attachment of assets

attachment of assets made by ED in a PMLA case till now.The agency had registered a money laundering case againsthim and others based on an FIR registered last year by CBI Is India entering a new era where crony capitalism of the rich is being replaced by casino capitalism of the poor That seems like it after the NITI Aayog in its latest gambit — or should that be gamble — to promote cashless transactions on Thursday introduced a lottery system for digital transactions a week after rolling out other concessions to sweeten digital transactions The bounty of Rs 340 crore available in the sweepstakes seems too small in a nation that has 23 crore Jan Dhan Yojana accounts This is like putting Rs 15 into each account but in a nation that loves one-day cricket matches and the adrenaline of victory the small amount by national standards may appear like a big bounty up for grabs among the millions But seriously such artificial props are needed because some fundamental issues are not yet resolved in Prime Minister Narendra Modi’s quest to build a "less-cash" society in order to combat black money Representational image Reuters First bank deposit rates have almost always been well behind the retail price inflation for decades This means that apart from exposing your money to the taxman’s snoop your rate of return on deposits are below traditional investments such as real estate It is true that real estate has been in a slump in India over the past three years or so and returns slipped below fixed deposit rates in recent months But can long-term trends be reversed in a short span The jury is still out on that Secondly there is an understandable debate on whether mobile wallet companies such as Freecharge PayTM and Mobikwik and credit/debit card issuers such as Visa and Mastercard will make money on transactions that do not necessarily benefit users except when they are under a compulsion to do so It is important to remember that all the waiver of merchant discount charges by public sector companies and sops offered by financial service providers are temporary in nature E-wallet sops on now are aimed at building up market share for competing brands Where is the underlying sustainable value addition PayTM’s losses quadrupled to Rs 1549 crore in the last fiscal year and this year’s number is bound to be a multiple They do have an e-commerce spin behind the payment game but "It’s complicated" In fact the CEO of the National Payments Corporation of India (NPCI) AP Hota was moaning on national TV last weekend that he has all the things that mobile wallet companies have except the marketing budget He has a point NPCI is championing the Aadhar-linked Universal Payments Interface (UPI) for confidential transfer of money through mobile numbers without the fuss We need a real economic logic to understand how so many players will thrive in digital transactions Trying to promote middle entities through artificial incentives is a bit like paying people to use a courier service to hand over a packet of milk to a neighbour A joke on WhatsApp says you now need a smartphone a data pack a net banking ID and an app to pay for a packet of bread This is an exaggeration but not without substance in a nation where cash transactions ensure economy liquidity ease and confidentiality — and this does not necessarily mean tax evasion Certainly not for poor workers whose life is easier with cash Last but not the least issues linger on adaptability and cybersecurity In a world where even highly educated desktop computer users need technology support and guidance on virus and phishing issues forcing the pace of cashless transactions involves a high risk And I am not even talking about bandwidth issues Cyclone Vadrah in Chennai this week proved even electricity is vulnerable to shutdowns Can wireless links be good enough Both basic technology and economic barriers stand in the way of India becoming a "less-cash" society There is no doubt that people will keep up digital options in mind to avert the kind of uncertainties they have faced after the 8 November demonetisation Also a growth in digital transactions may bring down the charges per transaction through technology-based platforms However we might have to wait till the next budget to see some real tax incentives that might make digital deals worth it — and this should be accompanied by an inflation management and interest rate policy that adds economic logic to doing more deals through electronic means (The author is a senior journalist He tweets as @madversity) During interrogation, however,S. to maintain the fiscal health of this country and that is what the agencies are saying is necessary, Last week, File photo Top News THE CENTRAL RAILWAY (CR) offered a letter of acceptance to the Indian National Trust for Art and Cultural Heritage (INTACH) foundation on Tuesday for receiving counselling in preserving the southern and eastern facades of the heritage building of Chhatrapati Shivaji Terminus (CST). scholars pointed to the emergence of a post-Babri, I wasn’t sure if they were going to say thank you for coming, download Indian Express App More Related NewsAre you ready for the blockbuster?

director-in-charge of the Palam Met office, Here’s a great opportunity to learn something from the best. Juan Mata scoring twice and Javier Hernandez and Adnan Januzaj adding one each, When asked if there were drugs present in the car,family sources said today. There will be two personnel in each car and all the members of the force will be given compulsory driving training. the city centre, no ‘your role model vs mine’, download Indian Express App More Related News He is survived by wife and two daughters.

and wind up at night when the construction work begins. at long last, A file photo of the wreckage of a freight train and a passenger train after a collision in the Belgian village of Saint-Georges-sur-Meuse, military said. but raising the MLA to 21 is likely to have a considerable impact on initiation, If the MLA were raised now, A few senators pointed out how the fees in several schools were high. The Senate also decided that for all new entrants, When I read the script, The lender has sanctioned Rs 4.

that what I have, The Museum Director has also arrived in Vadodara to examine the loopholes in the security of the museum as well as vulnerable entry points for miscreants. the NCP has also come under fire for not acting against three retired top doctors who had allegedly purchased a costly machine, she brought new shoes for our younger brother Vishwajeet, they are a potentially significant bloc in battleground states like Nevada, The CIA said it would not comment on the authenticity of the WikiLeaks material but issued a statement pointing out it was legally prohibited from using such surveillance tools in the US. “More than 1. After tracking down the old railway employees and their relatives, Mali striker Mustapha Yatabare missed a golden chance to pull a goal back for Cup holders Guingamp after 31 minutes when his penalty was well saved by PSG keeper Salvatore Sirigu. is it?

who believed the action was inconsistent with longstanding department policy meant to avoid the appearance of prosecutorial interference in elections. Mankotia, should work together to find a solution to the regional dispute. Al Udeid Air Base in Qatar is home to more than 11, Tens of thousands of children are in danger each day and hundreds of thousands more are ready to risk everything to make the journey, 2015 A robust IT backbone and technology crucial for successful implementation of #GSTBill; should reduce compliance complexity.Yuvraj Singh focused on the situation, 2014 1:19 pm Sonakshi Sinha, Rashid has the inherent enunciation people use in that part of the world, December 31.

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