Challenges / Problems of Aadhar / UIDAI Systems in India

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The Central Government is doing a direct Cash Transfer into the hands of the Poor Indian Citizens using UIDAI based Aadhar Payment Gateways / Biometric Payment systems / ATM. The key problem areas that we identified through our interactions with block-level and district-level officials, a few recipients, and BCs
are as follows,

Frequent connectivity issues – There were days when the BC was unable to consummate even a single transaction due to lack of connectivity.

Authentication failure – Another common complaint was failure of fingerprint authentication. Field officials gave examples of some recipients who were not able to verify their

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Was J HariNarayan of IRDA Stalling Insurance Reforms ? New Guidelines for ULIPS

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J Harinarayan was the Chairman of IRDA for quite a long time when the Insurance industry looted the Indian Public with ULIPs and other Products of mass wealth destruction. IRDA had absolutely no monitoring from the Government as it evident from thousands of complaints listed here.

At the beginning of this Month, T S Vijayan took over as the Chairman of IRDA and immediately issued Guidelines to Safeguard the interest of the consumers as listed below.

IRDA has released the final guidelines for traditional products to be implemented at the latest by 30 September 2013.

The guidelines, akin to guidelines for ULIPs, have rationalised commissions, surrender charges and term of the product. For non-single premium products, commissions are capped

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How Politicians Convert Black Money and Invest in India ?

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It is well known fact that Indian Politicians [90%] are Corrupt and have Unaccounted money also known as Black Money. This money is Invested by Bankers bypassing rules and regulations. There are ways to convert black money into white: invest in insurance, invest in gold, deposit the cash in bank’s account, split the cash in smaller chunks to avoid detection, open multiple accounts, and the likes. All these ways serve the purpose of the client well, fully covering the tracks so much so that government regulatory authorities would never get a whiff of such dubious transactions.

The modus operandi the bank officials

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Q4 – 2012 GDP Lowest in 10 Years under Congress UPA MisManagement of India

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India’s 4Q2012 GDP came in at 4.5% yoy, weakness in growth driven by services sector, in part due to higher-than-expected fiscal consolidation. Industry growth showed some uptick but continues to remain weak. We think the activity weakness will also carry forward to Q12013. Real GDP: +4.5 yoy vs. GS forecast: +4.8% yoy, Bloomberg consensus: +4.9% yoy.

Weakness in growth was driven by the services sector, community and social services in particular, which contributed to 30bps of the slowdown in growth compared to the previous quarter. This is mainly due to the government’s efforts to reduce the fiscal deficit.

Industry GDP growth showed a small uptick, led by the

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India – Service Tax – Voluntary Compliance Encouragement Scheme

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According to Data compiled from Finance Ministry, there are nearly 17,00,000 registered assessees under service tax,
only about 7,00,000 file returns. Many have simply stopped filing returns.

The Finance Minister cannot go after each of them. In order to motivate them to file returns and pay the tax dues, Finance Minister just a while ago introduced a one-time scheme called Voluntary Compliance Encouragement Scheme.

What Does Voluntary Compliance Encouragement Scheme for Service tax Evaders / Defaulters in India Offer ? A defaulter may avail of

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Full Text of 2013-14 Budget Speech and Finance Bill – Direct / Indirect Tax Customs Duty

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The Indian Finance Minister unveiled the FY2013-14 Budget just minutes ago. Here is Full text of P. Chidambram’s Finance Minister of India’s Budget Speech.

The Budget Speech in itself is just a short document presented to the parliamentarians. The Finance Minister actually implements the proposals by passing various bills as presented to the LokSabha as stated below.

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