In a child’s name

Child abduction by warring parents is rampant in today’s global village. And, when it comes to a custody battle for the children, both parties hit out with a vengeance in the name of a child’s paramount interest.

A parent disobeys a foreign court’s order prohibiting a child from being taken out of the country and flees to India in the hope that the motherland’s courts will cater to the mother’s instinct of love and affection and prevail over the niceties of law. Figures show it works.

Westward Ho!

Recently there has been a lot that has been spoken about US immigration policies. America is one of the biggest economies globally and clearly an attractive country for Indians who wish to migrate to the land of opportunities. There are various factors which make America an attractive option to migrate for Indians; better education, higher standard of living, better lifestyle and more.

A collective failure

Globally banks recognise letters of credit “LCs”, which are governed by Uniform Customs and Practice for Documentary Credits “UCP 600” or by Guarantees. Letter of undertaking “LU” in the context of NM fraud is being used in India.

Can a single employee of the bank or few of them repeatedly abuse the system and play a fraud like the case in hand is a difficult proposition to digest. Let’s analyse.

Customer is given fund based and non-fund based facilities by the bank

Non fund facilities include guarantees, letters of credit, letter of undertaking, etc

Walk the Tightrope

The RBI framework, having the force of law, implements a generic stressed loans resolution mechanism, congruent with the IBC. Additionally, it addresses the following maladies that caused the accumulation of these bad loans... 

Mirror room to discover the divinity within

Fr Varghese Alengaden is an extraordinary Catholic priest from Indore, who has been quietly revolutionising the Catholic Church in the country. Perhaps, he is the only Catholic priest ordained for the Sagar Diocese in Madhya Pradesh has been allowed to live and work outside his diocese. A diocese is an area comprising of some districts in a state which come under the jurisdiction of a bishop, archbishop and cardinal for the spiritual welfare of the faithful. Alengaden has this privilege because he is no ordinary priest.

DISEQUILIBRIUM: Dodging the bullet

This is just a flavour of some of the text messages that this writer has received over the last couple of days from pump and dump operators. Cartels operating in clear contravention of the law are busy ramping up share prices of dubious companies.

A landmark budget for the insurance sector

Thursday’s budget presentation by finance minister Arun Jaitley, was widely in line with the expectations laid out earlier to tackle rural distress head on. On that count, this budget is indeed the much-needed fillip to the flagging rural economy, targeting doubling of farmer income by 2022.

The Tech it forward budget

Finance minister Arun Jaitley’s announcement that India is a $2.5 trillion economy and the world’s fastest-growing, is a heartening one. This sense of optimism was the hallmark of the budget 2018-19 and it encapsulated the vision of a ‘New India’ by 2022. The overarching sense was one of urgency to get the growth of the nation going with empowering sectors with tools for their fillip. The budget was focussed on pushing forward the critical segments of the economy, from infrastructure, micro small and medium businesses, education and skill development to agriculture.

Juggle between pragmatism & populism

The government has attempted to have a balance between populism and pragmatism in this budget, and, as expected, has come up with some ups and downs. Some of the ups being reduction in corporate tax rates, standard deduction for salaried taxpayers and additional exemption and deductions for senior citizens. It is also worth noting that there is no introduction of Estate Duty (inheritance tax), which was rumoured to be re-introduced.

Prepare for volatility

Budget day was as volatile as volatility should be. The BSE SENSEX made an intraday high of 36,256 points and a low of 35,501, an intraday swing of 755 points. The net change was a loss of 58.36 points or 0.16 per cent. Similar numbers for NIFTY was a high of 11,117 points and a low of 10,878 points. The swing was 229 points while the net change was a loss of 10.80 points or 0.10 per cent.  What spooked the market was the introduction of LTCG or long-term capital gains. It was more or less on expected lines and the only surprise was the exemption limit of just Rs 1 lakh.