Ansal API vice chairman Pranav Ansal detained at Delhi Airport :-livemint Updated: 29 Sep 2019, 06:01 PM IST

NEW DELHI : Real estate firm Ansal API's vice chairman Pranav Ansal, who is facing allegations of fraud and diversion of money, was on Sunday detained at the Indira Gandhi International Airport.

Pranav was enroute to London when he was detained by Immigration Department officials.

Senior Superintendent of Police (SSP) Kalanidhi Naithani had earlier issued a Look Out Notice (LOC) against him. "Ansal group has not only cheated the poor but also the personnel of the paramilitary forces," said Naithani.

He said that Pranav had planned to run out of the country with their money as he was not aware of the notice issued against him.

He is detained under various Sections of the Indian Penal Code (IPC), including for criminal breach of trust, cheating, and forgery.

COMPLICATED LIFE OF EMMANUEL MACRON-PRESIDENT OF FRANCE

PMC Bank: If RBI had bothered about “Fit & Proper” Check, How did it Ignore the Wadhwan and HDIL Connection

More evidence spills out about the deep involvement of the Wadhwan group in Punjab and Maharashtra Coop Bank (PMC Bank) which has been put under a strict freeze by the Reserve Bank of India (RBI) triggering panic and chaos among depositors since 23rd September. 

This raises further questions about the poor quality of RBI supervision and how it seems to be abdicating all responsibility on the claim that it shares regulatory responsibility with the Registrar of Cooperatives. 

Yesterday, Moneylife wrote about how RBI turned a blind eye to PMC Bank chairman S Waryam Singh’s close links to the HDIL (Housing Development and Infrastructure Ltd) realty group and was even listed as a promoter in their official disclosures. Remember, the Bank is understood to have lent Rs2,500 crore to HDIL, which its managing director (MD) claims is secure, but RBI’s action against the Bank indicates otherwise. 

 

HDIL’s annual report for 2015 shows that S Waryam Singh’s shareholding in HDIL is 1.91%, which is next only to the Wadhwan family holding.

 

According to a former shareholder and analyst, Waryam Singh’s held this stake in HDIL since 2007 and, at that time, it was worth around Rs1,000 crore at stock prices prevailing then.  

Mr Singh transferred his stake to his relatives in 2015-16, which means it probably remains within his family and explains the lending to HDIL that brought the Bank down. 

It is not clear how much of a stake the Wadhwan family held in PMC Bank.

 

However, their deep involvement and investment is clear from this tribute to Rajesh Kumar Wadhwan, published in PMC Bank’s annual report when he passed away in that year.

 

The Bank credits the late Mr Wadhwan with “turning around a foundering tiny institution which Punjab and Maharashtra Coop Bank then was.” Isn’t it ironical that the very same group is today responsible for the tears, anguish and losses of thousands of businessmen and small depositors? 

Was the RBI a mute spectator to all this on the plea that cooperative banks are under dual regulation? Did RBI inspectors ever go through the annual reports of the Bank as part of their inspection and note the influence of HDIL’s promoters on PMC Bank?  Did it monitor loans and facilities to the group? 

 

Waryam Singh was the chairman of PMC Bank even then and Mr Joy Thomas, who feigns ignorance about the extent of lending to the HDIL group (in television interviews) was the MD even in 2000-01. It is unclear how he has been allowed to continue and not sacked, even after the Bank has been put under draconian business constraints. 

 

Now, put this in the context of RBI’s litigation with Kotak Bank over the percentage of shareholding in the Bank. The matter is in court because RBI demanded a sharp reduction in the promoter shareholding of the Bank, without assigning any reasons for the demand. What is the point in demanding numerical compliance if the regulator fails to note or act on a more dubious nexus? 

 

Was PMC Bank's chairman, S Waryam Singh, being part of the HDIL promoter group not a matter of significance? Did he meet RBI’s ‘fit and proper’ criteria to be chairman of the board? 

 

Unless the regulator is brought under scrutiny and questioned for its failure to supervise, we will continue to have large-scale fraud in financial institutions. While RBI pleads dual regulation, the very fact that it could appoint an administrator and impose such strict restrictions on the Bank’s activities, shows that it had adequate powers to supervise the bank and prevent such a collapse. 

