Why we are obsessed with money

What a way to exist!

For most of us, practically the whole day all we are thinking is about money and more specifically how to have more money!

As if money was the only thing in life. Unfortunately for most of us, circumstances just do not permit any other thought!

We are running behind money most of the time which is almost akin to have become obsessed with money. Everything that we are doing in life is centred around money.

Unfortunately, this is because we need money for anything and everything that we do. There’s nothing wrong and what are you doing, however the problem is that over time, it becomes a compulsive habit to keep earning more.

That’s where the danger is. The problem is that there is a point where from we chase money as an addiction, we chase money because we like to do so. If we did not chase money we would not know what to chase now because we get out identity from money and the amount of money we have.

Another thing is that right from childhood we are always taught and our minds are conditioned that everything that we are doing is going to be for the sake of earning money.

There is no one who told you that money is just a means, and then there is something greater in life to achieve. Some examples are legacy; building something, charity; to giving something / helping someone, passion; pursuing something and living; simply to enjoy life and your money

We have got addicted to this and how!

There are three reasons for this:

First, we are what we do. It is the human behaviour. I know I should exercise and I don’t. I know I should eat healthy and I don’t. I know I should spend time with my kids and I don’t. I know that, yes, money isn’t going to make me happy and I still keep trying to make money.

We live by the laws of inertia, in a pattern which is hard to break. But we have to break it. For ourselves and for the sake of people and reasons for which we are chasing money.

Secondly, we need signals of progress. Money is a measure of how far you have progressed in life. The more the money you have the more you can make sure your progress. It’s simply the logic of evolution. People need validation of their success. Bigger house, bigger car, branded goods and list goes on.

Thirdly, it’s the easy way out. It’s only human to avoid difficult things. Important things are very difficult to measure.  Have I been a good father or husband? Have I groomed my child well?  Such things take years to measure and we still don’t have answers.

So, should we not be focused on creating money for ourselves?

I’m not saying that. Definitely create. Take care of yourself for sure!! Use it to the maximum to make yourself happy!!! You need a certain amount and beyond that is extra.

The definition of their certain amount is naturally different from one person to another. If that extra is going to happen easily, without stress and without your involvement, then its fine. Basically don’t kill yourself for that extra. Be Smart.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a certified financial planner, wealth manager and financial freedom coach.

How the RBI actually helps you

Most of us in Mumbai, see this huge structure called the Reserve Bank of India and wonder what it really does. It’s also a tourist attraction!! It has so many other offices and again one wonders why they need to have so many offices. I’m going to try and highlight a very interesting part of RBI’s work and how it helps us directly on a day-to-day basis.

The RBI does a review of the monetary policy of the country at frequent intervals during the year. So how does the monetary policy help us investors to take smart decisions?

Monetary policy is a tool by which the RBI decides to raise interest rates or reduce interest rates or keep them steady.

In our country, as we’re an oil importing nation, this decision is very closely linked to Oil. Oil to a large extent contributes to inflation. We all know what happens when inflation keeps rising. We in India unfortunately do not see too much of inflation falling and things becoming cheaper.

Oil is Not Well

So when oil prices rise i.e. we see a rise in crude oil prices almost instantly we can expect rising food prices. This is because there is going to be a rising cost pressure for manufacturing & services. This rise obviously gets passed onto the retail consumers.

When this happens RBI adopts a hawkish stance, tries to pull money out of the system by raising interest rates. Now when interest rates rise no one seems to be interested in borrowing. This immediately puts a brakes on money circulation.  Less money chasing goods decreases the demand for money. This way it controls inflation.

There is yet another tool that the RBI has and that is known as the CRR or the cash reserve ratio.  This ratio in simple words means the amount of cash that the bank must maintain with the RBI as the percentage of the total assets. So when this increases banks are forced to park more with the RBI and this is also a way to control inflation.

On the other hand when things look dull, when there is a recession of sorts, the RBI comes to the rescue and gets into action to kickstart growth in the country. It does this by lowering the interest rates. This we all will understand quite easily because we see a direct benefit of this happening. We see a fall of interest outgo in our EMI’s for the home loan that we are carrying. New loans become cheaper.

