The finance ministry may have amended the Prevention of Money Laundering Rules, 2005, to notify Aadhaar as adequate to meet KYC norms for opening bank accounts, putting it alongside other identity proofs, but banks are still confused Is a unique ID number or Aadhaar number issued by the Unique Identification Authority of India (UIDAI) enough to satisfy the so-called know-your-customer (KYC) norms that banks have to ensure every account they open...
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Ministry approves proposal for UID-linked direct subsidy transfer by Surabhi Agarwal
The finance ministry has put its seal of approval on a proposal to directly transfer subsidies to the bank account of a beneficiary that is linked to her Aadhaar, or unique identification (UID) number. The government has previously articulated its desire to experiment with direct transfers to make its management of subsidies more efficient and ensure benefits actually reach the targeted people. In a notification issued on Tuesday, the finance ministry extended...
More »The Union Cabinet gets healthier by P Sainath
The worse off the poor become, the healthier our Ministers get. Air India might not be doing as well we'd like it to. But the braveheart who flew it fearlessly into dense clouds of debt is doing okay. Praful Patel (who no longer holds the aviation portfolio) added, on average, over half a million rupees every day to his assets in 28 months between May 2009 and August 2011. This might...
More »Women Hung Out to Dry in Global Labour Market by Kanya D'Almeida
Amid policy battles over food production, energy resources and economic decline, one untapped natural resource that is guaranteed to boost production on a global scale has been stubbornly overlooked – the power of women in the labour force. According to the World Bank's 2012 World Development Report (WDR) "Gender Equality and Development", ensuring equal access for women farmers would increase maize yields by 11 to 16 percent in Malawi and 17...
More »Goa mining scam worth Rs 10,000 crore: Congress legislator
-IANS Goa's illegal mining scandal is worth Rs10,000 crore ($2 billion), former deputy chief minister of Goa and Congress legislator Dayanand Narvekar on Saturday told the Justice MB Shah commission probing the scam. Narvekar, who was a cabinet minister in Chief Minister Digambar Kamat's Congress-led government until a couple of years ago, also told Shah during a public hearing at the state secretariat that constant complaints in writing to the state chief...
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