 

Unless regulators are held accountable, only individuals and small businesses will pay the price while those responsible for the failure will get away unquestioned. 

 

For the first time ever, the Serious Frauds Investigation Office (SFIO) questioned RBI for failure to supervise Infrastructure Leasing & Financial Services (IL&FS) adequately. RBI officials, directly responsible for PMC Bank, also need to be questioned. 

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THE REASONS WHY INDIAN RUPEE IS GOING DOWN AGAINST US DOLLAR-READ THIS

*Intelligent Indians*

Brushing with *Colgate*

Shaving with *Gillette*

Bathing with *Pears*

Aftershave with *Old Spice*

Wearing *Jocky* underwear

Wearing a

*Allen Solly* shirt

Wearing a *Levis* pant

Eating *Maggi* and

Drinking *Nescafe*

Using a *SONY* phone

Using *Vodafone* net work

Wearing a *Ray-ban*

Seeing time on *RADO*

Moving on a *Honda* bike

Using *Apple computer*

with *Coke* on the side

Finishing lunch at ,

*McDonald's*

Buying Pizza for the

wife from *Dominos*

And...,

Then asking a question,

*"WHY IS THE INDIAN*

*RUPEE GOING DOWN*

*AGAINST THE DOLLAR*

*Eye opener Message for all intelligent Indians.*

Greta Thunberg & the economics of global warming: A delayed response to climate change is an economic catastrophe waiting to happen A recent study by researchers at Stanford University has identified the optimal annual temperature for economic productivity. By Rohan Abraham

Greta Thunberg’s impassioned address in New York was well received, but it remains to be seen if the alarmist tone of her speech would rouse politicians and business leaders into action.

With mercury levels on the rise, climate change unbelievers will find it hard to challenge the gospel of Thunberg – a bleak narrative that fuses science, rhetoric and outrage to deliver radical prescriptions aimed at lowering the temperature of a feverish planet.

On August 28, a pale, 16-year-old girl in a black windcheater stepped off the gangplank at New York’s North Cove Marina - a pint-sized silhouette against the backdrop of the Statue of Liberty. Accompanied by her father, Greta Thunberg had spent two weeks at sea, crossing the Atlantic on a 60-foot racing yacht owned by the royal family of Monaco. The royal steed, which is zero-emissions compliant, made the crossing during the hurricane season by harnessing wind, solar, and hydro power.

A scrum of people gathered along the hem of the lower Manhattan waterfront, waving at the Swedish teenager, who in the space of a year, had gone from being an awkward schoolgirl with social anxiety, to a messianic figurehead for climate change - a cross between Joan of Arc and John the Baptist.

Thunberg’s anger-laden speeches have helped rally troops in her inter-generational battle with climate change deniers, a demographic she accuses of “stealing her dreams”. But at the United Nations General Assembly - the seat of global power- her apocalyptic prophecies seem to have fallen on deaf ears. U.S. President Donald Trump lampooned her impassioned address, calling her a "very happy young girl looking forward to a bright and wonderful future”.

On Fox News, the conservative pundit Michael Knowles chided Thunberg’s parents, accusing them of being in cahoots with vested interests. “The climate hysteria movement is not about science. If it were about science it would be led by scientists rather than by politicians and a mentally ill Swedish child who is being exploited by her parents and by the international left," Knowles said.

However, many liberal politicians and celebrities, the likes of Leonardo DiCaprio and Priyanka Chopra have sided with the Swedish teenager, lauding her fearless approach at confronting the reality of climate change.

Thunberg is a polarizing figure, and her views on climate change, extreme. Scientific literature on the subject shows that irreversible ecological changes are afoot, and that the symptoms of anthropogenic pollution are beginning to manifest on a warming planet. The telltale signs are clear. Water levels have been rising at unprecedented rates, cyclonic storms and earthquakes are becoming more frequent, and the earth’s average surface temperature has steadily shot up over the past century.