Individuals are motivated to go out and make purchases, whether it is for a washing machine or a piece of real estate. Businesses are motivated to go out and borrow to buy more machinery, to expand capacity, to hire more staff and manpower and basically do everything that will add to the growth of business.

Economic growth results as a result of all this. It is also during this time that stock market rises, we see a rally in stock prices and mutual fund NAV’s jumping higher and higher each day. There is prosperity all around.

Critical Role

As you can see that the central bank of the country has a very very important role to play.  If it makes a mistake, things can go really wrong.  Imagine like the USA or Japan if our interest rates were very low; everyone would run to borrow, they would borrow more than they require because it would be cheap and easy to borrow. And that is very individuals would run into what is known as the debt trap, because someday you’ll have to pay back.

Each day the central bank attempts to make sure that everything in our country remains stable and financially there’s nothing that goes wrong dramatically.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

The year of the bond, once again!

We are not talking of James Bond, we are talking of investment bonds.

We are in a situation where the fixed deposit rates are at a general low and there is a lot of discontent among depositors of fixed deposits.

Whenever we see a situation like this, one way or the other, the bond markets come to the rescue. It comes to the rescue of smart depositors, who are agile to move their money from fixed deposits to bond funds.

Let’s understand what is happening and why.

What Exactly is Happening in the Bond Markets?

It is likely that in this year, investors of bond funds will make handsome gains. Bond prices may rise and there may be capital gains. Investors of bond funds not only earn the rate of interest, but also earn capital gains. So that way, they make more than the return they would make on fixed deposits. The returns could be a high single digit or sometimes as high as double digits.

Over three years, this will become practically tax free or the tax would be a very small amount. So, basically, I am thinking that a rally will happen in the bond market. There are three main reasons for this — reduction in government borrowing (which is favourable), recovery of trading losses (which is favourable) and no change in monetary policy (which is neutral).

A word of caution, however, that such bond market investments are also subject to bond-market volatility and should be considered ideally with the help of a financial expert.

Before proceeding further, let us, therefore, quickly explain a bond, bond fund and bond market. We need to do this because few people understand the bond markets and even fewer invest in the bond markets.

Bond is nothing, but a commercial transaction where the borrower is issuing a bond to the lender and the lender will earn a certain rate of interest. When interest rates fall, everyone becomes interested in owning that bond.

As a result, the demand for the bond increases, the price of the bond increases and the bondholder makes capital gains.

A bond fund is a fund where ordinary investors pool in their money and a fund manager buys them a portfolio of bonds.

Moving onto the Reasons For a Rally in Bond Funds…

Now, the fundamental reason for a rally is reduction in interest rates as it stimulates economy and growth.

Firstly, the government is a massive borrower of funds. So a reduction in government borrowing reduces the demand for money in the economy. As a result, prices of bonds rise and this contributes to capital gains for bond holders.

Secondly, the Reserve Bank of India (RBI) recently announced that the commercial banks and RBI, which are the largest lenders to the government, will have another year to offset losses they have incurred on account of buying government bonds in the past. This action will lead to a rise in the price of bonds and this contributes to capital gains for bond holders.

Lastly, on one side due to the rise in oil prices, there is more inflation and thus more money is needed for circulation in the economy. On the other side, many government bonds are maturing, which will provide money supply. So, it is likely that we see a neutralising effect and thus RBI will take no action. This inaction here will support capital gains as explained above. Hence, this year might be a year of good gains for the bond investors.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Five new financial goals for you this summer

I am going to try and explain to you why the summer holidays of April and May are great months to get a lot of things started, financially speaking.

This time period in a way resets the financial clock. You also have the option to hit the reset button on everything you have done so far; financially speaking of course and hope to do better things better than you did last year.

Let’s look at some of the new and unusual things to do in April.

  • Make a learning budget

Learn something about money or anything you like. The best way to make money is to learn something about money. Just like if you wanted to learn cooking you will get into the cooking class. If you wanted to learn swimming you would enrol in the swimming class. If you find learning about money is too daunting task than learn something which is close at to your heart or related to your work. If you learn something new, there’s a possibility that you will use your new ideas to generate new income and in turn that will generate new wealth for you.  So make a budget, enrol somewhere and spend that budget. How about a % of your annual income? Spend it for sure!

