Lok Sabha election 2024: Which state, UT will vote in how many phases? Check details

Lok Sabha election 2024 dates: The 7-phase polls for the 18th Lok Sabha will begin on April 19 and then on April 26, May 7, May 13, May 20, May 25 and June 1.

The Lok Sabha elections, the world’s largest polls, will be held in seven phases spread over 44 days beginning April 19. While Prime Minister Narendra Modi eyeing a third consecutive term in office, the Opposition INDIA bloc remains hit by internal bickering. The counting of votes will be held on June 4.

Chief election commissioner Rajiv Kumar addresses the press conference announcing the dates for the Lok Sabha polls, which will be held in 7 phases from April 19 to June 1, in New Delhi on Saturday. (ANI)

Announcing the poll schedule to elect the 543-member Lok Sabha, chief election commissioner Rajiv Kumar told a news conference on Saturday more than 97 crore voters – 49.7 crore male and 47.1 crore female – are eligible to cast their votes across 10.5 lakh polling booths.

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The election commission also announced assembly election dates for Arunachal Pradesh, Sikkim, Andhra Pradesh and Odisha. The polling in Arunachal Pradesh and Sikkim will be held on April 19, and in Andhra Pradesh on May 13. Voting in the Odisha assembly will be conducted in four phases on May 13, May 20, May 25 and June 1.

Bypolls will also be held for 26 assembly constituencies in different states, said Rajiv Kumar, who was flanked by the two new election commissioners Gyanesh Kumar and Sukhbir Singh Sandhu.

2024 Lok Sabha election dates

The seven-phase elections for the 18th Lok Sabha will begin on April 19 and then on April 26, May 7, May 13, May 20, May 25 and June 1. The entire election process, from the announcement of polls on Saturday to the declaration of results, lasts 82 days.

In the first phase on April 19, voting will take place in 102 constituencies spread over 21 states/UTs, with 10 states/UTs completing the poll process in this phase.

Voting will take place in 89 constituencies across 13 states/UTs in the second phase on April 26. The poll process would be completed in four more states/UTs.

In the third phase on May 7, voting will take place in 94 constituencies spread across 12 states/UTs. With this, polling will be completed in six more states/UTs.

In the fourth phase on May 13, 96 constituencies spread across 10 states UTs would vote. With this, three more states/UTs would have completed voting.

As many as 49 constituencies spread across eight states/UTs will vote in phase five on May 20. This phase will see voting completed in three more states/UTs.

In the sixth phase on May 25, voting will take place in 57 constituencies spread across seven states/UTs. Polling in two more states/UTs would be completed with this phase.

The seventh and final phase will take place on June 1 in 57 constituencies spread across eight states/UTs. The polling process in eight states/UTs would be completed.

Which state, UT will vote in how many phases:

States and UTs with one poll date: Total - 22

Arunachal Pradesh, Andaman and Nicobar island, Andhra Pradesh, Chandigarh, Delhi, Goa, Gujarat, Himachal Pradesh, Haryana, Kerala, Lakshadweep, Ladakh, Mizoram, Meghalaya, Nagaland, Puducherry, Sikkim, Tamil Nadu, Punjab, Telangana, Uttarakhand, and Dadra and Nagar Haveli and Daman and Diu.

States and UTs with two poll dates. Total- 4

Karnataka, Rajasthan, Tripura, Manipur

States and UTs with three poll dates. Total- 2

Chhattisgarh, Assam

States and UTs with four poll dates. Total-3

Odisha, Madhya Pradesh, Jharkhand

States and UTs with five poll dates. Total-2

Maharashtra, Jammu and Kashmir

States and UTs with seven poll dates. Total- 3

Uttar Pradesh, Bihar, West Bengal

How election panel is preparing for the Lok Sabha polls

Drone-based checking at borders, surveillance of non-chartered flights, a crackdown on misleading advertisements and fake news, and "ruthless" action against poll violence are also among the election commisson's strategies to deal with the four-fold challenge of “muscle, money, misinformation, and Model Code violations”, Rajiv Kumar said the press conference.

Rajiv Kumar also said assembly polls in Jammu and Kashmir will be held as soon as possible after the Lok Sabha elections.(With inputs from agencies)

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

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Indian navy recaptures Somali pirate ship and frees crew

Bulgarian-owned MV Ruen was hijacked in December 2023 in rare recent case of Somali piracy

India’s navy said it recaptured a ship from Somali pirates off the Indian coast on Saturday, rescuing the crew and ending a three-month takeover of the bulk carrier MV Ruen.

The hijacking in December 2023 was the first time since 2017 any cargo vessel had been successfully boarded by Somali pirates.

