaws are among several such families in Bowbazar area who, over the last three years, have had to vacate their houses after the structures developed cracks, ostensibly due to the tunneling work in the area. Since 2019, evacuation orders have been issued thrice to the residents by the metro authorities.

A shop owner shows cracks on a ceiling on his premises. (Express Photo)

The Indian Express spoke to some of those displaced, and they alleged that they were uprooted and made to live out of hotels and flats far away from Bowbazar, disrupting their daily lives and forcing hardships.

“It is unfortunate that despite every caution and best experts on board, such incidents took place. So far, nearly 1,000 people have been displaced, but several families have returned after repair work was carried out. By the end of this month, a tender will be issued to rebuild houses that were demolished. We are hopeful the work will start by February. We have set aside Rs 14 crore as compensation,” Chandeshwar Nath Jha, MD, Kolkata Metro Rail Corporation Ltd (KMRCL), said.

The first time Shaw had to vacate his house was in September 2019 when 25 buildings in Durga Pithuri Lane developed cracks after the tunnel boring machine hit an aquifer. More than 700 residents of 72 families were told to leave and shifted to hotels.

“In December (2019), metro authorities gave our homes a ‘fitness certificate’ and returned. Then the pandemic struck and work stopped. It resumed in 2022, and on May 11, our building again developed cracks, which were wider than before. We moved back to a hotel,” he said.

Bharat Jaiswal’s house in Durga Pithuri Lane partially collapsed in 2019 and he was allotted a two-bedroom flat by metro authorities in Beliaghata, about 5 km away. With no direct bus connecting Beliaghata to Bowbazar, Jaiswal struggles to travel to his shop daily.

On October 14, ten buildings in Bowbazar’s Madan Dutta Lane developed cracks during the construction of a cross passage, forcing evacuation of 136 people. Metro officials said that as a preventive measure they plan to move 400 more residents soon.

Vinod Kumar Singh, 54, an LIC agent, was shifted to hotel Qinn on Creek Row after his house in Madan Dutta Lane developed cracks on October 14. Vinod had stayed at the same hotel for five days in May too. Singh said political squabbling in the state has led to realignment of the metro route. Bowbazar was not part of the original route when it was sanctioned by the then UPA government in 2008. While the Opposition in West Bengal alleges that the ruling TMC got the route altered to benefit land developers and safeguard interests of businessmen, TMC ministers and leaders have refrained from commenting on the issue, blaming the KMRCL instead for its “lapses”.

Asked about realignment, KMRCL officials did not comment.

Residents of Madan Dutta Lane, whose houses suffered damage on October 14, have been asked to submit declaration forms for claiming compensation.

Bimal Pramanik, 75, said: “It surprises me that they have the audacity to ask us to stand in the queue for compensation. Do we deserve this? Every time the metro resumes work, there is leakage. The soil is very soft here…”





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FM clears 12% salary hike, arrears for PSU general insurance sector


The Finance Ministry has approved a 12 per cent salary hike with five years arrears for the public sector general insurance industry. Finance Minister Nirmala Sitharaman, who had earlier refused to give her final approval to the wage hike proposal unless unions of the PSU insurance companies agree for the “performance linked future wage revision” had changed her mind to approve the proposal, sources said.

The FM’s approval has reached the Department of Financial Services (DFS) for its necessary notification and implementation, industry sources said. PSU general insurance firms have also come out with the new salary structure for various categories of employees after the wage revision.

The government had earlier rejected the demand of unions for a pay parity with Life insurance Corporation (LIC) and ECGC.

However, industry observers have now raised questions about the ability of the three loss making companies (Oriental Insurance Company, United Insurance Company, and National Insurance Company) to bear the burden of higher salaries and arrears of their employees unless the government infuses more funds into these companies. With the 12 per cent hike along with five years of arrears, wage bill for NIC will be around Rs 2,177 crore, Rs 2,080 crore for New India Assurance (NIA), Rs 2,135 crore for OIC and Rs 1,752 crore for UII. There will be a total outgo of Rs 8,146 crore from all four companies for meeting wage revision expenses, analysts said. Analysts said the industry will see a large number of employees, particularly above 50, availing VRS (voluntary Retirement Scheme) after receiving their revised salaries.

The government last year had approved a 16 per cent wage revision with arrears for the employees of IPO-bound LIC and had even finalised a hike of 15 per cent with arrears for the PSU banking industry in 2020.





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Bids invited for IDBI Bank stake sale; Govt, LIC to sell 60.72%


The government on Friday invited expressions of interest (EoIs) for IDBI Bank and offered to sell a total of 60.72 per cent stake in the bank, including major portions of the shares held by the government and state-run Life Insurance Corporation (LIC).

