-PTI Mamata Banerjee stages reversal of former apathy towards fate of those affected by Saradha Group demise Kolkata: West Bengal chief minister Mamata Banerjee staged a reversal of her former apathy towards the fate of those whose savings had disappeared amid the collapse of the deposit-taking Saradha Group. Having said on Monday that "what has gone, has gone", Banerjee on Wednesday announced a 10 percentage point hike in value-added tax (VAT) on tobacco...
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Irregularities in implementation of national rural employment scheme: CAG audit report -Swati Mathur
-The Times of India LUCKNOW: The Comptroller and Auditor General of India tabled the second performance audit of the Mahatma Gandhi National Rural Employment Guarantee Act in Parliament on Tuesday. The first performance audit was undertaken in 2007-08. The period of coverage of the first audit was February 2006 to March 2007. The present performance audit of the implementation of MGNREGA was taken up in response to a request from the ministry...
More »Caught in desi ponzi schemes
-The Hindustan Times The sorry plight of thousands of small savers duped by a deposit-collecting firm in West Bengal is, perhaps, symptomatic of a wider malaise that runs deep in the Indian economy. What if a company asked you to invest Rs. 200,000 and promised to give you Rs. 8,000 a month for five years and a swanky sedan at the end of the fifth year? What if a company asked...
More »What has gone, has gone: Mamata Banerjee-Romita Datta
-Live Mint West Bengal chief minister dashes Saradha depositors' hopes of any immediate state-assisted recovery Kolkata: What has gone, has gone," West Bengal chief minister Mamata Banerjee told depositors of the Saradha Group, dashing their hopes of any immediate state-assisted recovery of dues from the floundering units of the group that collected the money. Banerjee launched two separate investigations and promised to introduce a new law to deal firmly with fraudulent financial...
More »Cobrapost sting: RBI gets stricter on money laundering, banks ask customers to resubmit IDs -Sangita Mehta
-The Economic Times MUMBAI: If you get a phone call from your long-time banker asking you to resubmit your name and address proofs, don't be surprised or irritated. It is the fallout of the Reserve Bank going beyond the cobrapost.com expose on unethical practices of banks, forcing them to go back to the drawing boards to weed out bogus and wrong documentation that allowed many people to open accounts and launder...
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