The Indian warship Kolkata “in the last 40 hours, through concerted actions successfully cornered and coerced all 35 Pirates to surrender and ensured safe evacuation of 17 crew members”, the navy said.

Indian forces first intercepted the MV Ruen on Friday, the navy said. “The vessel opened fire on the warship, which is taking actions [in accordance with] international law, in self-defence and to counter piracy, with minimal force necessary to neutralise the pirates’ threat to shipping and seafarers.”

Impact of warmer seas on fish stocks leads to rise in pirate attacks

None of the rescued crew members were injured in the operation, carried out by several naval vessels along with helicopters and other aircraft, the navy said.

Bulgarian owner Navibulgar hailed the Ruen’s release as “a major success not only for us, but for the entire global maritime community … The resolution of this case proves that the security of commercial shipping will not be compromised.”

Bulgaria’s foreign ministry said it was seeking the “speedy return” of seven rescued nationals. The other crew were nine Burmese and one Angolan.

The pirated ship was recaptured nearly 1,400 nautical miles, or 2,600km, from the Indian coast, according to the military.

The Indian navy had monitored the MV Ruen since it was seized by Somali pirates 380 nautical miles east of the Yemeni island of Socotra.

The pirates, who at the time released one injured Bulgarian sailor into the care of the Indian navy, had taken the MV Ruen and its remaining 17 crew members to Somalia’s semi-autonomous state of Puntland, where the Indian navy said it was moored off the city of Bosaso.

India’s military has stepped up anti-piracy efforts in recent months after an uptick in maritime assaults, including in the Arabian Sea and by Yemen’s Iran-backed Houthi rebels in the Red Sea.

Pirate attacks off the Somali coast peaked in 2011 with gunmen launching attacks as far as 3,655 kilometres (2,271 miles) from the Somali coast in the Indian Ocean – before falling off sharply in recent years.

The December 2023 attack followed a spike in armed seaborne attacks around the Horn of Africa not seen in years. Analysts say Somali piracy poses nowhere near the threat it did in 2011, when navies around the world responded, but the recent upswing has raised further concerns about marine security and shipping at a time when crucial trade corridors off Yemen have come under siege.

Somali pirates have traditionally sought to capture a “mother ship” – a motorised dhow or fishing trawler – capable of sailing greater distances where they can target larger vessels.

Since the Houthi attacks, experts say, cargo ships have become more vulnerable to attack as they slow down to await instructions on whether to proceed to the Red Sea.

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The billionaires creating a world that’s more unequal than ever. 

The populist politicians spreading discord and misinformation. 

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The Guardian doesn’t have an ultra-rich owner. No one tells us what to write – or what not to write. We’ll stand up to expensive legal threats to bring readers the truth. Often on stories that no one else will touch.

You might not agree with every word we publish but, with your help we can hold the rich and powerful to account. Whether they like it or not.

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BITCOINYou should hold Bitcoin ‘for decades, not days,’ says this CEO

 

BITCOIN

You should hold Bitcoin ‘for decades, not days,’ says this CEO

The recent drop in Bitcoin’s value isn’t alarming as Crypto.com CEO sees it as a long-term investment.

 #  Bitcoin’s correction might actually be beneficial. 

#  Exec advocated for HODLing BTC.

In a recent sharp pullback, Bitcoin [BTC] has shed some of its value from record highs. Despite this, the cryptocurrency remains up approximately 60% year-to-date (YTD).

AMBCrypto previously reported how BTC’s price dropped below $70,000 after surging past $73,000, causing significant liquidations.

Kris Marszalek, CEO of Crypto.com, provided insights into the situation during an interview with CNBC TV. He explained,

“I think this is predominantly driven by what’s happening in the options market and a correction, but you have to remember that this level of volatility is actually pretty low compared to what we’ve seen in previous cycles.” 

The king coin recovered some of its losses at press time, trading at $68,967.31. This marked a 2.47% increase over the day, as per CoinMarketCap.

The silver lining in Bitcoin’s price drop

Marszalek views the price drop as a beneficial correction for the cryptocurrency market. He believes it helps to eliminate excessive leverage, preventing overly aggressive price spikes. 

According to the exec, the goal is to encourage steady capital inflows into Bitcoin and the broader industry, which could lead to more gradual and sustainable growth. Emphasizing the long-term value of Bitcoin investment, he stated,

“Bitcoin is an asset you want to hold for decades, not days or weeks.”

$7.5 trillion crypto market cap by 2025?

Adding to the bullish sentiment, analysts at Bernstein have forecasted that the total market capitalization of cryptocurrencies could potentially triple, reaching $7.5 trillion by the end of 2025. 

