Category: Union Territory

Each Tipper with brick load costs Rs 30,000, Govt in slumber

Srinagar: Amid Covid-19 pandemic, the brick kiln owners have resorted to price hike in Kashmir valley as one tipper load of bricks costs around 30, 000 as against the original price of 18, 000 per 3, 000 bricks.

Locals told the news agency—Kashmir News Observer (KNO) that the brick kiln owners have been selling bricks at exorbitant rates and they are selling “B Grade” bricks as “A Grade” at a price of around Rs 30, 000 per 3000 bricks.

They said that the normal price which was fixed by the government was Rs 18, 000 per 3000 bricks i.e. one tipper load but the brick kiln owners are selling the same now at Rs 30, 000 to Rs 33, 000

Malik Javid, a local from Budgam village said that brick prices are skyrocketing and common people can’t even afford to buy bricks at such exorbitant rates. “A tipper load i.e. 3000 bricks would cost Rs 18, 000 before Covid-19 pandemic but now the same is being sold at more than Rs 30, 000 which is in violation of the government fixed rates,” he said.

Meanwhile, the brick kiln owners told KNO that they have suffered huge losses from the last two years and due to Covid-19 they couldn’t make their brick kilns operational but had to pay the laborers their dues for no work.

They said that they operate their kilns on rented space and have to pay them in any situation.

A brick kiln owner from Budgam who wished anonymity said that as admin is busy with Covid-19, some brick kiln owners have huge stock available with them but they are deliberately creating scarcity to make money.

He said that the official rate per 3000 bricks is only Rs 18, 00 but some brick kiln owners are taking undue advantage of the lockdown and have started robbing people by selling a tipper of load bricks at more than Rs 30, 000.

He also said that a brick kiln owner can make up for the loss by increasing the amount to Rs. 4,000 but not to Rs 30, 000 per 3000 bricks.

Meanwhile, district magistrate Budgam has warned the owners not to indulge in unfair trade practices and overcharging.

In an order he said that strict action as warranted under law shall be initiated against those culprits found involved in charging exorbitant rates for construction materials like bricks, sand , stones and other related material—(KNO)

PTI

Jammu: Two suspected drug peddlers were arrested after over three kilograms of poppy straw was recovered from their truck here, police said on Saturday.

Driver Vinod Kumar (28) and his helper Rachhpal Singh (29), both residents of Gurdaspur in Punjab, were coming from Udhampur when their truck was checked at Jehda near Manwal Friday night, a police official said.

He said 3.2 kg of poppy straw was recovered from a polythene bag kept inside the cabin of the truck.

A case under NDPS Act was registered against the arrested persons and further investigation is on, the official said.

Pakistan on Saturday yet again resorted to unprovoked firing and shelling along the Line of Control (LoC) in Dewar sector of Poonch district in Jammu and Kashmir.

PTI

Pakistan yet again resorted to unprovoked firing and shelling, violating ceasefire along the Line of Control (LoC) in Dewar sector of Poonch district, Jammu and Kashmir (J&K) on Saturday.

The ceasefire violation in Poonch district of J&K has come just a day after India has lodged a strong protest with Pakistan over unprovoked ceasefire violations by Pakistani forces along the Line of Control and the International Border with an aim to push terrorists into Jammu and Kashmir.

“We have registered our strong protest at the continued unprovoked ceasefire violations by Pakistan forces along the Line of Control and the International Boundary which are in contravention to the 2003 Ceasefire Understanding,” sources said.

Sources said 14 Indians have been killed and 88 sustained injuries in more than 2,432 incidents of unprovoked ceasefire violations carried out by Pakistani forces till June 2020.

The unprovoked ceasefire violations are in contravention of the 2003 ceasefire understanding between the two countries, the sources said.

They said India has also conveyed its “strong concerns” at the continued support being extended by the Pakistani forces to cross border infiltration of terrorists, including by providing covering fire.

