UDDHAV THACKERAY RESIGNS AHEAD OF FLOOR TEST

Outnumbered after a rebellion in his own party and realising he will not be able to prove majority on the floor of the Assembly, Maharashtra Chief Minister Uddhav Thackeray resigned Wednesday night, shortly after the Supreme Court declined to stay a floor test called Thursday by Governor Bhagat Singh Koshyari.

His resignation as CM and Member of Legislative Council, which he announced in a Facebook address to the public, brought to an end the 31-month-old rule of the MVA and set the stage for the return of a BJP-led government. Former CM Devendra Fadnavis hopes to be back in power with the help of 39 Shiv Sena rebel MLAs led by Eknath Shinde, independents and legislators of smaller parties.

“I have no regrets about leaving the CM’s chair. Whatever I did, I did for the Marathi people and Hindutva. Today, in front of everyone, I am announcing my resignation as CM of the state,” Uddhav said in a speech that lasted 15 minutes.

Before bowing out, he said he was happy to fulfil his father’s wish of renaming Aurangabad and Osmanabad. “Today, there was a cabinet meeting and I am satisfied that my life’s wish has been fulfilled. The initial idea of renaming Aurangabad, mooted by Shiv Sena chief Balasaheb Thackeray, has been fulfilled and we have renamed it as Sambhaji Nagar. We have also renamed Osmanabad as Dharashiv,” he said.

“I was happy over the renaming of Aurangabad. I, however, felt sad that when this resolution was passed, only four Sena ministers were present — me, (son) Aaditya, Subhash Desai and Anil Parab. All the other Sena ministers, who should have been here, were absent and you know the reason why. When we presented the renaming resolution, the Congress or NCP did not oppose it. I would like to thank them. Those who should have done this earlier stayed away while those who we thought would oppose this, stayed with us,” he said.

He thanked NCP chief Sharad Pawar, Congress chief Sonia Gandhi and their parties for the support.

To the public, he said, “You gave me a lot of love, you listened to my advice. In these times, there have been a lot of communal riots in the country, but there were no riots in Maharashtra because of you, my sensible citizens of Maharashtra. There were also riots over the CAA and NRC, but there were no riots in the state. Muslims also listened to it, it must be mentioned.”

BJP MEETS TO DECIDE ON ACTION PLAN

While BJP leaders and workers broke out into celebration after Thackeray resigned, top leaders of the party huddled into a meeting to strategise their next move.

Calling for restraint in celebration, BJP state president Chandrakant Patil said, “BJP workers must not celebrate Uddhavji’s resignation, they should celebrate when Devendra Fadnavis becomes the CM.”

On the formation of the new government, Patil said, “The date of staking claim and swearing-in will be decided by Devendra Fadnavis in consultation with senior leaders in Delhi.”

The party leadership will meet Governor Bhagat Singh Koshyari and stake claim for forming the government. It would be then followed by appointment of a new CM and the council of ministers.” According to procedure, the new government will then be asked to undertake a floor test to prove its majority in the Assembly.

Rebel Maharashtra Shiv Sena MLAs led by Eknath Shinde on Wednesday evening landed at Dabolim airport in Goa from Guwahati en route to Mumbai.

GST COUNCIL MEETING TAKES NO DECISION ON EXTENDING COMPENSATION TO STATES

The GST Council’s two-day meeting concluded on Wednesday without any decision on extending compensation to states – for revenue loss on account of the regime’s implementation five years ago – beyond June 30. This was despite at least two dozen states raising the issue. A senior government official explained that the compensation regime was ending on June 30 under law. “Now for any extension, the Constitution needs to be amended. That cannot happen overnight.”

When GST subsumed 17 central and state levies from July 1, 2017, it was decided that states would be compensated for any revenue loss for five years (that ends on June 30, 2022). However, during the pandemic, states suffered losses and sought an extension for compensation cess, and the Centre is known to have decided to extend it until March 2026. This is to repay Rs 1.1 trillion borrowed in FY21 and Rs 1.59 trillion in FY22 to meet a part of the cess collection shortfall.

The Council, however, took significant measures to simplify the structure of GST by revising rates on some goods and services and removing exemptions on several mass-consumption packaged items with effect from July 18.

It deferred the proposal to tax online gaming at flat 28 per cent, on a par with gambling, and asked a group of ministers (GoM) to re-examine the matter by July 15. The Council will meet again in the first week of August, in Madurai, to take a decision on this.

The Council also suggested phasing out of tax exemption on services provided by the RBI and SEBI. It also recommended withdrawing GST exemption available for cheques – loose or in the book form – and favoured a GST rate of 18 per cent. And, it agreed to hike rates on items like tetrapack, knife, printing ink, LED lights, and so on.

