-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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Different schemes built on different structures -Vinod Kothari
-The Hindu Even as thousands come to terms with the loss of life savings in the West Bengal "chit funds," it is interesting to find politicians promising new stern laws against such funds. Absence of laws is the least of the reasons for such schemes flourishing in the State. We are not short of such laws - in fact, we have plenty of laws that prohibit such schemes and provide for...
More »The Cost of Drugs: Beyond the Supreme Court Order -Sanjay Nagral
-Economic and Political Weekly While the Supreme Court decision in the recent Novartis case has cleared the way for production of generic drugs in India, doctors have to prescribe cheaper alternatives to costly brands if patients with limited means are to benefit. What is being hailed as a victory in the struggle for affordable medicines in the country will actually be one only when there is a pro-patient slant to the...
More »Saradha crisis: Mamata hikes VAT on tobacco for relief fund- Romita Datta
-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...
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...
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