-The Financial Express The Unique Identification Authority of India (UIADI) has launched a micro ATM device that would enable beneficiaries like MG-NREGA workers with Aadhaar to withdraw money near their doors through core banking system. "The beneficiary has to put his finger and Aadhaar number in to the micro ATM wireless device and get the money within 8 to 9 seconds from a business correspondent after verification about the beneficiary having that...
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Bhushan told to pay Rs 1.32 cr duty plus interest on his ‘1-lakh bungalow’ by Prashant Pandey
The office of the assistant stamp commissioner here today found Team Anna member Shanti Bhushan guilty of evading stamp duty in purchase of a bungalow in Allahabad’s posh Civil Lines, slapping him with a Rs 27 lakh fine and asking him to deposit Rs 1.32 crore in duty along with interest. Bhushan has been asked to pay the entire amount within a month. Bhushan said the order was “illegal”, and the stamp...
More »Rural women turn bankers by Gagandeep Kaur
Neglected by conventional banks, low-income women in Satara have set one up themselves. Not long after Chetna Gala Sinha came to the drought-stricken region of Mhaswad in western Maharashtra to marry a farmer and prominent local social activist, she began putting her university degree in finance into action. Local women, she observed, were wearing themselves out in subsistence livelihood such as growing grapes or selling vegetables. In 1992, Chetna, who grew up...
More »In action-packed 2011, Supreme Court cleared over 79,000 cases by J Venkatesan
The year 2011 saw the highest number of cases disposed of in recent years, with more than 79,000 cases cleared under the leadership of Chief Justice of India S.H. Kapadia. In his Law Day address, Justice Kapadia rejected the allegation made in certain quarters about the huge pendency of cases and said: “There is a backlog of cases. However, it is not as big as is sought to be projected.” Seventy-four...
More »Coupon fiasco by Sakina Dhorajiwala and Aashish Gupta
In Bihar, the coupon system to distribute PDS grain fails to prevent corruption. AT the Jamaluddin gram panchayat in Patna district on January 26, 2007, Chief Minister Nitish Kumar launched an ambitious reform of the public distribution system (PDS) in Bihar: a coupon system. He claimed that it would “empower the poor and stop black-marketeering” and that it was “not a simple coupon but a powerful weapon in the hands...
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