  • Plan a unique holiday 

When you’re by yourself and without your mobile phone you will have the opportunity to think! When you have time to think, suddenly good ideas will come to your mind.  You may think this is silly but you can be sure that you will be amazed if your drivers experiment just once. So it might be a good idea to go for a holiday just by yourself. If you find that too intimidating, join a group of strangers. You can combine that with the adventures experience if you like.  Be extra careful if you’re going with your special buddies. Do this only if they are going to be in a position to help you discuss your idea and make it bigger. They must play the role of complimenting your thoughts. So make a schedule to do this holiday and obviously make a budget to make it happen. Think & create new ways of making wealth.

  • Make a prediction and make it happen

Be brave. Let’s aim to grow and multiply net worth by 50% by the time you come to the end of this financial year. This is not a joke and it is easier than you can imagine.  I’m speaking about NETWORTH and I’m not talking about return on investment. If your networth is Rs. 100 today, all I’m saying is that let’s aim to make this a 150 by the end of this year. This networth comprises of all your savings till date. This can be achieved by simply saving aggressively every month for the next twelve months. Just put this into a recurring deposit or liquid fund so you don’t spend it.  We just have to prove to ourselves that this is possible. Where and how we will invest this money will think about that later.

  • Eliminate a negative belief 

I want to give you an exercise here. Write down all your negative beliefs you have about money and wealth. Most people are not able to achieve the desired level of wealth because they think about wealth negatively. So even if you are earning a good amount of income you will never see yourself becoming wealthy. Examples are money causes problems, money causes a fight, managing money is complicated etc. Then for each negative thought, you have written down the positives i.e. the opposite for a few months. Soon negatively biased feelings will evaporate.

  • Make a new investment; something you have not done before

Again here you do not have to be a financial expert. The idea is to learn something new. There are hundreds of investment options. Our objective here is to learn something new. Talk to your advisor and seek his or her guidance. Just a word of caution here; don’t do anything which is speculative or is something that you just can’t understand. Do what do find easy you understand and do that then.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Seeking financial freedom? The time is NOW!

John Lewis famously remarked, “If not now, then when? If not us, then who?” This is so appropriate in the current financial world that we live in.

That statement will leave to rest every other argument that is conservative and against the idea of wealth creation. We are often faced with the situation where there is no option but to create wealth. Read on to know why!

Interest rates are painfully low. For all those diehard fans of guaranteed investment returns, there’s hardly any place to go to. Thinking of fixed deposits? Feeling happy with 7%? And fully taxable? That period is over. Period.

That doctrine of investing into pure fixed deposits and similar instruments is unfortunately standing challenged. There is no option but to sprinkle it with a combination of a little something that will add to the returns earned from fixed income type of securities. In fact this category of investors are in a way, best placed in terms of the current tax laws.

They can earn about 9-10% with minimal or near zero tax over about five years and more. Starting to generate rate of return above the inflation level of 7% is starting to create wealth. So there it is; there is no option but to move in the direction of creating wealth.

For more evolved investors, who invest in equities and who and still sitting on the sidelines tend to run out of patience every now and then. They are sometimes waiting for the right time, sometimes waiting for correction, sometimes waiting for valuation and sometimes waiting for just nothing. Sometimes, just too busy to take action!

I totally understand not wanting to lose hard-earned money. But if the money does not move it will stagnate. That’s the problem with money.

Hit the Ground Running

Inaction and inactivity kills it. Makes it costly to hold. Makes us lose opportunities, sometimes small and sometimes significant. I know of many people including my dad, who just kept investing into equities and holding forever. No doubt they were hugely (big HUGELY) better off then the people in the same time zone. I think they could have done far better with some smart lessons on asset allocation. This is because if they compare the growth rate of their holding over a period of 20 or maybe 30 years the compounded rate of return earned is often not impressive.

It is just marginally better or a few percentage points above the fixed deposit rate. Hence the need for asset allocation, which simply put is not to have all eggs in one basket at any given point in time. These sections of investors anyways create wealth, and, asset allocation is the tool that ensures that the process of wealth creation continues uninterrupted. So again there it is; even for this section there is not option but to start enhancing their wealth creation activities, else returns will continue to remain forever mediocre.