With mercury levels on the rise, climate change unbelievers will find it hard to challenge the gospel of Thunberg – a bleak narrative that fuses science, rhetoric and outrage to deliver radical prescriptions aimed at lowering the temperature of a feverish planet. According to data compiled by S&P Global Platts, Iraq produced a record 4.88 billion barrels per day (bpd) in August, even as U.S., the top crude producer, increased production to compensate for unmet demand following drone strikes Saudi Aramco’s oil facilities.

India has been ambivalent on its energy policy, committing to a renewable future, whilst still relying on coal to meet the lion’s share of its power demands. India is the second largest consumer of coal globally, agead of developed countries like the US, Japan and South Korea. A few days before he made a pledge to double India’s non-fossil fuel target to 450 gigawatts at the United Nations, Prime Minister Narendra Modi mediated a deal between India’s Petronet and the US energy company Tellurian for the import of up to 5 million tonnes per annum (5 mtpa) of liquefied natural gas (LNG) from America.

However, in the short term, such developments seem justified. A sudden transition to renewable energy could precipitate an economic slowdown, given the energy demands of developing countries have not marched lockstep with investment in renewable infrastructure. But for businesses holding out to change in the hope of a pyrrhic victory, the consequences can be far reaching.

A recent study by researchers at Stanford University has identified the optimal annual temperature for economic productivity: 13 degrees Celsius or 55.4 degrees Fahrenheit. While seasonal changes in weather can shift the scales to either side of capitalism’s ambient temperature, a change in the fulcrum could affect economic output drastically. The economic model, which was published in the scientific journal Nature, found that this pattern held true in more than 150 countries, impacting the lives of rich and poor alike for the better part of a century.

Moreover, it expects average global incomes to fall by 25 percent come 2100. Silicon Valley yuppies, working in insulated air-conditioned offices, will see a downward correction in their wages, as will corn farmers, toiling in parched fields on the other side of Trump’s proposed border wall with Mexico. The study, conducted by Stanford economist Marshall Burke and his colleagues, took into account data from 166 countries. The average annual temperature of each country was identified from 1960 and 2010, and compared with its economic performance.

By juxtaposing the data points for warm years with that of normal years, the response of individual economies to changes in the temperature were gauged. It was found that 13C, in Burke’s words, “is really good at producing stuff around the world.” In countries where the average annual temperature is less than 13C, global warming might prove beneficial for the economy. On the contrary, for equatorial countries like India, any increase in temperature may cause a spike in sunscreen sales, but a dip demand for other commodities, with economic growth slipping by as much as 25 per cent of the level it would’ve attained without climate change. The early indicators of climate change can be seen in the agriculture sector, with irregular rains and draughts wiping out crops and ravaging rural economies.

However, the reasons for the adverse economic impact on white collar jobs remain uncertain. Burke et al investigated the socioeconomic and health effects of a rise in temperature, and the findings were bleak. Violent crime would increase, as would heart disease. The biological clock would also need winding, with the quantity and quality of sleep taking a toll on productivity.

A 2008 study published in the National Bureau of Economic Research journal drew a linear correlation between temperature and economic output, concluding that the burden of climate change will be felt more by poor countries, since coincidentally, most of them are located in geographies with warmer climes. Burke’s study, however, does not concur. While it does maintain that productivity dips with rise in temperature, it holds that rich countries will also have to bear the financial brunt of unmitigated climate change.

The average annual temperature in G7 countries, like the US, China, and Germany already hover around the 13C cliff, so a further increase in temperature could slow down their economies. Burke’s study found that 77 per cent of all countries could end up poorer by 2100 if global warming went unchecked. The extant research, which is based on creating integrate assessment models (IAMs), has found its way to the United States Congress, where policy decisions on the ‘social cost of carbon’ have cited older models, which Burke reckons, are off the mark “by several hundred percent.”

Greta Thunberg’s impassioned address in New York was well received, but it remains to be seen if the alarmist tone of her speech would rouse politicians and business leaders into action, given that their decisions are based on a pragmatic economic considerations. The transition to renewable energy has indeed been slow, but Burke’s research ought to serve as a reminder to all stakeholders that a delayed response to climate change is an economic catastrophe that is waiting to happen.

