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Huge cash seizure by IT in Bengaluru shocks the nation

Written by Meghalaya Times. Posted in Editorial

Thomas Lim
One of the biggest seizure of cash in new currency notes post demonetization by the Income Tax Department on December 01, 2016 in a dozen premises in Bengaluru and other locations of two engineers, working with the state government, and some “connected persons” has shocked the authorities as well as the general public. What has surprised the tax authorities is the sheer amount of new currency stashed by these individuals at a time when new notes are not available to the common public who were queuing up to withdraw even small amounts from their accounts.
It may be mentioned that during the course of searches, Rs 4.7 crore of cash in new denominations of Rs 2000 and 0.3 crore in old smaller denominations totaling Rs 5 crore and 7 kg gold bar worth approximately Rs 2 crore was found in a flat owned by a civil contractor.

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TBC de-recognizes over 250 legal practitioners for not practicing in court

Written by Meghalaya Times. Posted in Editorial

Thomas Lim
In an extraordinary move, the Tripura Bar Council (TBC) has de-recognized over 250 lawyers for not practicing as lawyers in the court for more than five years on December 1, 2016. The step was taken after a verification of the credentials of over 1,100 advocates affiliated to the Tripura Bar Council informed its President, Pijush Kanti Biswas. He also informed that the verification process and subsequent actions were taken following the instruction of the Bar Council of India. The verification process of credentials of more lawyers is currently on.
Among the prominent personalities who were de-recognized as lawyers were former Tripura Chief Minister, Samir Ranjan Barman, Tripura Assembly incumbent Speaker, Ramendra Chandra Debnath, Bharatiya Janata Party’s state unit Vice President, Subal Bhaumik, and Trinamool Congress leader and sitting legislator, Sudip Roy Barman.

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Meghalaya needs to overhaul banking system to include rural areas

Written by Meghalaya Times. Posted in Editorial

Thomas Lim
The demonetization has exposed the poor banking system in Meghalaya, with its existing Core Banking Solutions (CBS), designed for ‘class banking’ and not for ‘mass banking’. But post-demonetization more rural people are going to come into the banking net. They will also start transacting through other modes like PoS, ATMs, mobile phones and others. The Government’s move for a subtle shift from “curbing black money” to the need for a “cashless economy” has forced the experts to comment that a cashless economy could hit the bottom lines of banks as the number of transactions would increase exponentially, making them cost-inefficient.
According to the expert, the CBS has to be geared up for small-value and large-volume transactions. The rule that a higher volume reduces cost per account does not apply here (because the cost is constant). Once more rural customers come into the picture; the Know Your Customer (KYC) norms would have also to be spruced up. At present, the KYC norms have been simplified and not all fields are filled up, also, the anywhere-banking facility may not be used by rural customers.

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No plans to extend December 30 deadline, citizens worry about online theft

Written by Meghalaya Times. Posted in Editorial

Thomas Lim
All attempts made by the United Opposition in demanding a roll back of the demonetization have turned into an issue of political ego. The Opposition will not allow the Parliament to function, while the Ruling will not retreat which has put the public in a dilemma. Meanwhile the Central Government is not considering extending the December 30 deadline for depositing the demonetized Rs 500 and Rs 1,000 notes, whose demonetization was announced on November 8, Parliament was informed on November 29 by the Minister of State for Finance Arun Ram Meghwal in the Rajya Sabha through a written reply.

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Modi pushes for e-payments, business community finds difficulty in paying salaries

Written by Meghalaya Times. Posted in Editorial

Thomas Lim
With the nation opening to a new week, which is also the last working week of November 2016 after Demonetisation, the queues outside the ATMs and banks have vanished but the uncertainty of what lies in the future makes the present situation akin to the calm before the storm. The traders, contractors and small time business community have started to worry as to how to arrange for the salary, in view of the restriction of withdrawals imposed by Reserve Bank of India. Whereas, Central Government has asked all Statutory 4,041 urban local bodies to shift to e-payments at the earliest, the Urban Development Ministry said these cities and towns account for about 75 per cent of the total 40 crore urban population in the country. The government’s message to the officials of these urban local bodies was conveyed by Rajiv Gauba, Secretary, Urban Development, via interactive video-conference.

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