TWITTER GETS TIME TILL JULY 4 TO COMPLY WITH ALL ORDERS OF IT MINISTRY

The government has issued a notice to Twitter to comply with all its past orders by July 4. The Ministry of Electronics and IT has set a deadline of July 4, failing which Twitter may lose intermediary status, which means it will be liable for all the comments posted on its platform.

"A notice was issued on June 27 to Twitter to comply with all government orders issued till date. Twitter was issued notices earlier this month but it did not comply with them. This is the final notice," the government is said to have told Twitter.

COVID DASHBOARD – INDIA

As of 0800 IST / June 30

from mohfw.gov.in ,

New Cases on Wednesday 18,819

Active Cases 104,555 (+4,953)

Total Deaths (Deaths Yesterday) 5,25,116 (18)

INTERNATIONAL AFFAIRS

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NATO CALLS RUSSIA DIRECT THREAT; US BOOSTS MILITARY PRESENCE IN EUROPE

US President Joe Biden pledged more American troops, warplanes and warships for Europe on Wednesday as Nato agreed the biggest strengthening of its deterrents since the Cold War in response to Russia’s invasion of Ukraine. A Nato communique called Russia the “most significant and direct threat to the allies’ security and stability”, a nod to the precipitous deterioration in relations with Russia — earlier classified as a “strategic partner” — since the invasion. Russia’s “war of aggression against Ukraine has shattered peace and gravely altered our security environment,” Nato said in a new Strategic Concept document, its first since 2010. Nato also agreed a package of support aimed at modernising Ukraine’s largely Soviet-era military.

The White House said Biden’s commitments mean the US will maintain a presence of 1,00,000 troops in Europe, up 20,000 from the levels before the Ukraine war began, for the “foreseeable future.”

Meanwhile, Turkey has lifted a veto on Finland & Sweden joining the NATO.  “Today, we have decided to invite Finland and Sweden to become members of Nato,. Ratification in allied parliaments is likely to take up to a year, but once it is done, Finland and Sweden will be covered by Nato's Article 5 collective defence clause, putting them under the US's protective nuclear umbrella. We will make sure we are able to protect all allies, including Finland and Sweden,” Nato secretary-general Jens Stoltenberg said.

WHO CHIEF: US ABORTION RULING IS A SETBACK, WILL COST LIVES

WHO chief Tedros Adhanom Ghebreyesus on Wednesday criticised the US Supreme Court ruling to overturn Roe v. Wade, calling the decision to no longer recognise a constitutional right to abortion “a setback” that would ultimately cost lives. He said that decades of scientific data prove that access to safe and legal abortion saves lives. “Restricting (abortion) drives women and girls toward unsafe abortions resulting in complications, even death,” he said. He said safe abortion should be understood as healthcare and warned that limiting its access would disproportionately hit women from the poorest and most marginalised sections. Tedros feared many other countries may take similar steps. “Global impact is a concern.”

THE REST

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BJP SEEKS TRUCE WITH NITISH, UNION MINISTER CALLS HIM BIHAR NDA CHIEF

In what is being seen as a truce effort ahead of the election for the post of President, Union minister and senior BJP leader Dharmendra Pradhan visited Patna on Tuesday and called Chief Minister and JD(U) chief Nitish Kumar the NDA leader in Bihar.

Pradhan also clarified that Nitish would continue to remain the chief minister until the next Assembly polls are due — in 2025.

This comes in the middle of what was being seen as a growing rift between the alliance partners — JD(U) has of late differed with BJP on several issues, including population control measures and the Agnipath recruitment scheme for defence forces.

After a one-on-one meeting with Nitish, Pradhan said: “There is no deadlock between us (BJP and JDU) — everything is smooth. We have said this at public forums as well. At times, political parties differ on certain matters, in a democratic manner.”

Asked about the recent war of words between the allies, Pradhan said, “We will go by the public mandate — Nitish Kumar will remain the CM until 2025 and he is the NDA leader (in Bihar).”

Meanwhile, Asaduddin Owaisi-led AIMIM received a major jolt Wednesday when four of the five MLAs of the party in Bihar joined the RJD, which has now regained its single-largest party status in the 243-member Assembly leaving behind the BJP.

The RJD had 76 MLAs before the four AIMIM legislators joined it. The ruling BJP briefly enjoyed the position when all three MLAs of the Vikassheel Insaan Party joined it three months ago. The BJP has 77 MLAs.

