-The Telegraph Bengal has rejected a central proposal for direct subsidies to kerosene consumers, fearing the users could spend the funds on other items and prompt Delhi to allot Bengal less of the fuel. “This system is not going to help the consumers. We cannot accept it,” state food and civil supplies minister Jyotipriya Mullick said. Under the scheme, bank accounts would be opened for the consumers buying kerosene through the PDS. The...

UPA-II's plans to replace the existing fertiliser subsidy regime with direct cash transfers to farmers will be delayed as the fertiliser ministry is likely to scrap an intermediate phase where the subsidy was to be rerouted from companies to retailers this summer. This puts paid to the fertilizer industry's expectation that very soon it would be out of the subsidy mechanism which locks up precious working capital. "We are rethinking the original...

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...

The Stockholm International Water Institute (SIWI) has warned against the increasing leasing and buying of millions of hectares of farmlands in Southeast Asia, Africa and Latin America for food and fuel production. This land is being leased to private investors and sovereign wealth funds with no explicit legal agreement on how water will be used on these farmlands. The World Bank has estimated that over 56 million hectares of land in Africa...

-The Hindu “We are the only country where vested interests want to keep the figures high” Even as the Centre is trying to find a face-saving solution to the issue of embarrassing poverty estimates put out by the Planning Commission, Union Minister for Rural Development Jairam Ramesh on Sunday wondered why people were picking holes instead of celebrating the fact that the number of people living below the poverty line had come...