Kulgam: A militant has been killed in an ongoing gunfight that broke out between militants and security in Arreh Mohanpora area of South Kashmir’s Kulgam district on Saturday afternoon

An official told News agency—Kashmir News Observer (KNO), that a militant has been killed in an exchange of fire while as operation is on in the area.

Earlier an official said that a joint team of Police, army’s 34 RR and CRPF launched a cordon and search operation on specific information about the presence of militants in the area.

He said that as the joint team of forces approached towards the suspected spot, the hiding militants fired upon them which was retaliated triggering an encounter.

As per the sources, two to three militants are believed to be trapped in the area—(KNO)

Further details awaited

Srinagar: Police on Saturday recovered a headless body from river Jhelum near Sumbal area of north Kashmir’s Bandipora district.

Official sources said that the remains were also without legs and right-hand and some passerby first spotted it who subsequently alerted the police.

Confirming the recovery of the body, Station House Officer Muneeb-ul-Islam told GNS the body is decomposed and “seems that it’s around 30 days old.”

“The body without head, right hand and legs was recovered and investigations have been started,” he said, adding, “it is a decomposed one and it seems to be 30 days old,” he added. (GNS)

PTI

Leh: The Ladakh Food Security Scheme (LFSS) has been launched by the Union Territory administration, officials said.

With the implementation of LFSS, the Mufti Mohammad Sayeed Food Entitlement Scheme (MMSFES) of the erstwhile State of Jammu and Kashmir has been discontinued.

Ladakh was earlier part of Jammu and Kashmir.

The introduction of the scheme will benefit 6,101 beneficiary families under the Antyodaya Anna Yojana, in addition to 43,916 families covered under the MMSFES.

Srinagar: The Crime Branch Kashmir Friday presented two ‘Challans‘ in Passenger Tax Court Srinagar against five accused.

These accused are Riyaz Ahmad Bhat, Shahnawaz Ahmad Reshi (both residents of Shopian), Abdul Razaq Tantray of Baramulla, Zahid Ilyas Ganie of Ganderbal and Farooq Ahmad Lone of Pattan.

Earlier, Crime Branch, Kashmir received complaint from one Mujeeb Masood Khan through Hon’ble Court of Judicial Magistrate, Srinagar alleging therein that Riyaz Ahmad Bhat and others have deceived the complainant under the garb of providing Government Job and deceived him with an amount of ₹ 2,30,000/= in lieu of fake appointment order.

Enquiry conducted by the Crime Branch, Kashmir reveald that Riyaz Ahmad, Farooq Ahmad , Shahnawaz Ahmad and Abdul Razak Tantray in furtherance of a criminal conspiracy had dishonestly and treacherously duped the complainant under the garb of providing Government Job. In this regard a case was registered against the accused in police station Crime Branch Kashmir.

Subsequently, Crime Branch Kashmir Produced one more challan before the Court of Additional Special Judge Anti Corruption Srinagar related to unfair assistance provided to a student by the supervising staff during an Exam.

The Challan Produced before the Court of Additional Special Judge Anti Corruption Srinagar against the two accused, namely Imtiyaz Asgar, S/o: Mohammad Amin Bijan of Bonpora, Batmaloo, Srinagar and Mehraj Ud Din Zargar, S/o Mohammad Yousuf of Balgarden, Srinagar. (KNT)

Separatist leader appears before court through Video conferencing

Srinagar: Jammu and Kashmir Police Friday presented a charge-sheet against separatist leader Muhammad Yasin Malik in Baramulla District Court in connection with two cases lodged against him in police station Sumbal, Bandipora.

An official told news agency—Kashmir News Observer (KNO that the two cases lodged at Police Station Sumbal under FIR numbers of 260/2008 and 109/ 2010 under Section 13 ULA (P) against Malik in 2008 and 2010, after he was found involved in organizing pro-freedom rallies and gatherings in Sumbal town after which he was booked..

