Temple money belongs to deity, cannot be used to save cooperative banks: SC
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New Delhi (PTI): The Supreme Court on Friday said that money belonging to a temple deity cannot be used to prop up financially distressed cooperative banks.
The sharp observations were made by a bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi while hearing appeals filed by a few cooperative banks challenging a direction of the Kerala High Court asking them to return the deposits to the Thirunelly Temple Devaswom.
"You want to use the temple money to save the bank? What is wrong with directing that the temple money, instead of being in a cooperative bank which is breathing with great difficulty, should go to a healthy nationalised bank which can give maximum interest," the CJI asked.
Temple money belongs to the deity and hence, the money has to be "saved, protected and utilised only for the interests of the temple" and it cannot become a source of income or survival for a cooperative bank, the CJI said.
The pleas against the high court order were filed by Mananthawady Co-operative Urban Society Ltd and Thirunelly Service Cooperative Bank Ltd.
The high court had directed five cooperative banks to close the Devaswom's fixed deposits and refund the entire amount within two months, following repeated refusals by the banks to release the matured deposits.
The bench was unconvinced with the submissions of the banks that the abrupt direction of the high court was causing difficulties.
The bench said the banks should establish credibility among the people.
"If you are unable to attract the customers and deposits, that is your problem," it said.
The top court refused to entertain the pleas.
It, however, permitted the banks to approach the high court for extension of time to comply with the impugned order.
The case arose from a plea filed by the Thirunelly Devaswom after several cooperative banks refused to repay the temple's fixed deposits despite repeated requests.
The high court had directed Thirunelly Service Cooperative Bank Ltd, Susheela Gopalan Smaraka Vanitha Cooperative Society Ltd, Mananthawady Cooperative Rural Society Ltd, Mananthawady Co-operative Urban Society Ltd, and Wayanad Temple Employees Cooperative Society Ltd to return the funds within two months.
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Russian military hardware, spare parts for Indian military to be manufactured in India
New Delhi (PTI): Russia agreed to encourage joint manufacturing in India of military hardware and spare parts for maintenance of Russian-origin arms and defence equipment.
Ways to bolster overall bilateral defence cooperation figured prominently during summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday.
It has been a long-standing grievance of armed forces that the supply of critical spares and equipment from Russia takes a long time, affecting the maintenance of military systems procured from that country.
"Both sides agreed to encourage joint manufacturing in India of spare parts, components, aggregates and other products for maintenance of Russian origin arms and defence equipment under Make-in-India programme through transfer of technology," a joint statement said.
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It said both sides also agreed to set up joint ventures for meeting the needs of the Indian armed forces as well as subsequent export to mutually friendly third countries.
The joint statement said the India-Russia defence partnership is being reoriented to take up joint co-development and co-production of advanced defence technology and systems.
In their meeting on Thursday, Defence Minister Rajnath Singh and his Russian counterpart Andrey Belousov resolved to expand bilateral defence cooperation.
In the meeting, the Indian side showed keen interest in procurement of additional batches of S-400 missile systems from Moscow to bolster its combat prowess.
In October 2018, India signed a USD 5 billion deal with Russia to buy five units of the S-400 air defence missile systems, notwithstanding a warning by the US that going ahead with the contract may invite US sanctions under the provisions of Countering America's Adversaries Through Sanctions Act (CAATSA).
Three squadrons have already been delivered.
The S-400 systems played a crucial role during Operation Sindoor. India may also look at procuring the S-500 missile systems from Russia.
In the Modi-Putin talks, the two sides also agreed to continue jointly developing systems of bilateral trade settlements through the use of national currencies.
Additionally, the two sides agreed to continue their consultations on enabling the interoperability of the national payment systems, financial messaging systems, as well as central bank digital currency platforms.
Modi and Putin appreciated the ongoing intensification of the joint work on a free trade agreement on goods between India and the Eurasian Economic Union, covering sectors of mutual interest, the joint statement said.
They also directed both sides to intensify efforts in negotiations on a mutually beneficial agreement on the promotion and protection of investment, it said.
India and Russia also welcomed steps to ensure long-term supply of fertilisers to India and discussed the potential establishment of joint ventures in this area.
