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Route all wages via bank accounts: Govt. -Vikas Dhoot

-The Hindu Industry has expressed concern over the directive New Delhi: The Centre has asked all employers and contractors to ensure that wages are paid to all employees, including casual and contract workers, through cheques or electronic transfers into a bank account. The Chief Labour Commissioner, under the Ministry of Labour and Employment, has also asked firms to get bank accounts opened for all those workers who do not have one already, and...

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Sowing season hit by demonetisation: Central team red-flag loss of rural jobs -Anubhuti Vishnoi

-The Economic Times NEW DELHI: The 81 bureaucrats, who were dispatched by the Centre in teams of three to study the impact of demonetisation on the ground, have red-flagged loss of livelihood in rural areas, particularly in the non-formal sectors, and highlighted the negative impact on the farm sector in the sowing season. Officials told ET that these confidential reports were submitted last week and are now being examined for further action....

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Modi govt says demonetisation strikes black money; RBI data says it's a damp squib -Sandipan Sharma

-Firstpost.com There is a famous couplet by Iqbal that, if loosely translated, goes like this: There must be something about us that ensures we are never destroyed or decimated even when the world has been our enemy for ages. Now, apply that to the current war on illegal cash by the Narendra Modi government: It seems there is really something about Indian cash that ensures its survival. Note the figures. On 8 November,...

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Opposition raises RBI hole in House

-The Telegraph New Delhi: The Opposition today sought to nail the government on a technicality: not one of the 30-and-counting notifications issued by the finance ministry and the RBI on demonetisation has been tabled in Parliament. The issue was flagged by the Congress's Anand Sharma in the Rajya Sabha. He said tabling the RBI's notifications was mandatory according to a decision of the committee on subordinate legislation. In case of notifications issued...

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What is Islamic Banking and why does the RBI want it in India? -Seema Rao

-Scroll.in The Islamic financial system works on the principle of not charging interest. What is Islamic banking? Islamic banking is a banking system in accordance with the Shariat. In Islam, money has no intrinsic value – money, therefore, cannot be sold at a profit and is permitted to be used as per shariat only. The Islamic Law or Shariat prohibits paying any fee for renting of money (called riba) for specific periods of...

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