IDBI Bank’s stock closed 0.71 per cent higher on the BSE on Friday. At the current market price, the stake being offloaded is worth Rs 27,800 crore. With the consent of the regulators — the Reserve Bank of India and the Securities and Exchange Board of India — the government has made the mandatory glide path for stake reduction for the buyer more flexible than what is specified for promoters of private banks. The buyer, therefore, would get 15 years to bring down the equity to 26 per cent. Of course, in the first five years, 40 per cent of the equity capital would be locked in, as per the RBI guidelines.

The last date for submission of EoI is December 16. While the Centre is keen to conclude the transaction during the current financial year, it may spill over to the next year, given the formalities to be completed. Banks, non-banking financial companies and private equity funds have already shown interest in IDBI Bank.

The Centre’s disinvestment receipts so far this fiscal year have been Rs 24,544 crore, as against the annual target of Rs 65,000 crore. “A cumulative 60.72 per cent of the shareholding shall be divested. GoI shall divest such number of shares representing 30.48 per cent and LIC of India shall divest such number of shares representing 30.24 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank,” the department of investment and public asset management (Dipam) said in a statement.

Currently, LIC holds 49.24 per cent in IDBI Bank, while the government holds 45.48 per cent. On May 5, 2021, the Cabinet Committee on Economic Affairs had granted in-principle approval for the strategic disinvestment of IDBI Bank along with transfer of management control.

IDBI Bank posted profit after tax of Rs 2,439 crore in FY22.

Its net interest margin stood

at 3.73 per cent and return on equity at 13.60 per cent. The bank’s capital to risk (weighted) assets ratio stands at a comfortable 19.06 per cent.

As per the EoI conditions, private sector banking companies, foreign banks, NBFCs, and alternative investment funds registered with Sebi are among the entities eligible to bid. However, large industrial/ corporate houses and individuals (natural persons) aren’t eligible. FE





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Will bring Ram Rajya in MCD by killing demon of corruption: AAP’s Durgesh Pathak


Ahead of the MCD polls that are likely to take place in December, AAP MCD in-charge Durgesh Pathak said the party will bring “Ram Rajya in the civic body by killing the demon of corruption” and end the garbage problem and salary delays if voted to power.

“Under the leadership of Chief Minister Arvind Kejriwal, a model of development that is seen in the Delhi government’s health and education sector will be replicated in the corporation as well,” he added.

Senior leaders in the party also took aim at the BJP-ruled corporation over the latest Swachh Survekshan rankings and said garbage problems being faced by people, landfills and salary delays are major issues around which their campaign is centred. To this end, the party is also planning to burn a Ravana effigy made of garbage in the coming days.

The three erstwhile municipal bodies in the city, which were recently merged into one, again performed dismally in the Swachh Survekshan rankings, with the South Delhi Municipal Corporation adjudged at 28th position, the East Delhi Municipal Corporation at 34th position and the North Delhi Municipal Corporation at 37th position among 45 cities with a population of more than 10 lakh. The ranking was released on Saturday.

Senior leaders said that in a door-to-door drive, the party will spread the message that the corporation has, for the past six years, continuously shown a dismal performance in the central government’s own survey.

Pathak said, “PM Modi’s MCD has failed in PM Modi’s own survey. Delhi is the gateway through which the world looks at India. The President lives in Delhi. The Prime Minister lives in Delhi. All the Ambassadors of foreign missions stay in Delhi. The BJP has been in power for the last 15 years in MCD; it is a matter of grave concern that despite having ruled the civic agency for 15 years, the BJP has led it towards a situation where it is behind the whole country.”

He added, “This isn’t a one-off result. The BJP has failed Delhi year on year. Last year, the MCD ranked 45 out of 47. In 2020, 46 out of 47. In 2016, 52 out of 73. The MCD has continuously fared in the bottom end of the survey every year…”

Delhi BJP spokesperson Praveen Shankar Kapoor hit back and said, “Can Pathak tell us what additional resources were provided by the Kejriwal government to the MCD to make Delhi cleaner and beautiful in the last eight years? It’s a matter of regret that the Kejriwal government, instead of providing additional resources, cut down sanitation funds of municipal corporations during the last eight years… It even withheld major portions of central government assistance.”





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Noida: Man who stole mobile phone arrested after shootout


The Gautam Buddh Nagar police on Friday arrested a man in Noida’s Sector 62 after he allegedly shot at the police officials trying to catch him and got injured in retaliatory fire. The police identified the man as Dadri resident Sonu Sajid and said they had traced his whereabouts while investigating a mobile theft case.

