Top News
Toxic IL&FS bonds seem to have now infected the armed forces (IANS Exclusive)
New Delhi, March 10 (IANS) The IL&FS contagion continues to spread aggressively, the latest casualty being the Indian armed forces. Several lakhs of salaried workers across public sector undertakings and Postal Life Insurance have already been infected with these bonds. Now, it is learnt, the virus has also spread to the armed forces.
IANS learns that a few sections of the armed forces, primarily the army, have invested their corpus of funds in the once AAA rated IL&FS bonds to secure their future. The Indian Army has three specific funds in which fellow countrymen can contribute – Army Welfare Fund Battle Casualties (set up in 2016 after the Siachen avalanche disaster and the Pathankot/Uri incidents), Army Central Welfare Fund and the Paraplegic Rehabilitation Centre Pune – towards the members/families of the armed forces who have made the supreme sacrifice for the nation. It is still not known whether these funds have invested in the virus-laden bonds.
There is also the flagship National Defence Fund which was set up to take charge of voluntary donations in cash and kind received for promotion of the national defence effort. The Fund is used for the welfare of members of the Armed Forces and paramilitary forces and their dependents. At the end of March 31, 2018, the total expenditure was Rs 64.75 crore, whole receipts were Rs 83.85 crore and the total cumulative balance was Rs 1115.18 crore.
There is also a department for ex-servicemen’s welfare which gives benefits to the widows of fatal battle casualties. This pertains to death due to accident in course of duties, death due to terror violence, death during enemy action in war or border skirmishes or against militants/terrorists and death during enemy action in war or warlike engagements specifically noted — the benefits are given in the following way, which is Rs 10 lakh each in the first two cases and Rs 15 and Rs 20 lakh respectively in the latter two cases. Various other benefits are provided to war widows.
These funds, formed by servicemen with the objective of supporting fatalities and army widows, have invested in these bonds considering the ratings and safety assurances portrayed by the rating agencies.
The corpus has membership of armymen and provides support to millions of armymen and their widows in case of eventualities.
With the IL&FS default, all these investments are now nearly junk, jeopardising the interest and future of millions of armed forces.
The army, it is learnt, will be making a representation to the defence ministry in this regard to seek directions and resolution.
Since it’s a non-government effort by military men to create a safety corpus, the government may not be able to resolve the same immediately, said government sources.
However, add government sources, this is likely to touch a sensitive nerve in an election year, especially against the backdrop of the Pulwama attack and the retaliatory act by India.
Politically, this is a land mine. Armed forces and the increasing patriotism will certainly take an aggressive campaign agenda in coming weeks.
— IANS
am
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