He said Police presented a charge-sheet against Malik in the court of session judge Sanjay Parihar” here at Baramulla District Court through video conferencing. Malik appeared before the Court through video conferencing today and he was also informed about the charge-sheet which has been filed against him in Baramulla Court.

While presenting the charge-sheet, when the judge gave Yasin Malik a chance to choose his lawyer, the separatist leader said that he would follow his own lead. However, the court did not approve his statement and directed the District Legal Services Authority to provide a lawyer for Malik.

The official said told KNO that since Malik is currently in custody outside Jammu and Kashmir. Therefore, he cannot pursue his case. “The District Legal Services Authority of Baramulla should provide him a lawyer after which the matter can be heard,” he said, adding that the next hearing of the case has been fixed for July 21. Notably, Malik is currently lodged at Central Jail Tihar in Delhi under a different case—(KNO)

Our goal is thrive not only survive in present circumstances: JK Bank CMD

“Recovery and Retail business will remain our thrust area”

Srinagar: J&K Bank’s one-year performance (FY2019-20) declared on June 29, 2020, registering a whopping net loss of over Rs.1139 crore has exposed decaying key financial ratios of the bank. The stakeholders of the bank constituting customers, employees and the shareholders call the bank as a “sinking ship” because of the cracked fundamentals.

Many reputed customers of the bank while commenting on the falling financials of the bank said, “Dismal financial performance declared by the J&K Bank for the financial year ended March 31, 2020 (FY2019-20) reflects that the bank is in shambles and losing foothold as the premier financial institution of J&K.”

The bank reported a net loss of Rs 1139.41 crore for the financial year ended March, 2020 as compared to net profit of Rs 464.88 crore during the financial year ended March, 2019. For the fourth quarter (Q4) March the bank reported a net loss of Rs 294.10 crore compared with net profit of Rs 214.80 crore in Q4 March 2019.

The total income in the fourth quarter fell 7.9% to Rs 2277 crore from Rs 2473.47 crore in the same period last year.

According to the information on the bank’s website, the audited earnings update presents a shabby outlook of the bank. Almost all the key financial ratios/indicators have gone in negative territory.

Earning per share (EPS) for the financial year ended Mar, 2020 has dropped to Rs -15.97 from Rs 8.35 of the previous financial year. the book value of shares of the bank has fallen from Rs.108 of 2018-19 to Rs.75 at the end of March 2020.

Net profit per branch too has fallen into negative territory where it has fallen from Rs 0.49 Crore to Rs -1.19 Crore. Net profit per employee in FY 2019-20 is down to Rs -9.03 lacs from Rs 3.69 lac of 2018-19.

Though the present management had announced to cut down expenditure, the figure in this aspect speaks a different story. Cost to Income Ratio stood at 65.52% for the quarter ended March, 2020 as compared to 55.01 % for the quarter ended Mar, 2019. There is more than 10 % increase in expenditure. On year to year basis, cost to income ratio has gone up from 59% of the FY 2018-19 to 64% in the FY 2019-20.

Analysts question the nature of expenditure which has increased substantially that too when income of the bank has gone down.

It is to be stated here that cost-to-income ratio is a key financial measure, particularly important in valuing banks. … To get the ratio, divide the operating costs (administrative and fixed costs, such as salaries and property expenses, but not bad debts that have been written off) by operating income.

Return on assets is reported to have gone down in negative territory from 8% of 2018-19 to -20% in the FY 2019-20.

Return on assets is a profitability ratio that provides how much profit a company is able to generate from its assets. In other words, return on assets (ROA) measures how efficient a company’s management is in generating earnings from its economic resources or assets on their balance sheet.

The earnings update states downfall in credit-deposit (CD) ratio though the bank has been beating the drum of extending credit to different economic sectors. During the FY 2019-20, the CD ratio of the bank has gone down from 74% to 65%.

The gross NPA of the bank is up to 11% from 9% of FY 2018-19.