This significant growth is expected to be driven by what Bernstein describes as “unprecedented” levels of institutional engagement with cryptocurrency. Marszalek concurred with this positive outlook, remarking,

“I think the move is predominantly driven by the inflows from the Bitcoin ETFs. This is a very successful product, and you know there’s a problem on the supply side, so it has to be reflected in the price.” 

ETFs continue to break records

But what does the future look like for Bitcoin ETFs? Given the current trends and projections, the pathway ahead seems promising. JMP Securities predicted that the spot ETFs could draw approximately $220 billion in investor capital over the next three years. 

Should their projections hold, the implications for Bitcoin’s value are substantial, with JMP Securities estimating a potential increase in price to $280,000—this would expand the market capitalization of the leading cryptocurrency by an additional $5.50 trillion.

Ambcrypto_S2S_AMPNews_Inpageleaderboard4

The surge in interest towards spot Bitcoin ETFs is evident from their record-breaking inflows, which surpassed $10 billion two months after their launch in January.

Moreover, BitMEX Research noted net inflows of 14,706 BTC, valued at over $1 billion, into spot Bitcoin ETFs on 12th March alone.

Netanyahu okays plan for operation in Gaza's packed Rafah

 Netanyahu okays plan for operation in Gaza's packed Rafah

Rafah is the last major population centre yet to be subjected to a ground assault during Israel's war against Hamas in Gaza

Israeli Prime Minister Benjamin Netanyahu. File. | Photo Credit: Reuter

Israeli Prime Minister Benjamin Netanyahu's office said on March 15 he had approved the military's plan for an operation in Rafah, where most of war-battered Gaza's population has sought refuge.

Mr. Netanyahu "approved the plans for action in Rafah," his office said in a statement, without giving details or a timeline.

The statement said the military was "prepared for the operational side and for the evacuation of the population".

Rafah is the last major population centre yet to be subjected to a ground assault during Israel's war against Hamas in Gaza, which was triggered by the militants' unprecedented attack on southern Israel on October 7.

The attack resulted in the deaths of about 1,160 people, mostly civilians, according to an AFP tally of Israeli figures.

Hamas took about 250 Israeli and foreign hostages on October 7, and Israel believes about 130 of those remain in Gaza including 32 presumed dead.

Israel's retaliatory campaign against Hamas has killed at least 31,490 people, mostly women and children, according to the health ministry in the Hamas-run territory.

U.S. President Joe Biden, who has supported Israel during the war, has said an Israeli invasion of Rafah would be a "red line" without credible civilian protection plans in place.

US Secretary of State Antony Blinken said during a visit to Vienna on Friday that Washington had not seen any plans for a Rafah operation, but reiterated that it wants a "clear and implementable plan" to ensure civilians are "out of harm's way".

The office of Palestinian president Mahmud Abbas "expressed deep concern over an imminent Israeli military offensive in Rafah, which could result in a new massacre and further displacement of the Palestinian people in Gaza," the official Wafa news agency reported.

"The presidency underscored the urgency for swift intervention by both the US administration and the international community to avert this military attack, which could add to the already immense suffering of the Palestinian people," Wafa said.

The German foreign ministry said "a large-scale offensive in Rafah cannot be justified".

"Over a million people have sought refuge there and have nowhere to go," it said on X. "We need a humanitarian ceasefire now, so that the dying ends and the hostages are finally released."

 

Bitcoin Price is Crashing. What’s Going On?

The cryptocurrency market is experiencing a decline as the global market cap has dropped by 5.96% in the past day. The price of Ethereum decreased by 6.65% and is now trading under $4000, as BNB, Dogecoin, and Shiba Inu (SHIB) also experienced significant drops in their prices. The market crash is partially due to the impact of the Bitcoin price, which dropped by 8.7% from its record high of $73,750.07 just one day earlier. Bitcoin price is currently at $67,671.56, marking a 7.18% decrease in the last 24 hours. Let’s dig deeper to uncover what’s going on.

Reasons Behind the Decline of Bitcoin Price

Several factors pushed down BTC prices. 

1. Higher-Than-Expected PPI Inflation Data

The decline in Bitcoin prices is attributed to the higher-than-expected inflation, specifically on the Producer Price Index (PPI) reported by the US. In February, the PPI index, which includes raw material prices that determine selling prices, rose by 0.6%, higher than the predicted 0.3%. The unexpected increase in inflation is probably being closely monitored by the Federal Reserve at their March meeting. The PPI inflation information is important because it directly affects purchasing power, and overall inflation patterns, and impacts the Federal Reserve’s interest rate choices. At first, the market was let down as it waited for an expected decrease in interest rates. However, the pressure of inflation persists. With the diminishing likelihood of low rates persisting for an extended period, market sentiment has decreased. This resulted into Bitcoin. investors adjusting their investment portfolios, leading to a price correction in the cryptocurrency.

