Move could save banks significant money spent on record-checking and documentation In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts. The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements. This will pave the way for...
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Delhi police goofs up on Maoist leader Kobad Ghandy
-The Economic Times An embarrassing goof-up by the Delhi Police saw a Delhi court to discharge top CPI(Maoist) leader Kobad Ghandy on Tuesday of charges under the Unlawful Activities (Prevention) Act (UAPA), even as it framed charges against him under IPC provisions relating to cheating, forgery and impersonation. The failure of the Delhi Police to get mandatory clearance from a UAPA review committee constituted by the relevant sanctioning authority - the Delhi...
More »Budget 2012: Farce of food subsidy being played out again-Nidhi Nath Srinivas
The UPA-II has used the Budget to again play politics with hunger. But it has paid no heed to the ticking time bomb of growing social tensions as 58 million Indians living off agriculture slide deeper into poverty. The Economic Survey says more than half the population is dependent on a sector whose share in the economy is shrinking. The urban-rural income divide is therefore steadily widening, a tinder box that...
More »Why this will be a reform budget-Surjit S Bhalla
Most of us don’t even get a single shot at making history — Manmohan Singh has a second chance The fiscal deficit is an outcome, not a policy. It is the net resolution of the policies pertaining to taxes and expenditure. It is worth analysing separately the two components of the deficit. The table reports the results of relating the tax and expenditure share of GDP to per capita income for...
More »Anil Bairwal, National Convenor of Association for Democratic Reforms (ADR) and National Election Watch (NEW) interviewed by rediff.com's Vicky Nanjappa
A recent report put out by the Association for Democratic Reforms and National Election Watch revealed that 47 per cent of the newly-elected Uttar Pradesh assembly has candidates with criminal cases pending against them. Barring Manipur, none of the other four states that went to polls is free of a tainted MLA. In Uttar Pradesh, the number of criminal MLAs has gone up from 37 per cent in 2007 to 47...
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