PRESIDENT POLLS: PART OF OPP TALKS, JD(S) VEERS AROUND TO DROUPADI MURMU

The Janata Dal (Secular), which had attended a meeting called by Chief Minister Mamata Banerjee to decide on a joint Opposition name as the presidential candidate, indicated on Wednesday that it would back the ruling NDA’s Droupadi Murmu.

While underlining that this should not be seen as support for the BJP, JD(S) leader and former Karnataka chief minister H D Kumaraswamy said: “Droupadi Murmu already has sufficient backing and does not need our support, but she has nevertheless asked for our support, and that is a sign of her goodness.”

Kumaraswamy said he also understood Murmu’s “life journey, her background, the struggles she has undergone, her rise from a downtrodden community”. “The rise of a woman from a tribal community to such a high position is worthy of admiration,” he said.

UDAIPUR MURDER: ONE OF TWO WHO KILLED TAILOR IN UDAIPUR HAS PAK LINKS: DGP

A day after Kanhaiya Lal, a tailor in Udaipur, was hacked to death by two men for allegedly sharing remarks made by BJP’s Nupur Sharma on the Prophet, Rajasthan Minister of State for Home Rajendra Singh Yadav said Wednesday that one of them, Ghouse Mohammad, had been to Karachi in 2014 and been making phone calls to Pakistan “for the last 2-3 years”.

Director General of Police M L Lather said Ghouse had gone to visit the office of Dawat-e-Islami, a Sunni Islamic proselytising group, in Karachi.

As outrage over the killing mounted and condemnation poured in from different parts of the country, Rajasthan CM Ashok Gehlot said that “preliminary probe reveals that the incident has been committed with an objective to spread terror and fear. It appears that they had a connection with international organisations, therefore it is obvious for the NIA to probe the entire incident.”

SEBI SLAPS HEAVY PENALTIES IN NSE 'DARK FIBRE' CASE, BOURSE FINED RS 7 CR

The SEBI has slapped heavy penalties in a 2015 ‘dark fibre’ case that saw certain brokers exploiting the NSE internet infrastructure to get faster connectivity to its colocation (colo) facilities.

The markets regulator has imposed a penalty of Rs 7 crore on NSE and Rs 5 crore on former MD and CEO Chitra Ramkrishna.

It has also levied a fine of Rs 5 crore each on former Group Operating Officer Anand Subramanian and current Chief Business Development Officer Ravi Varanasi.

Internet service provider Sampark Infotainment has been asked to pay Rs 3 crore.

Online trading firms Way2Wealth and GKN Securities, too, have been asked to cough up Rs 6 crore and Rs 5 crore, respectively.

The latest 186-page order follows a 2019 ruling where Sebi had barred Sampark from providing telecommunication (telecom) services to any securities market intermediary.

It has been alleged that the cabling for NSE’s colo rack was engineered such that Way2Wealth and GKN Securities got the benefit of lower latency, as opposed to other trading members connected to Sampark.

INDIA'S FIRST M-RNA COVID VACCINE WILL BE PRICED COMPETITIVELY, SAYS COMPANY

India’s first mRNA Covid-19 vaccine Gemcovac-19 will be priced competitively with its global peers — Pfizer-BioNTech and Moderna’s vaccines, Gennova Biopharmaceuticals said. Trials for use as a universal booster shot would also begin soon, and there are plans to conduct paediatric trials as well.

The vaccine’s unique selling point is that it does not require sub-zero temperatures like its peers to remain stable, but can be transported at 2-8 degrees Celsius. The vaccine can be rolled out in the private market with necessary government approvals, while Gennova continues to work on trials for positioning Gennovac-19 as the universal booster. So far, India has not allowed heterologous boosting of vaccines.

Samit Mehta, chief operating officer, Gennova Biopharmaceuticals said that while no final decision has been taken on pricing, it would be priced very competitively with its global mRNA peers. Pfizer-BioNTech's mRNA vaccine sells for $19.5 a dose in the US while Moderna's shot is priced at $25 a dose.

Meanwhile, Pune based Gennova is also gearing up to double its vaccine manufacturing capacity from a current 180-200 mn doses a year to 400 mn doses in the next four to five months.

RUPEE ENDS AT NEW LOW ON RELENTLESS FII SELL-OFF, SLOWER RBI INTERVENTION

The rupee settled just shy of the 79-mark against the US dollar on Wednesday as a fall in domestic equities amid unceasing overseas investment outflows soured sentiment towards the domestic currency, dealers said.

The Indian currency settled at a fresh low of 78.97 versus the greenback, 0.3 per cent weaker than the previous close. In the course of trade, it hit a lifetime intraday low of 78.98 per US dollar. On Tuesday, the local currency had closed at 78.77.