Thunberg, who accused governments of advancing the interests of oil companies, is not returning home immediately. She will travel overland to Chile to attend a United Nations Summit in December, spreading the gospel of climate change in the Americas, along the way. Incidentally, the two-member crew that sailed her to the US aboard a zero-emission yacht took a return flight from New York.

Transatlantic voyages are not for everybody - especially, not DiCaprio. Climate change could, however, render air travel and other comforts we now take for granted, relics from an age of indulgence. “The eyes of all future generations are upon you. And if you choose to fail us, I say, we will never forgive you. We will not let you get away with this. Right here, right now is where we draw the line,” Thunberg said in a televised address. We are all witnesses.

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Why paying the minimum amount due on credit cards can make you fall into a debt trap Since credit card interest rates are high, paying only the minimum amount due repeatedly will keep you in debt. By Navneet Dubey, ET Online|Updated: Sep 28, 2019, 06.50 PM IST

If you think that paying the 'minimum amount due' on your credit card bill every month will help you completely set-off your credit card bill within few months, then you are on the wrong track.

Making the 'minimum amount due' payment on your credit card will reduce the outstanding balance of the current month but repeatedly making only minimum amount due payment will not lower your debt (outstanding amount).

Also, even if you have decided not to use your credit card (which is laden with outstanding amount) further until you re-pay the full bill amount, your debt will not reduce instead, it will keep on increasing. This is because of the revolving credit facility provided to you on your credit card.

In case of revolving credit, by paying the monthly minimum amount due, which is generally about 5 percent of the total amount of the bill, you can re-pay the outstanding amount over a period of time to the issuer. There is no fixed number of repayments, you can make re-payment of any amount, at any time, till you pay the full outstanding balance of your bill. However, you must know that until you re-pay the outstanding balance completely, the interest will get levied on the outstanding balance every day. However, it reflects in your credit card bill/statement on a monthly basis only.

Hence, in some cases, people who don't manage their credit card debts well, unknowningly get into a debt trap.

Rajanish Prabhu, Business Head- Credit Cards at Yes Bank said that credit cardholders can make any payment between the 'minimum amount due' and up to the 'total amount due' as per their monthly credit card statement/bill.He said, "Any payment less than the total amount due (entire outstanding bill) attracts interest rate on revolving credit and paying only the minimum amount due can take several months/years for making complete repayment of the outstanding amount. It is hence advised to repay full credit card dues within the credit-free period available and avoid paying only the minimum amount due".

A credit-free period normally ranges from 20-50 days during which the lender who has issued the credit card does not charge you any interest. Hence, you must check the credit-free period available on your credit card before taking it from the issuer as longer credit-free period can help during a cash crunch.

For instance, when you are falling short of money and it is simply not possible for you to repay your credit card bill in a particular month, getting a longer credit-free period can help your finances during bad times. Although you don't get a long time period, this small span of time might help you arrange funds to repay your credit card bill without paying any interest.

Read more at:
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PAN-Aadhaar linking deadline extended to Dec 31

The Ministry of Finance, in a notification dated September 28, 2019, announced that it has extended the deadline to link PAN with Aadhaar to December 31, 2019. Earlier this deadline was September 30, 2019.

This extension will come as a relief for those individuals who still have not linked their PAN with their Aadhaar.

If your PAN is not linked with Aadhaar by the extended deadline, then as per current laws your PAN will become inoperative. However, the government is yet to notify the implications of 'inoperative' in case PAN is not linked with Aadhaar.

It is likely that if a person's PAN becomes inoperative it will be treated as if the individual is not holding the PAN and he/she would be unable to conduct financial transactions where quoting of PAN is mandatory.

CAs BE CAREFUL AS CBDT announced extension of due date for returns and tax audit reports due by 30th September 2019 by one month to 31st October 2019. However the assessee will have to pay interest under section 234 A.

On her Birthday today :-Lag Jaa Gale - Sadhana, Lata Mangeshkar, Woh Kaun Thi Romantic Song

Lag Jaa Gale - Sadhana, Lata Mangeshkar, Woh Kaun Thi Romantic Song

Lata Mangeshkar Turns 90Lata Mangeshkar Birthday: Born on September 28, 1929, Lata Mangeshkar is one of the best-known playback singers in the country who has been awarded with Bharat Ratna, Padma Bhushan and Padma Vibhushan and many more.