There has been a meagre increase in deposits of the bank which mostly constitute government deposits. While as there has been a decrease of 3% in loans and advances which shows the lackadaisical approach of the top management of the bank.

An increase of 10% has been recorded in the interest earned during the financial year 2019-20 and same 10 per cent increase in the interest paid head, thus raising the question as how cost to income has increased.

Other income of the bank has decreased from Rs.813 crore in 2108-19 to Rs.546 crore on 2109-20 representing nose dive decrease of 33%.

Operating expenses have increased by 10% from 2479 crore in 2018-19 to 2727 crore of 2019-20 when only 21 staff members have been added from 2018-19 and there is no developmental work going on.

These figures have been disappointing for the public and raise serious questions on the management of the bank.

“There is lack of vibrant management in the bank and it is visible that the bank continues to suffer from mis-governance, lack of control over operational level resulting in indiscipline and loss of clientele, nepotism and favoritism,” said traders’ representatives.

Speaking exclusively to KNS, CMD J&K Bank R K Chibber said that he has set out to clean things up and is hopeful of a turnaround in fortunes.

“We have Rs 1525 crore operating profit. It is true the provisions of bad and doubtful debts have gone up. There is Rs 600 crore of provisions of bad and doubtful debts whom in common parlance is called NPAs. In one of those NPAs, ILF account was Rs 1000 crore account. It was already declared NPA. Bank had done only 15 % provision in that account. Recently when RBI declared it unsecured account and directed for securing it 100 %; Rs 800 crore is that account. The reason is some big provisions has happened in past.”

“Now we are working in it, presently we have almost 80% provision coverage ratio. There is not much-unprovsioned ratio left in JK bank balance sheet i.e Rs 2000 crore. This year we have at maximum do Rs 1000 crore provision. Our thrust is on recoveries and NPA which is at present Rs 7600 crore. We have to improve recoveries. NPA is the biggest issue. Our focus is on retail business and recoveries,” he added.

Regarding what action has been taken against those officials who have given loan irresponsibly without proper documents, CMD said, “We ensure staff accountability whenever there are NPA. First of all, we look into it through staff angle accountability and ensure there is no fraud angle.

We try to ascertain whether it is wrongdoing internally or externally. If staff is involved, we fix responsibility. At present we have a robust mechanism in place to ensure no past misdeeds are repeated in the bank.”

He reiterated that goal of J&K bank under his chairmanship is not only to survive but thrive even in present circumstances.

“JK bank has the main role in up-upliftment of J&K economy. It is the top lenders of the state, other banks do not match it anywhere. Their focus in on increasing deposits not lending in J&K.”(KNS)

Srinagar: Member Parliament National Conference Retired Justice Hasnian Masoodi Friday claimed that BJP leaders have realized that nothing has been achieved by August 5 decisions instead the things have gone to the worst.

“BJP leaders at different levels have realized that August 5 decisions were not in the interest of the country or J&K. BJP General Secretary’s statement also reflects that August 5 decisions were not in the interest of the country because nothing has been achieved,” Masoodi told news agency Kashmir Indepth News Service (KINS).

He was reacting to BJP National General Secretary, Ram Madhav, who said that his party supported the idea of restoring full statehood to Jammu and Kashmir.

“We stand for restoration of status which was on August 4, then after to restore autonomy as per Delhi agreement. Statehood is not our aim and objective neither it satisfies political aspiration of people of J&K. BJP has to introspect how things have gone to worst because of misadventure of August 5,” the NC MP claimed.

He said things have gone backwards in Kashmir. “Peace is still an issue. Every day one or two encounters take place, which was not before August 5,” Hasnian added.

Madhav has said, “BJP’s Jammu & Kashmir unit is of the opinion that statehood should be given back when the time is favourable. We want J&K to be restored to a full state’s status. Home Minister Amit Shah himself said while granting UT status that work would be done to get full statehood back very soon. The Assembly is yet to be constituted and delimitation for UT is pending,” he said.(KINS)