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...

-PTI   Setting a precedent before his cabinet colleagues, Uttar Pradesh Chief Minister Akhilesh Yadav has officially declared his assets and liabilities worth over Rs 4.83 crore.  Akhilesh, 38, who uploaded details of his assets and liabilities on the official website of the state government, is the first Uttar Pradesh Chief Minister to make a pubLIC declaration.  In the 2009 Lok Sabha elections when Akhilesh filed his nomination papers for Kannauj parliamentary seat, he...

-The Economic Times   The national auditor is expected to stick to its controversial estimate of Rs 10.7 lakh crore as gains accrued to companies due to allocation of coal blocks on government discretion instead of auctioning them, an official in the Comptroller and Auditor General's (CAG) office said.  This is set to further embarrass the UPA government that has been mired in a series of controversies. "The report is not yet final,...

In the first example of his intention to take “difficult decisions” to contain the ballooning subsidy burden to control the fiscal deficit, Finance Minister Pranab Mukherjee on Monday denied permission to food minister KV Thomas for about 26.5 million tonnes of additional food grain allocation to states at subsidised rates over the normal allocation that would have cost the exchequer Rs 32,794 crore of food subsidy.   “It will have to be...

-Economic and Political Weekly The compulsory LICence for Nexavar is only the beginning of a new battle over drug prices. The grant of a compulsory LICence (CL) to Natco Pharma, a relatively small Indian pharmaceutical company, to manufacture and sell the cancer drug sorafenib (Nexavar) has been rightly hailed as a major step forward for pubLIC health and the wider availability of life saving medicines.   The German pharmaceutical company Bayer holds the patent...