2. Massive Liquidation

The decline in Bitcoin prices is also attributed to a significant liquidation event. According to Coinglass data, $241.9 million were liquidated, out of which $194.1 million were long positions being liquidated within 24 hours. This widespread liquidation activity, totaling $680.04 million, affected 193,268 traders. The largest single liquidation order happened on OKX – BTC-USDT-SWAP valued at $13.30M. Ethereum reported approximately $95 million worth of long liquidations. 

Additionally, the market sentiment had been affected, being the second time in three days for BTC price to trade below $70,000 mark. Heightened on-chain transaction volume suggest an increased activity on the network, while a lower number of holders could indicate capitulation. 

Is Bitcoin Approaching ‘Danger Zone?’

Rekt Capital, a crypto analyst and trader asserts that Bitcoin is gradually drawing closer to the critical “Danger Zone” (orange), where previous instances of Pre-Halving Retraces have began. Throughout history, Bitcoin has exhibited these retraces within a timeframe of 14-28 days before the Halving event. At present, Bitcoin is positioned 33 days away from the impending halving in mid-April 2024.

The expected miner sell-off before the halving could potentially push the coin lower, leading to concerns about a potential crash in the coming weeks.

Miners, who receive Bitcoin rewards for verifying transactions, often sell portions of their holdings to manage revenue fluctuations after halving. This selling pressure could impact the price of Bitcoin as miners look to lock in profits, diversify their assets, or invest in their mining infrastructure to remain competitive. The “Danger Zone” is a time-based region that historically triggers significant price pullbacks, unwinding gains, and raising caution among investors.

With the Federal Open Market Committee (FOMC) meeting approaching on March 20, traders are bracing for potential volatility. Risk reversals indicate a cautious sentiment, with demand for BTC call options suggesting bullish expectations by year-end. Despite short-term sell-off possibilities, analysts believe they won’t impact the long-term uptrend, especially with sustained demand for daily spot BTC ETFs. According to SoSoValue data, Bitcoin ETF daily inflows hit a low in March, with significant movements observed in spot ETFs, including notable outflows from Grayscale’s ETF GBTC and inflows into BlackRock’s IBIT ETF.

Additionally, market sentiment is shifting, with declining implied volatility and weakening direction in block options orders, resembling a cooling phase before a potential bull market starts. 

CrediBULL Crypto, a crypto analyst, has observed a recent drop in prices in the market, leading to a decrease in Open Interest (OI). Despite this decline, the analyst believes there is still potential for further downward movement before reaching a presumed baseline. The analyst has identified a support level between 63,000 and 64,000 USD, known as the “green zone,” where a bounce or price reversal could potentially take place. This range is seen as a logical area for a shift in market dynamics, possibly aligning with the elimination of remaining OI buildup.

Data on electoral bonds gives Opposition some ammunition ahead of Lok Sabha elections

 Data on electoral bonds gives Opposition some ammunition ahead of Lok Sabha elections

The Congress and other Opposition parties will also attempt to corner the BJP over the Supreme Court’s order to scrap the scheme as unconstitutional.

The disclosure of electoral bonds data by the Election Commission of India (ECI) and the State Bank of India (SBI) has added new ammunition to the Opposition’s arsenal ahead of the Lok Sabha elections, people aware of the matter said on Friday, adding that INDIA bloc parties devised plans to use the data to attack the Bharatiya Janata Party (BJP).

The INDIA bloc plans to attack the Centre on the possibilities of money laundering. (HT file)

Under the plan, the Indian National Developmental Inclusive Alliance (INDIA) wants to use the data to show that companies facing Enforcement Directorate (ED) or Central Bureau of Investigation (CBI) probe donated heavy sums through electoral bonds, said the people quoted above. The second line of attack would focus on the possibilities of money laundering through bonds, said the people. The Congress and other Opposition parties will also attempt to corner the BJP over the Supreme Court’s order to scrap the scheme as unconstitutional.

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The developments came a day after ECI uploaded the electoral bonds data a day before the deadline set by the Supreme Court in the high-profile case. The data showed that around 1,260 companies and individuals bought 22,217 bonds worth ₹12,155.51 crore between April 12, 2019 and February 15, 2024.

In this period, 20,421 bonds worth ₹12,769.09 crore were redeemed by 23 political parties, with the BJP leading the pack with a war chest of ₹6,061 crore (47.5% of total redeemed value), followed by the Trinamool Congress (TMC) with ₹1,610 crore (12.6%) and Congress with ₹1,422 crore (11.1%).