NEW DELHI: 

Fondly known as Didi and the Nightingale of India, Lata Mangeshkar rules a million hearts and her birthday is one occasion that expectedly brings on a variety of celebratory well-wishes from family, friends and fans alike. Born on September 28, 1929, Lata Mangeshkar is one of the best-known playback singers in the country.

As the legendary singer and Bharat Ratna awardee Lata Mangeshkar turns 90 today, wishes poured in on Twitter from celebrities like veteran actor Dharmendra, actor-turned-politician Hema Malini, singer Shreya Ghoshal, Rishi Kapoor, musician AR Rahman and from leaders like the President of India, Union Home Minister Amit Shah, Maharashtra Navnirman Sena (MNS) chief Raj Thackeray and BJP's Vasundhara Raje.

Lata Mangeshkar has been awarded with Bharat Ratna, Padma Bhushan and Padma Vibhushan and many more. In 1989, she received the Dadasaheb Phalke Award.

Actor Dharmendra wished a Happy Birthday to the iconic singer by sharing a video message compiled by him on Twitter.

Dharmendra Deol

✔@aapkadharam

Happy Birthday @mangeshkarlata ji Lambi umr ho aap ki aap Khush rahen sehatmand rahen

2,701

12:06 PM - Sep 28, 2019

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Hema Malini tweeted: "Lata didi's bday!God bless her with many more healthy years! @mangeshkarlata has brot me much joy & is an inspiration for me as she is for millions. My spl equation with her spans many yrs. It is an honour to be associated with u Didi & i treasure your love & good wishes always."

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BJP leader Amit Shah shared photos of a compilation of portraits of Lata Mangeshkar from the archives of Gautam Rajadhyaksha on the eve of her birthday.

Amit Shah

✔@AmitShah

Delighted to release a compilation of portraits of Lata Didi from the archives of Gautam Rajadhyaksha on the eve of her birthday.

May God bless Lata didi with a long and healthy life. @mangeshkarlata

12.9K

6:22 PM - Sep 27, 2019

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Cricketer Sachin Tendulkar also shared a video message today in which he recalled the time when Lata Mangeshkar gave him the handwritten lyrics of the song 'Tu Jahan jahan chalega'. "You have always loved me like your son and have blessed me," he can be heard as saying.

Sachin Tendulkar

✔@sachin_rt

Wishing @mangeshkarlata didi a very very Happy 90th birthday. May God bless you with the best of health and happiness.

30.2K

9:00 AM - Sep 28, 2019

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Lata Mangeshkar has recorded songs in over a thousand Hindi films and has sung songs in over thirty-six regional Indian languages. France conferred on her its highest civilian award (Officer of the Legion of Honour) in 2007.

The National Film Archive of India shared some glimpses of evergreen songs on Twitter sung by Lata Mangeshkar.

NFAI

✔@NFAIOfficial

On legendary singer #LataMangeshkar's birthday today, revisit glimpses of few evergreen songs rendered by her in this medley.@mangeshkarlata @AkashvaniAIR @MIB_India

94

10:52 AM - Sep 28, 2019

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President Ram Nath Kovind greeted the singer by sharing a photo on the social media website of them together with the message: "Greetings and good wishes to Lata Mangeshkarji on her 90th birthday. May she be blessed with good health, happiness and joy."

COMMENT

Sand artist Sudarsan Pattnaik also took to Twitter to share a beautiful work of art made by him at Puri beach in Odisha.

Sudarsan Pattnaik

✔@sudarsansand

Happy Birthday to legendary Singer Bharat Ratna @mangeshkarlata Didi . My SandArt at Puri beach in Odisha #HappyBirthdayLataDidi

952

9:42 AM - Sep 28, 2019 · Puri, India

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Some of the iconic songs by Lata Mangeshkar include "Aye Mere Watan Ke Logon", "Lag jaa gale", "Chalte chalte", "Satyam shivam sundaram" and some other compositions which will keep any music lover keep coming back for more.