Then there are skeptics and there is nothing much for skeptics of everything, except that they need a serious dose of financial education. Perhaps what if needed is a proof of concept and for that, which better country to live in other than India where financial transparency in investments is so high that I sometimes feel, it comes from another planet.

 Your Money Needs Action

Today, there is a whole lot of variety to choose from and we have never been more spoilt for choice. But the most important thing in all this is to understand that your money needs action. It needs activity and for that the time is now!

And furthermore, if you asked me this question 10 years ago; I would have said that, the Time is NOW. If you ask this question 10 years hence, I will still say the Time is NOW. Any time is the right time to start the process of creating wealth. All that is important is that you take your first step; then continue it all the way with zeal and determination… till you have the level of wealth that you desire. And if you accumulate more than you need, still do it and share it with the world.

If you want your financial freedom; then the Time is NOW!

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager and Financial Freedom Coach.

Young Turks: Here’s the success story of venture fund Aspada

Venture fund Aspada was co-founded by Kartik Srivatsa and Thomas Hyland in 2012 and has made 17 investments so far across Fin-tech, agriculture, health and edu-tech startups.

Young Turks takes a look at their investment thesis, their differentiated VC model and meet three of their portfolio companies – Capital Float that underwrites unsecured loans to startups and SMEs; Dunzo, a hyper local concierge and delivery player that is also Google’s first direct startup investment in India; WayCool, a Chennai-based agriculture-tech startup.

Labour unrest did not impact production, says MRF

The recent factory workers’ strike at MRF’s Tiruvottiyur plant in Chennai may not have significantly impacted the company’s production, MRF vice chairman Arun Mammen has claimed.

“The Tiruvottiyur plant is one of our oldest and is also a relatively smaller plant,” said Mammen, “Given these circumstances, production at the plant has not been significantly impacted.” Mammen, however, did not quantify the drop in production.

For over two weeks in February, only 66 of over a thousand workers at MRF’s Tiruvottiyur plant turned up to work. This was in the aftermath of the company’s labour union calling for a strike over a demand for better wages, and removal of closed-circuit television cameras in the vicinity of the factory floor.

The strike was subsequently called off on February 25, after MRF agreed to meet the workers’ wage demands, the company said in a regulatory filing.  The last wage-revision for the plant in question took place a decade earlier, in 2009.

Mammen confirmed that while employees’ wage demands had been met, the plant’s CCTV cameras continue to remain installed, with no changes. “Presence of CCTV cameras is a requisite under existing laws, and there was no scope of having them removed,” he said.

Earlier, workers on strike had demanded that CCTV cameras in the vicinity of the production floor be removed, on account of privacy concerns. The union said it was not averse of CCTV cameras at the plant’s entrance and scrap yard.

MRF is currently manufacturing tyres for the Indian Air Force’s Sukhoi and MIG-29 squadron. The company has reportedly evinced interest to supply tyres for the Hawk Trainer, Jaguar and Tejas Light Combat Aircraft, as well.

GST Council implements new tax structure for real estate: Here’s what experts have to say

In a big relief to builders, the GST Council on Tuesday approved transition rules on new tax rates for residential property and offered an option to builders with under-construction buildings to shift to the new rates without input tax credit (ITC) or continue with the old rates with it.

It was a key demand for the realty industry as a lot of buildings had purchased inputs like raw material and suddenly going out of ITC would have made those projects unviable and would have created a further inventory. Builders also would have been forced to raise prices to make up for losses.

The GST rates for new real estate projects will be mandatory from April 1, 2019.

Currently, the goods and services tax (GST) is levied at 12 percent with ITC on payments made for under-construction property or ready-to-move-in flats where the completion certificate is not issued at the time of sale. For affordable housing units, the existing tax rate is 8 percent.

However, the transition period from old to new rates is yet to be decided by the government.