The police said that Sajid was involved in more than a dozen cases of robbery and theft across the Delhi NCR region. According to the police, a woman had complained that her mobile had been stolen while she was near the LIC building in Noida’s Sector 62. When the accused was tracked down and surrounded by the police, he opened fire, the police said.

“To save himself from arrest, he fired at the police. He was injured in the retaliatory fire and then arrested. He is a habitual mobile and vehicle thief,” Ashutosh Dwivedi, Additional Deputy Commissioner Police (Noida), said.

Sajid was hospitalised and a .315 bore pistol, a live shell and cartridge, a motorcycle and the stolen mobile phone were recovered from him, the police said.

This is the second shootout that the Gautam Buddh Nagar police have been involved in over the past week, with a father-son duo belonging to the Bawaria gang being arrested after a shootout in a mango orchard in Greater Noida on Wednesday.





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What Is The Perfect Age To Buy Term Insurance? 


Term insurance plans are some of the most common and popular life insurance products that people purchase for their portfolios. Yet, despite the popularity, the perennial bone of contention remains- what is the right age to buy term insurance? The truth is that no matter what stage of life you are at, Term Insurance plans can serve a purpose in your financial portfolio and remain crucial to it. 

Read on for more information on how term insurance can benefit different age groups and other crucial aspects of these plans. 

Why insurance is essential for your portfolio

Insurance is a basic necessity for every investment portfolio, considering the uncertainty of life itself. The policyholder will naturally want to provide their family with the same lifestyle and financial security upon their absence because of an unfortunate/sudden demise. This is where term insurance or other forms of life insurance come into the picture. 

What is term insurance? 

Term Insurance is a sub-type of life insurance that offers financial safety to the policyholder’s family in the tragic event of their unfortunate demise during the policy tenure. These plans pay out a death benefit to the nominees of the insured individual in this case. They offer financial safety for the family for a specific duration or term. Premiums are usually more affordable for these plans than many other types of life insurance plans. You can utilize a term insurance calculator to calculate the payable premium amount. 

Which is the right age to invest in a term insurance plan?                                           

As mentioned initially, there is no hard and fast rule in place that dictates the right age to invest in a term insurance plan. You can purchase them once you are 18 and upwards, usually until age 65. However, here are some core points that you should keep in mind for every age/life stage: 

  • Those in their 20s- This is the ideal time to purchase term insurance since it is highly affordable and ensures financial coverage for the family in case of any unfortunate mishap. The risks of death/disease are automatically lower when one is young, which explains the possibility of obtaining higher coverage at a lower premium. 
  • Those in their 30s- These are times when people have more financial responsibilities and loans to pay off. However, suppose you have not got a term insurance plan yet. In that case, you should take it immediately to ensure the same financial coverage and future lifestyle for your family in your absence. 
  • Those in their 40s- This is when people have the maximum responsibilities. Term insurance plans should be a must if not purchased until now because they will offer financial coverage for children in the absence of their parents while helping them meet future educational and other costs. 
  • Those in their 50s – People should not put off buying term insurance, if they have still not got one yet. This is vital for safeguarding their children’s financial and educational future and covering any liabilities that may remain, like loans or mortgages. However, the premiums will be pretty high. You can also add riders if you can afford it. 

People should not wait until they are in their 60s to purchase term insurance. Hence, it can be said that the 20s and 30s are the best time to buy term insurance. Premiums are lower, and it will safeguard the family financially. The best part is that you can also get tax benefits on your investment. 

Why should you invest in term insurance? 

You should consider investments in term insurance for several reasons. Some of them include the following: 

  • Life cover for the policyholder, insuring the family financially after their demise
  • Add-ons like accidental death, accidental disability benefits, critical illness coverage, and others. Accidental death coverage is a payout of a benefit upon the insured person’s death in case of an accident. Critical illness coverage offers financial protection against critical and potentially fatal ailments. In contrast, accidental disability benefits offer a payment of a promised sum to cover loss of income and financial needs in case of any permanent/temporary disability arising from an accident.
  • For your term insurance investments, you can get tax benefits under Section 80C of the Income Tax Act, 1961. This section enables benefits up to Rs. 1,50,000, and hence you can claim your premium payment as a deduction while filing your taxes. Moreover, the death benefits, or the benefits listed under any riders purchased with the plan, are tax-free under section 10D of the Income-tax Act, 1961.
  • Some policies may provide a waiver of premium in case of financial emergencies or other issues, provided you take it as a rider. This means that the policy may continue even in case of missing premium payments due to loss of income or other reasons keeping the coverage intact.
  • Some term plans may even have maturity benefits (return of premiums) for policyholders

Conclusion

You must purchase term insurance coverage to live a stress-free and financially secure life. However, you should examine a few things before finalizing a term plan. The insurance coverage should be based on the insured’s annual income and financial objectives. Many people choose inadequate coverage, which can later result in financial stress for the family. Additionally, some people opt for a brief coverage term to pay less in premiums. However, if the policy term is short, you must purchase new policies after the policy period concludes. You might not receive the same premiums from a new term insurance plan and spend more.

