-The Times of India There was some grumbling when Indian taxpayers were told in 2004 that they would have to begin paying an education cess of 2%. But the move also inspired a lot of positivity, because of a widely-shared belief that upgrading education is the most effective thing our government can do to lift Indians into affluence. Although it took the Parliament another half decade to enact the Right to...
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Food Security Bill implementation will boost savings in BPL households
-The Economic Times Successful implementation of the Food Security Bill will leave more savings in the hands of rural and urban below poverty line (BPL) households, enabling them to spend on health, education and nutritious food, a study said on Monday. The implementation of the Food Security Bill could also generate additional savings of around Rs 4,400 this year for every beneficiary household in some states, the report said. The savings would arise...
More »The Political Economy of Shadow Finance in West Bengal-Subhanil Chowdhury
-Economic and Political Weekly The Saradha group's collapse has possibly bankrupted lakhs of small investors robbing them of their life svaings, and has rendered thousands of its agents jobless. The scam highlights the failure of the government and its regulatory agencies to reign in the mushrooming chit fund companies in West Bengal. It also brings under the scanner the Trinamool Congress' proximity with the tainted group. In the wake of the...
More »In story of Saradha's crores, Bengal's forgotten hundreds -Madhuparna Das
-The Indian Express West Bengal is not new to chit fund scams. What is unique to the Saradha Group scandal is how it targeted the poorest and the most marginalised, leaving them on the verge of devastation. From 17-year-old agents who raised money from depositors to 50-year-old widows who invested money, the Saradha Group didn't discriminate in roping them in. Since the house of cards started collapsing, two agents and two...
More »PM says unauthorized deposit collection has to be curbed
-The Times of India Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region. Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry...
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