On Friday, a number of opposition parties criticised the BJP with former Congress president Rahul Gandhi dubbing the scheme as “the world’s largest extortion racket led by Prime Minister Modi”.

“At the heart of the concept (of EBs), is the ability of corporates to purchase electoral bonds anonymously. Look at this scale of corruption. You are using the entire infrastructure to indulge in corruption. the electoral bond was Modi’s brainchild and he had claimed to cleanse the system of political financing in the country, but actually he turned it into the biggest corruption scam in the world and a means of extorting money from the business and corporate houses,” Gandhi said.

He denied any link between contracts given by Congress government in Karnataka and the bonds. “Our government has come few months ago. We are not controlling ED, CBI, there is no correlation between contracts given by our governments and the bonds. The BJP made the entire system as extortion system where ED and CBI is extorting for BJP.”

While Gandhi indicated that the INDIA group “can have a discussion” on the EB data, Communist Party of India (Marxist) general secretary Sitaram Yechury told HT “there will be coordination among INDIA parties” on how to raise the issues collectively even as the allies are fighting separately in many states. “It (EB data) is going to be our major plank. The manner in which the BJP made corruption as a part of the system has now boomeranged,” Yechury said.

He added that the issue would be linked with the common people’s problems. “The farmers are asking for minimum support price but the government is not making a law. You say no money, workers are asking for increments, youth asking for jobs and greater allocation but you are indulging in mega loot,” he said.

Electoral bonds: SC issues notice to SBI, says bond numbers not disclosed

The TMC, which couldn’t seal a seat-deal with the Congress in West Bengal and some other states, ruled out the possibility of coordination. But it too, raised similar questions. As TMC is one of major beneficiaries of the scheme, Bengal industry minister Shashi Panja said the party “followed all rules” and alleged that the BJP indulged in quid pro quo. “A big gaming company purchased huge amounts of electoral bonds. But under what circumstances? First, he was harassed by ED. Under pressure, he gave donation through electoral bonds. This is extortion,” she said.

In Nashik, Congress president Mallikarjun Kharge raised the issue of dubious donors. “Who are these people? Which companies are these? Why have so many companies donated only after ED, IT and CBI raids? Who exerted the pressure on such companies?”

Banuchandar Nagarajan, a BJP-leaning analyst, said the BJP will stress that its intentions were honourable in bringing white money into political funding. “No one has established any quid pro quo. All projects are selected through bidding and procurement happens through the GeM portal.”

 

What does Electoral Bond data published by the ECI tell us?

The electoral bonds data was published by the Election Commission of India on its official website on March 14, as ordered by the Supreme Court.

In the electoral bonds data released yesterday, the only identifier on the donor side is the name of the company or individual. In order to find out more about donor companies, we did an exact name match with the database of the Ministry of Corporate Affairs (MCA), fetched their unique ID, and looked into basic data available from MCA on them. These are some of the findings.

Who are the biggest donors?

The Election Commission of India office in New Delhi. (Reuters File Photo)

In the data released, there are 1,260 companies and individuals that purchased electoral bonds worth ₹12,769 crore. The top 20, all companies, accounted for ₹5,945 crore—or nearly half of the total amount donated through electoral bonds.

Ms SN Mohanty is the biggest individual donor in the list with total donations of ₹45 crore. She is followed by Lakshmi Niwas Mitttal who donated ₹35 crore. Here is the list of top ten individual donors.

Newly incorporated companies

For about 500 companies, we were able to get an exact name match with the MCA database. Of these, there were 28 companies that were set up on or after April 12, 2019, when the first electoral bond was purchased. These are the top 10 purchasers of electoral bonds among them.

Bonds purchased versus net profits

Of the top 20 purchasers of electoral bonds, we were able to get financials for 13 companies. This is what their bond purchases look like in proportion to their net profits.

Electoral bonds: 10 biggest revelations as SBI, Election Commission release detailed data

 Electoral bonds: 10 biggest revelations as SBI, Election Commission release detailed data

The Election Commission of India (ECI), on March 14, released detailed data on electoral bonds regarding donations to political parties. The SBI earlier submitted it to the ECI. Let's take a look at the 10 biggest revelations

Future Gaming and Hotel Services, not widely recognised in the public eye, was the top purchaser of electoral bonds REUTERS/Thomas White/File Photo/File Photo (REUTERS/Thomas White/File Photo/File Photo)

The Election Commission of India (ECI), on March 14, released detailed data showing all the companies, from famous big businesses to lesser-known ones, that bought electoral bonds to donate to political parties

1. Future Gaming and Hotel Services, not widely recognised in the public eye, emerged as the top purchaser of electoral bonds, with an investment of ₹1,368 crore. This figure surpasses contributions from many notable corporate entities. Future Gaming was under scrutiny by the Enforcement Directorate (ED) in March 2022.