Additionally, if you neglect to reveal information regarding current medical conditions or smoking habits while purchasing the plan, your family could lose out on the sum assured. As a result, the purpose of buying a term plan would be defeated. Simply put, do your homework, comprehend the terms and circumstances, and purchase term insurance when you are young.





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Delhi’s monsoon deficit is 22% this year despite September showers


Despite the heavy showers in Delhi over the last three days, the overall rain deficit in the city is still around 22 per cent, according to data provided by the India Meteorological Department (IMD).

Delhi usually receives 539 mm of rain between June 1 and September 24, as per the data. This year, it received 419.3 mm of rain during this period, a deficit of 22 per cent. In 2021, Delhi received 413 mm of rain in September alone. “The three consecutive days of rain have not managed to wipe out the city’s monsoon rain deficit. The city saw a massive shortfall in June and August, but July received more rain than normal. Now, September has brought more than usual rain, but it has still not managed to make up for the shortfall,” said a senior IMD official.

June saw a deficit of 67 per cent, in July there was surplus rain of 37 per cent and August saw an 82 per cent deficit with only 41 mm of rain being recorded against a normal of 233 mm.

 

Inside the city too, the rain distribution has been varied. According to IMD data, East Delhi is the only area that has seen a surplus this monsoon at 27 per cent. The region closest to East Delhi in terms of rainfall is North Delhi, which has so far seen a deficit of only 4 per cent. The biggest deficit of 55 per cent has been recorded in North East Delhi, followed by West Delhi at 50 per cent. Such inter-region variations within a city are normal, according to IMD officials.

This spell of rain, meanwhile, is expected to be the last this monsoon, they pointed out. IMD officials have forecast a partly cloudy sky with no chance of rain in the coming week.

The temperature is also expected to increase in the days to come. On Monday, the maximum temperature is expected to be around 31 degrees Celsius. It is expected to touch 34 degrees Celsius on Tuesday and then remain at around 35 degrees for the rest of the week.

The wind direction is expected to be northwesterly. Delhi’s air quality, which has been good over the past few days because of the rain, is expected to remain in the same range for the next three days despite the wind direction, according to the SAFAR forecast.





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Rainfall deficit of 35% in Delhi as monsoon set to withdraw in two days


Monsoon is likely to withdraw from parts of northwest India over the next two days, leaving a rainfall deficit of 35 per cent in Delhi, according to India Meteorological Department (IMD) figures. From June 1 to September 18, the Safdarjung weather station, which provides representative figures for the city, has recorded 398.6 mm of rainfall against a normal of 615.8 mm.

The southwest monsoon hit Delhi on June 30 this year, close to the ‘normal’ onset date of June 27. This year, Delhi received its monsoonal rainfall in July, August and September. At Safdarjung, the month of June saw a deficit of around 67 per cent in rainfall. July recorded an excess of around 37 per cent, while August left behind a large deficit of around 82 per cent. In September so far, Safdarjung has recorded a rainfall deficit of 53 per cent.

Little rain is on the forecast in Delhi over the next two days – very light rainfall is a possibility on Monday, while no rain is likely on Tuesday, the IMD said.

In an update on Monday morning, the IMD said dry weather is likely over Delhi, Haryana, Chandigarh, west Rajasthan and Punjab during the next five days due to an anticyclonic flow over northwest India. Conditions are therefore becoming favourable for the withdrawal of the southwest monsoon from parts of northwest India during the next two days.

From June 1 to September 18, the city has recorded 326.2 mm of rainfall, which is 38 per cent short of the normal of 523.6 mm. Of the nine districts that the IMD considers for rainfall distribution in Delhi, only a single district, East Delhi, has recorded rainfall in the ‘normal’ range since June 1. Two districts – Northeast Delhi and West Delhi – have recorded a large deficit in rainfall. Central Delhi, New Delhi, North Delhi, Northwest Delhi, South Delhi and Southwest Delhi have recorded rainfall in the ‘deficit’ range from June 1 onwards.





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