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 »Nine dead in Sikkim, panic in Calcutta by Bijoy Gurung
A 6.9-magnitude earthquake epicentred 68km northwest of Gangtok struck at 6.11pm today, killing 14 people in India and four in Nepal and sending people rushing out of buildings from Calcutta to Delhi. Nine died in worst-hit Sikkim, one each in Siliguri, Kalimpong and Jalpaiguri, and two minor children in Bihar, including a boy crushed in a stampede. Several houses collapsed and walls developed cracks in Gangtok, where many tall buildings have...
More »Chhattisgarh coal blocks a test case for acquiring tribal lands by Aman Sethi
This wedding season, anxious grooms from Parsa and Ghatburra, two villages in Chhattisgarh's Surguja district, were offered financial assistance from an unlikely source. Adani Mining Pvt Ltd, a subsidiary of Adani Enterprises Ltd, was handing out loans to all those who could prove that the money would be spent on marriage arrangements. “A company official took us to the bank, opened accounts in our names, and gave us cheques for Rs....
More »Pvt hospitals can’t charge the poor: SC by Krishnadas Rajagopal
The Supreme Court on Thursday ordered private hospitals functioning on public land to make good their promise to treat the poor for free. This decision is intended to change the belief that “health care is given only to those who can afford it”. The bench of Justices R V Raveendran and A K Patnaik passed a short order after a detailed hearing in which lawyers representing several private hospitals tried to...
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