Niranjan Hiranandani, CMD, Hiranandani Group; Pankaj Bajaj, MD, Eldeco Infrastructure; MS Mani, partner-GST at Deloitte India and Uday Pimprikar, national leader-indirect tax at EY India, discussed whether this decision has put the real estate sector out of its misery once and for all or are there still concerns.

Wall Street drops after weak FedEx outlook; Fed on tap

US stocks fell on Wednesday after economic bellwether FedEx issued a downbeat profit outlook and as investors waited for more clarity on the Federal Reserve’s interest rate forecasts for the rest of the year.

The central bank is expected to keep the fed funds rate steady and lower the number of hikes forecast for 2019 as it wraps up a two-day policy meeting, followed by a statement and news conference.

The policy statement will also shed light on long-awaited details regarding the Fed’s plans to stop reducing its holdings of Treasury bonds.

“It’s a Fed day and investors will scrutinize its communiqué with two key factors — the duration of patience and the overall outlook on the economy,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“We believe the Fed will not surprise the markets but add another caveat, a trade deal, to data dependence and patience.”

Hopes of a dovish stance from the Fed hit the rate-sensitive financial stocks, which fell 0.35 percent, while the bank subsector slipped 0.28 percent.

Ten of the 11 major S&P sectors retreated, while health and technology were the biggest drags.

FedEx Corp fell 6.1 percent after the package delivery company cut its 2019 profit forecast for the second time. Its shares dragged the Dow Jones Transport index down 1.40 percent.

United Parcel Service Inc also down 2.8 percent after FedEx results.

At 9:44 a.m. ET the Dow Jones Industrial Average was down 122.30 points, or 0.47 percent, at 25,765.08, the S&P 500 was down 7.71 points, or 0.27 percent, at 2,824.86 and the Nasdaq Composite was down 8.59 points, or 0.11 percent, at 7,715.36.

Optimism that the Fed will remain patient in raising borrowing costs and hopes that United States and China will resolve their trade spat helped U.S. stocks erase most of their losses from late last year.

The benchmark S&P 500 still remains 3.7 percent away from its record closing high in September.

Johnson & Johnson fell 2.4 percent after the U.S. FDA issued warning letters to a J&J unit and Sientra Inc for failing to comply with the post-approval study requirements for their breast implants.

J&J shares were among the biggest drags on the health sector as well as the blue-chip Dow.

General Mills Inc jumped 4.1 percent, the most on the S&P, after the Cheerios cereal maker raised its full-year forecast.

Declining issues outnumbered advancers for a 1.95-to-1 ratio on the NYSE and a 1.27-to-1 ratio on the Nasdaq.

The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 16 new highs and 12 new lows.

After a tepid year in India, Funskool wants to boost exports

MRF-owned Funskool India Limited is stepping into FY20 with an eye on the export market. The company registered healthy growth in export volumes in the current fiscal and is looking to carry that momentum into the new financial year.

Although, Funskool said revenue for FY19 is expected to dip by 10.26 percent to Rs 225 crore (revenue stood at Rs 235 crore in FY18), its revenue from exports for the year is projected to be around Rs 60 crore. The company netted Rs 40 crore in exports for FY18.

These encouraging numbers have caused the company to bank heavily on exports, with Funskool chief executive officer (CEO) John Baby saying that he expects similar growth in export revenue, for the coming fiscal, as well. “Our current focus is on exports where we are growing by 50 percent,” said Baby, speaking to CNBC-TV18, “This growth will be maintained in the coming year as well.”

Reason for this confidence is that Funskool now has a brand new plant, with greater proximity to the Chennai Port. On Wednesday, Funskool’s CEO, and MRF vice chairman Arun Mammen inaugurated the company’s third plant in India in Ranipet, Tamil Nadu.

“Our exports will be smoother from the new plant since the Chennai Port is much closer now,” Baby added. Funskool expects its new plant alone to account for Rs 30 crore in exports, which it says will take its total export revenues to Rs 90 crore by FY20.

The new plant is spread across 61,000 square feet and has seen Funskool cough up Rs 25 crore in investment. While the plant will focus on the export market, there are lines to cater to the domestic market as well.

At present, a total of 250 employees work at the plant, although the company expects that number to double by April 2020. Funskool expects a capacity utilisation of 90 percent by the plant’s second year of operation.