2. Among the top donors were industry giants such as steel magnate Lakshmi Mittal, telecommunications behemoth Bharti Airtel led by Sunil Bharti Mittal and mining conglomerate Vedanta headed by Anil Agarwal. Other renowned firms include ITC, Mahindra and Mahindra, DLF, PVR, Birla, Bajaj, Jindal, Spicejet, IndiGo and the Goenkas.

3. Other donors include Grasim Industries, Megha Engineering, Piramal Enterprises, Torrent Power, DLF Commercial Developers, Vedanta Ltd., Apollo Tyres, Edelweiss, Keventer, Sula Wines, Welspun, Sun Pharma, Vardhman Textiles, Jindal Group, Phillips Carbon Black Limited, CEAT tyres, Dr Reddy’s Laboratories, Kaypee Enterprises, Cipla and Ultratech Cement. 

4. The ruling Bharatiya Janata Party (BJP) benefited the most, securing ₹6,566 crore (54.77% of the total donations) in donations through the electoral bonds. It was way ahead of its closest competitor, the Congress party, which received ₹1,123 crore (9.37%). Mamata Banerjee’s Trinamool Congress, which operates primarily in West Bengal, received ₹1,092 crore (9.11%).

5. Other parties that redeemed electoral bonds include AIADMK, BRS, Shiv Sena, TDP, YSR Congress, DMK, JD-S, NCP, JDU, RJD, AAP, the Samajwadi Party, Jammu and Kashmir National Conference, BJD, Goa Forward Party, Maharashtrawadi Gomantak Party, Sikkim Krantikari Morcha, JMM, Sikkim Democratic Front and the Jana Sena Party.

6. Individual donors included Biocon founder Kiran Mazumdar Shaw, Varun Gupta, B K Goenka, Jainendra Shah and one person known only by the first name of Monika.

7. Mumbai-based Qwik Supply Chain Pvt Ltd bought bonds worth ₹410 crore and Haldia Energy ₹377 crore. Ghaziabad-based Yashoda Super Speciality Hospital bought 162 bonds, mostly of ₹1 crore each. Bajaj Auto bought bonds worth ₹18 crore, Bajaj Finance ₹20 crore, three IndiGo firms ₹36 crore, Rahul Bhatia of IndiGo bought bonds worth ₹20 crore and Spicejet ₹65 lakh.

8. The bonds were purchased between April 1, 2019 and February 15 this year. Out of 22,217 electoral bonds, 22,030 were redeemed by political parties. The bonds that had not been encashed by political parties within 15 days were transferred to the Prime Minister’s National Relief Fund, the SBI said.

9. Reliance Industries, helmed by Mukesh Ambani, and Adani Group, led by Gautam Adani, did not make the list of donors. These are two of India’s biggest conglomerates.

10. Following the release of the electoral bonds data, Congress flagged discrepancies. The donors’ file has 18,871 entries, while the recipients’ file has 20,421 entries, it said

 

Curtailment of assemblies’ tenure, common electoral roll — Kovind panel’s plan for simultaneous polls

Panel has recommended two-step mechanism with simultaneous general & state elections followed by civic and rural polls within 100 days.

Former President Ram Nath Kovind presents report on simultaneous elections to President Droupadi Murmu at Rashtrapati Bhavan on Thursday | Pic credit: X/@ramnathkovind

New Delhi: The Ram Nath Kovind-led panel on ‘one nation, one election’ has recommended curtailment of the tenure of state assemblies to make it coterminous with the Lok Sabha to facilitate simultaneous elections. Constitutional amendments to this effect won’t need ratification by states, the panel led by the former President has said in its report submitted to President Droupadi Murmu Thursday.

To make it simpler, if, say 10 June, 2024, is the ‘appointed date’ for the provisions of ‘one nation, one election’ to come into effect, tenure of all State Legislative Assemblies reconstituted after that date will end with the Lok Sabha’s tenure in 2029. To clarify, ThePrint has used 10 June as the appointed date for elaboration; the panel hasn’t mentioned any date.

“…. After the General elections, when the House of the People is constituted, the President would by notification issued on the same date as the date of the first sitting of the house, bring into force the provisions for transition, and this date would be called the ‘Appointed date’. Once the transition provisions are brought into play, the tenure of all State Legislative Assemblies constituted in any election after the ‘Appointed date’ would come to an end on the expiry of the full term of the House of the People, irrespective of when an Assembly was constituted,” the Kovind panel said in its report.