Dealers said though the Reserve Bank of India intervened on Wednesday to limit volatility in the currency market, the magnitude of such interventions by the central bank, of late, has declined in the face of fundamental headwinds for the rupee.

Since the war in Ukraine broke out in late February, the RBI has heavily expended its foreign exchange reserves in order to shield the rupee from a runaway depreciation. Since February 25, the headline foreign exchange reserves have declined by $40.94 billion.

ROHIT COULD MISS RESCHEDULED TEST

India's captain Rohit Sharma may miss their rescheduled fifth Test match against England starting on Friday after he tested positive for COVID-19, but the team will take a late call on his inclusion after his next COVID test, head coach Rahul Dravid said on Wednesday.

Sharma tested positive during a warm-up match in Leicester last week and the question of who leads the side in his absence has been left hanging, with vice-captain KL Rahul not in the squad due to an injury.

India were 2-1 ahead in the series last September when the final test at Old Trafford was cancelled due to COVID-19 cases in their camp. The fifth Test will be played in Edgbaston from Friday.

Dravid did not say whether fast bowler Jasprit Bumrah would lead the side if Sharma was unavailable, saying the BCCI would make a decision. Mayank Agarwal was added to the squad as cover for Sharma on Monday.

Virat Kohli's form has also been a cause for concern, with the former captain last hitting a century nearly three years ago. But Dravid said the 33-year-old was "ticking all the right boxes" to come out of his slump.

WIMBLEDON, DAY 3: DJOKOVIC CRUISES; EMMA, GARBINE, ANETT OUSTED

Top seed Novak Djokovic once again looked every bit the dominant player who has won the last three Wimbledon titles as he swept aside Australian Thanasi Kokkinakis 6-1 6-4 6-2 on Wednesday to power into the third round of the Championships.

On Monday the 35-year-old had looked scratchy during his opening win against Kwon Soon-woo but he was back close to lofty standards against the 79th-ranked Kokkinakis.

Norway's number three seed Casper Ruud was unable to reproduce his French Open heroics at Wimbledon as he was bundled out 3-6, 6-2, 7-5, 6-4 in the second round by world number 112 Ugo Humbert on Wednesday.

In Women’s Singles, Emma Raducanu's (10th seed) Wimbledon hopes were crushed on Centre Court by France's Caroline Garcia as the golden girl of British sport suffered a 6-3, 6-3 second-round loss on Wednesday. The 19-year-old, who rocketed to fame with her spellbinding US Open triumph last year, did not play badly but had no answer to Garcia's superior firepower.

Former champion Garbine Muguruza (9th seed) was knocked out by unseeded Greet Minnen 6-4, 6-0.

Anett Kontaveit (2nd seed) lost 6-4 6-0 to big-serving German Jule Niemeier, who is making a mark on her first appearance at the Championships.

INDICATORS

Sensex 53,027 (-150), Nifty 15,799 (-51), Trading Value NSE (Rs.crores) 47,365

Nasdaq 11,178 (-4) Dow 31,029 (+82), S&P 3,818 (-3)

US$-Rs. 78.73 GBP-Rs. 95.73, Euro-Rs. 82.58, UAE Dhm-Rs.21.43, Can$-Rs. 61.14, Aus$- Rs. 54.22

GBP 0.82 /US$, Euro 0.95 /US$, Jap.Yen 136.36 /US$, Aus$ 1.45 /US$, Sing 1.39 /US$, Bang Taka 91.66 /US$, Can$ 1.28 /US$, Mal Ring 4.39 /US$,

Pak Re 204.66 /US$, Phil Peso 54.95 /US$, Russian Rouble 52.62 /US$, NZ$ 1.60 /US$, Thai Baht 35.10 /US$, Ukraine Hryvnia 29.32 /US$

Bitcoin - USD 20,076

Dollar Index 104.79 Brent Crude 115.77 BDI 2,186

Gold world Spot Price USD/aoz 1,820 India (Rs. per gm 24k/22k) 5,100 / 4,675, Silver (Rs. Per KG) 65,300

THOUGHT FOR THE DAY

If you find yourself constantly trying to prove your worth to someone, you have already forgotten your value. – Unknown

OFF TRACK

A fellow in a bar notices a woman, always alone, come in on a fairly regular basis. After the second week, he made his move. 

"No thank you." she said politely. "This may sound rather odd in this day and age, but I'm keeping myself pure until I meet the man I love." 

"That must be rather difficult." the man replied. 

"Oh, I don't mind too much." she said. "But, it has my husband pretty upset."