While the toy market in India is valued at Rs 3,500 crore, factors like demonetisation and a Goods and Services Tax (GST) of 12-18 percent on toys (depending on the type of toy), had caused headwinds in market growth over the last two years, said Funskool.  “However, the industry has still managed to grow at 10 percent year-on-year, with the next few years also slated to register similar growth,” said Mammen.

“Funskool is aiming for faster growth through exports, and our new plant will allow us to establish export opportunities in various markets,” Mammen added. “We will see more toy companies looking to India for growth opportunities since labour costs in China are rising,” said Baby, emphasising the opportunity in exports, for Indian toy-makers.

As on date, Funskool supplies to international toy companies like Hasbro, SpinMaster, ELC, Flair and Drummond Games. The company has also been expanding in European and American markets through its own brands, Giggles, Fundough and Handycrafts.

1 crore jobs lost while Modi was busy marketing himself: Rahul Gandhi

Congress president Rahul Gandhi on Wednesday lacerated Prime Minister Narendra Modi and the BJP for “destroying” one crore jobs and unleashing
“politics of division and hatred”, insisting while these were happening the PM was busy “marketing” himself.

Addressing election rallies in Manipur capital Imphal and Khumulwng in Tripura in the Northeast, where his party’s last standing citadel fell to rival BJP’s ally Mizo National Front in Mizoram in November 2018, Gandhi accused the saffron
party of abandoning its ‘act east policy’ and attacking the culture and ethos of the people of the region.

Unsparing in his assault on Modi, Gandhi also wondered whether the prime minister ever studied at a university, and alleged educational institutions were undergoing saffronisation under his watch.

Attacking Modi over alleged loss of employment opportunities, the Congress leader said the prime minister had claimed on taking over the reins of the government that two crore jobs will be created every year, but one crore jobs were lost in 2018 alone. Over 30,000 jobs were lost on an average
every day, he claimed.

“In 2018, Prime Minister Narendra Modi destroyed one crore jobs. This is the scale of his incompetence. It is absurd and ridiculous that the PM promises giving two crore jobs,” Gandhi told the well-attended rally in Imphal.

A Centre for Monitoring Indian Economy (CMIE) report had recently claimed 1.09 crore jobs were lost in the country in the past one year.

The Modi government is under fire from opposition parties as also allies like the Shiv Sena over alleged job loss.

“Modi has reduced the Prime Minister’s Office to the status of Publicity Minister’s Office as he is busy marketing himself,” he earlier said during an interaction with students in Imphal, where he also accused the Centre of saffronising educational institutions.

During the interaction, he claimed nobody knew whether Modi ever went to a university.

“We still have no access to his university degree. Nobody actually knows if he went to university or not. There is an RTI (application) in Delhi seeking PM’s degree but it has not been responded to,” Gandhi said, adding “the prime
minister is imposing mediocrity on a sophisticated country”.

Speaking about the unrest at the Manipur University last year after students and teachers demanded removal of the then vice chancellor AP Pandey over his alleged “anti-academic activities”, Gandhi said he was happy that the people of Manipur succeeded in forcing him out. The protests for the
ouster of Pandey, who allegedly had RSS links, had led to the closure of the university for three months.

“He (Pandey) was imposed on you. The only qualification to run a university (now) is to wear a pair of shorts, wield a ‘lathi’ (stick) and spread hatred,” Gandhi said, in an oblique reference to the RSS.

Gandhi said an ideological battle was being fought in the country between the “politics of hatred and policy of love”, with the BJP and the Congress on rival sides.

“There are two things going on in the country simultaneously. On one hand, there is politics of division and hatred of BJP, and on the other hand there is the policy of love, unity and solidarity of Congress.

“I call upon all party supporters and common people to wage this ideological battle against BJP and help the Congress in forming the government at the Centre,” he told a rally in Khumulwng, 25 km from Agartala.

As he attempted to retrieve the ground the Congress has ceded to the BJP and its allies in the Northeast, Gandhi, while addressing election rallies in Manipur and Tripura, called the contentious Citizenship (amendment) Bill an
“onslaught on the “land, language, culture and history” of people living in the region.