This, the panel notes, would result in the House of the People and all the State Legislative Assemblies being ready for a simultaneous election at the end of this term. “Thereafter, the amendments proposed to the tenure of the House of the People and the State Legislative assemblies will make sure that the synchronisation is maintained.”

The report also states that if the House of the People or a State Legislative Assembly is dissolved sooner than its period of five years from the date appointed for its first meeting, a mid-term election would be held for reconstituting the House or the State Legislative Assembly as the case may be, but the term of the House or the State Legislative Assembly so constituted in a mid-term election, would be for the “remaining unexpired period” of its term.

“In this manner at the end of five years, the House of the People and all the State Legislative Assemblies would reach the end of their tenure at the same time, and be ready for a General election held simultaneously,” the report states.  

 

Top events of the day: From Lok Sabha election dates to Kisan Mahapanchayat in Delhi; All top news to track on March 14

India is set to witness a series of important diplomatic, political, judicial, and financial events today, Thursday, March 14. From Lok Sabha election dates to Kisan Mahapanchayat in Delhi, Mint lists important events to watch.

#A high-powered panel chaired by the Prime Minister, Narendra Modi, is set to meet on March 14 to select two new election commissioners. The Law Ministry sent an amended communication to all panel members for the meeting to be held at noon on Thursday.

#The Election Commission of India is most likely to announce the dates for the Lok Sabha elections 2024 today. The Elections Commission was in Jammu and Kashmir to assess when polls can be held in the Union Territory.

Also read: Lok Sabha Elections 2024 dates likely to be announced around March 14, says report

The Samyukta Kisan Morcha (SKM) on Wednesday announced that it would organise the All India Kisan Mazdoor Mahapanchayat in Delhi on March 14. The decision was taken following a meeting of coordination committees and subcommittees to hold Mahapanchayat at Ramlila Maidan in New Delhi, where over 50,000 farmers are likely to be present.

#Also read: Farmers’ protest: Kisan Mahapanchayat at Ramlila Maidan tomorrow; Delhi Police issues traffic advisory — details here

Union Home Minister Amit Shah is scheduled to visit Assam on March 14, where he will participate in party meetings. He will also address public gatherings, conduct poll rallies in Margherita (Tinsukia district) and Nazira (Sivasagar) on March 14 and also address a town hall programme in Guwahati on March 15.

Also read: Lok Sabha Elections 2024: Opinion polls predict NDA dominance in Uttar Pradesh as PM Modi eyes’ab ki baar, 400 paar’

Congress leader Rahul Gandhi will hold a roadshow in Nashik city today as part of his Bharat Jodo Nyay Yatra. The Congress leader will also visit Trimbakeshwar temple before heading towards Thane.

#Sandeshkhali attack case: TMC leader Sheikh Shahjahan’s custody was extended till March 14. He was arrested by the West Bengal police on February 29 in connection with allegations of ‘sexual assault and land grab in the Sandeshkhali area and was sent to a 10-day police custody by the Basirhat Court.

#Also read: Sandeshkhali violence: TMC leader Sheikh Shahjahan sent to 10-day police custody; WB CID takes over investigation

AIADMK symbol case: Following a hearing, the bench of Justice Sachin Datta of the Delhi High Court scheduled the AIADMK symbol case for further adjudication on March 14.

#Kerala Chief Minister Pinarayi Vijayan is slated to inaugurate four terminals of Kochi Water Metro Limited (KWML) on Thursday, March 14. The launch of Kochi Water Metro terminals at South Chittoor, Cheranalloor, Mulavukad and Eloor will take place virtually.

 

Sensex crash today: Why are markets falling and how low will they go?

Sensex crash today: Indian stock market's fall defies global trade setup as the S&P500 had hit a record high overnight. So what's happening?

Sensex fell over 900 points and reached below the 73,000-level while Nifty dropped over 1% today (March 13). It was the worst single-day fall for smallcap index since December 2022 which fell 5% while midcaps lost 3%. Microcaps and SME stock indices dropped around 5% each. With this, market capitalisation of all BSE-listed stocks reduced by ₹12 lakh crore and is currently at ₹374 lakh crore.

Read more: Adani Group stocks down 13%, 90,000 crore wiped in market-cap. Top loser is…

The Sensex crash defies global trade setup as the S&P500 had hit a record high overnight((ANI))

The crash defies global trade setup as the S&P500 had hit a record high overnight and FIIs have also bought Indian stocks and invested $3 billion so far in the month.

What has led to the fall in Sensex, Nifty and smallcaps?

