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Govt plans lucky draws to boost e-payments
Following up on the slew of incentives announced by the Finance Ministry on Thursday, the NITI Aayog has asked the National Payments Corporation of India to come up with a scheme of weekly and quarterly lucky draws to encourage digital transactions. According to a statement of the Aayog, besides a weekly lucky draw of the transaction IDs generated in a particular week, a quarterly draw with grand prizes has been proposed.
ICAI asks its members not to criticise demonetisation
The Institute of Chartered Accountants of India has issued an advisory, asking its members not to criticise demonetisation. The members have also been advised not to share or write any negative personal views by way of an article or interview on any platform on the demonetisation. This follows some complaints to the institute about its members criticising the demonetisation. He warned CAs who criticise demonetisation and said action would be taken against them as per the act.
India's emerging education hubs: A look at the best cities to study in
Beyond the metros, Nagpur in Maharashtra and Kota in Rajasthan are success stories that have given these cities a space on the education map of India. For this joint ET Magazine-TRA study on India's educational hubs, TRA statisticians sliced their data city-wise, to help us discover the buzzing new educational hubs in India, the emerging education stories. In the city-specific stories in the following pages, we take you to six cities across India that are emerging as the new hubs of education.
Non-OPEC producers agree to cut output by 558,000 barrels/day
Eleven non-OPEC oil-producing states including Russia agreed Saturday to cut their output by 558,000 barrels per day, OPEC said, in a joint bid to boost a saturated global market. I am happy to announce that a historic agreement has been reached, said Qatar's Energy Minister Mohammed Bin Saleh Al-Sada, whose country holds the rotating presidency of the Organisation of the Petroleum Exporting Countries (OPEC).
Railways trying all possibilities to reduce accidents, but do they have financial muscle?
It was November 20, a Sunday, and the last day of a three-day-long Rail Vikas Shivir, a railway offsite held in Surajkund in Haryana. Prime Minister Narendra Modi was in the audience when a railway officer was in the midst of a PowerPoint presentation titled, Move Towards Near Zerofatalities in Indian Railways. Analysing 107 railway accidents in 2015-16 that killed 122, the officer concluded that as many as 87 per cent of accidents were due to human error.
Why demonetisation notification is illegal and violates the Constitution
According to some estimates, 86% of Indian currency was in the now illegal Rs 500 and Rs 1,000 notes. The demonetisation notification is illegal because it goes beyond the scope of what is permitted under the Reserve Bank of India Act, 1934, , the stated source of authority for the notification. The failure to issue an ordinance to provide the legal basis for the demonetisation notification this time renders the exercise illegal.
Railway begins free accidental insurance cover for tickets booked online
The railways has started giving free accident insurance to such passengers who book their tickets through online mode, Indian Railway Catering and Tourism Corporation (IRCTC) spokesperson Sandip Dutta told IANS. The services were implemented around 2.30 p.m. today (Saturday), he said. The IRCTC official also said that the passengers with confirmed or RAC tickets would be covered under this scheme. The insurance company would also pay Rs 10,000 for the transportation of the mortal remains.
Delhi Police raid law firm, over Rs 8 crore seized
Delhi Police on Saturday raided the office of a law firm in southeast Delhi's Greater Kailash-I area and recovered huge amount of cash in old and new banknotes. The raid was carried out by the Crime Branch at the office of T&T Law Firm, said a senior police officer. The recovered amount is expected to be more than Rs 8 crore. Out of which, more than Rs 2 crore will be in new currency notes.
Former RBI chief Raghuram Rajan speaks at IIMA, makes no mention of note ban
Former RBI Governor Raghuram Rajan today addressed IIM Ahmedabad students on 'global economy, opportunities and challeges' but is believed to have steered clear of any India-specific issues, including demonetisation. Rajan, now serving as the distinguished service professor of finance at the University of Chicago Booth School of Business, is an alumnus of IIMA. According to sources, Rajan was accompanied by his wife and met several other former students of the premier management institute.
Truth, the best defence against defamation: Nirmalya Kumar
After the removal of Cyrus Mistry as the Chairman of Tata Sons, he, however, was shown the door. Visiting Professor of Marketing at the London Business School, Dr Nirmalya Kumar, has since moved to London. In this interview, he defends himself and his strategies at Tata Sons in the face of the escalating row. Truth is the best defence against defamation cases. It is illegal for trusts to engage in business since they are given tax exemptions only because they don't invest in business.
I-T Dept raid: Over Rs 10 lakh seized from former BJP worker in Gujarat
Cash worth Rs 10.5 lakh in defunct notes of Rs 500 and Rs 1,000 was seized from a former BJP corporator near Saswad, 30 km from Ahmedabad, police said on Saturday. The amount was seized from Ujjwal Keskar, a former BJP corporator from Pune, when he was on the way to Baramati with three others on Friday, they said.
I-T Dept raid: Rs 82 lakh in new, old currency seized in Telangana
The cash involved Rs 71 lakh in new Rs 2,000 notes and Rs 11 lakhs in hundred rupee notes. Two persons, allegedly involved in exchange of money on a commission basis, were also nabbed by the police. The police have registered a case and the matter would be reported to Income Tax department for further investigation, police added.

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