Targeting BJP president Amit Shah over his assertion that the Citizenship Bill will be re-introduced if his party forms the next government, the Congress leader dubbed it as an attack on the culture of the Northeast.

“His (Modi’s) party president (Amit Shah) says Citizenship Bill will be imposed on the people of Manipur and the Northeast. These people are attacking your culture. We did not allow the bill to pass. The Congress will defend your
culture and the bill will not be passed…it will never become a law,” he told the Imphal rally.

Accusing the Modi government of neglecting the Northeast, the Congress leader said, the prime minister’s words do not match his acts. “Don’t only look east, but act east,” he said.

Addressing the election meeting in Tripura, the Congress leader alleged the prime minister was “complicit” in aiding the “theft” of public money by fugitive economic offenders like Vijay Mallya, Nirav Modi, Lalit Modi and Mehul
Choksi.

Gandhi’s remark came on a day when Nirav Modi, the main accused in the $2 billion PNB scam case, was arrested in London, in a major boost to India’s efforts to bring back the fugitive diamantaire. Mallya also faces the prospect of
extradition to India to face trial on money laundering charges after the Westminster Magistrates Court rejected his plea against the move.

“All the thieves of India have turned their black money into white by depositing them into banks during demonetisation. They did this with the help of Narendra Modi,” Gandhi alleged, as he targeted the prime minister over the
note ban.

Yes Bank to hire CAs for checking fraud

Private lender Yes Bank has advertised for employing Chartered Accountants for the position of ‘Quality Control Financial Crime’ in Kolkata.

Yes Bank looking to fill this post gains significance in the backdrop of a number of bank frauds in the past few years, the most notable being the Rs 13,500 crore scam committed on state-run Punjab National Bank by accused diamantaire Nirav Modi, which was reported last year.

According to the bank, the position would require creating scenarios, alerts and parameters for ongoing anti-money laundering monitoring of trade finance transactions.

The incumbent would also require to do “review of trade-based money laundering alerts for identification of any suspicious activity and engagement with business, product, operations to establish potential TBML (trade-based money laundering) activity,” it said.

The hired official would also have to file suspicious transaction reports (STR) to the Financial Investigation Unit for suspicious cases, it added.

Xiaomi launches a UPI payment app ‘Mi Pay’ in India

Xiaomi launched ‘Mi Pay’ in India. They are calling it the ‘ UPI app for Xiaomi users.’

What can you do with the app?

You can avail and pay for any services that accept UPI payments like mobile recharges, mobile bill payments, electricity bill, gas bill, water bill, DTH and broadband payments.

You can request or send money to any UPI user from your contacts. You can even make payments directly from your bank account after linking it with the app.

The scanner on mi phones can scan any UPI QR code and payments can be made through the app. Not just UPI, the app also has an option of using debit card, credit card and net banking.

Mi Pay comes pre-loaded in all Xiaomi phones.

Government looks at providing Jet Airways’ unused airport slots to other domestic airlines

India’s second largest airline, Jet Airways, continues to grapple with financial challenges. Pic: REUTERS/Danish Siddiqui/File Photo

The government plans to provide unused airport slots of Jet Airways to other domestic airlines on an interim basis, a senior official said Wednesday, amid efforts to minimise flight disruptions.

Cash-strapped Jet Airways, which is looking to raise fresh funds, has grounded at least 47 planes due to non-payment of lease rentals. Besides, many aircraft are on the ground due to other reasons.

Against this backdrop, the civil aviation ministry officials on Wednesday held a meeting with representatives of various domestic airlines.

Civil Aviation Secretary Pradip Singh Kharola said the ministry would discuss with Jet Airways about its requirements, including how many slots are being used.

As an “interim arrangement”, the unused slots of Jet Airways at congested airports would be given for operations to other domestic airlines, he said.
Among others, representatives of Air India, SpiceJet, GoAir and IndiGo attended the meeting on Wednesday.

According to Kharola, domestic carriers would add around 20-25 more planes in by April end.

Augmentation of fleet and utilisation of existing planes were among the issues discussed during the meeting.

“Our concern is about operations (of flights), safety and comfort of passengers,” Kharola told reporters.