Read more: Stock market crash| NSE boss' advice to small investors as markets bleed: ‘If no capacity for high risk then…’

Sebi stress test could be a major reason for the crash as Sebi chairperson Madhabi Puri Buch put out a froth warning on smallcaps and midcaps. After the market regulator asked mutual funds last month to put in place a system to protect interest of smallcap and midcap investors, Madhabi Puri Buch said, “There are pockets of froth in the market. Some people call it a bubble, some may call it froth. It may not be appropriate to allow that froth to keep building.” Read more: Sebi chief's 'froth' warning: There is a risk of bubble in stock market

Sebi chief also warned that valuation parameters are off the charts and not backed by fundamentals leading to "irrational exuberance". Read more: Uday Kotak on Sebi chief's froth warning: ‘Not yet out of control’

ICICI Prudential Mutual Fund: Following Madhabi Puri Buch's comments, ICICI Prudential Mutual Fund temporarily suspended fresh subscriptions via lumpsum mode to smallcap and midcap funds. Read more: ICICI Pru MF halts fresh subscriptions via lumpsum mode in mid, smallcap schemes

On Tuesday, Indian stock market faced heavy selling pressure as majority of indices ended in red which included smallcap and midcap indices which are still under huge selling pressure. In the BSE Smallcap index over 80 per cent stocks have recorded negative returns since February 19. In the same period, Nifty has gained nearly one per cent. Read more: Why are midcap, smallcap stocks falling after Sebi chief's froth warning?

Oscars 2024: ‘Oppenheimer fails to…,’ netizens react with memes and jokes

 Oscars 2024: ‘Oppenheimer fails to…,’ netizens react with memes and jokes

Hollywood's big night at the Oscars on Sunday, March 10, in Los Angeles marked the day with 'Oppenheimer' raking in three awards with Robert Downey Jr was named best supporting actor. At the 96th Academy Awards in California, Ryan Gosling dazzled the night with his performance, “I’m Just Ken."

Here's how social media reacted to Oscar 2024:

One user stated, “Me remembering Jamie Lee Curtis won Best Supporting Actress instead of Stephanie Hsu last year."

Also read: Oscars 2024 LIVE updates: Oppenheimer wins ‘Best Picture award’, Christopher Nolan's film bags 7 awards

A second user shared a hilarious meme describing Hollywood's reaction when Oppenheimer received Best Film Editing award at the Oscars. He stated, “The reactions as Oppenheimer fails to win Best Film Oscar!!"

Also read: Oscar 2024: Complete list of winners; Oppenheimer dominates with Best Picture; Christopher Nolan, Cillian Murphy win

A third user stated, “John Cena creates a makeshift toga out of curtains to present the #Oscar for Best Costume Design."

Another user tweeted, “Ryan Gosling’s face lighting up when he sees Messi, the dog applauding at the #Oscars."

Also read: Oscars 2024: How to watch 96th Academy Awards in India online

 

SCBA blasts chief's letter to President Murmu on electoral bonds verdict

SCBA chief had urged Preisdent Droupadi Murmu to seek presidential reference of the apex court judgement in the electoral bonds scheme case.

The executive committee of the Supreme Court Bar Association on Tuesday dissociated itself from the letter written by SCBA chief Adish C Aggarwala seeking presidential reference of the apex court judgement in the electoral bonds scheme case. The bar association also condemned the content of the letter, calling it an “attempt to overreach and undermine the authority” of the Supreme Court

The Supreme Court bench headed by the Chief Justice of India struck down the electoral bonds scheme on February 15.

Adish C Aggarwala, who is also the chairperson of All India Bar Association, wrote to President Droupadi Murmu urging her to seek presidential reference of the verdict in the electoral bonds scheme case and not to give effect to it unless the top court has reheard the matter. (Also Read: SBI submits details of electoral bonds to EC, poll panel acknowledges)

“Revealing the names of corporates that had contributed to different political parties would render the corporates vulnerable for victimization,” Aggarwala said in his letter to the President.

"The possibility of them being singled out by those parties that had received less contribution from them, and harassed cannot be ruled out if the names of corporates and their quantum of contributions to various parties are revealed. This will be reneging on the promise given to them while accepting their voluntary contributions."

He said, "Disclosing such sensitive information, that too retrospectively, will result in chilling effect in corporate donations and participation in the democratic process."

While the letter was printed on the letterhead of the All India Bar Association, it bore Aggarwala's designation as President of the SCBA below his signature.

“Therefore, it has become expedient for the Executive Committee of the Supreme Court Bar Association to make it abundantly clear that the members of the committee have neither authorised the President to write any such letter nor do they subscribe to his views as expressed therein,” the resolution signed by SCBA secretary Rohit Pandey read.

“The Executive Committee of the Supreme Court Bar Association further views this act as well as the contents therein as an attempt to overreach and undermine the authority of the Hon'ble Supreme Court of India and unequivocally condemn the same,” it added.