Showing posts with label old. Show all posts
Showing posts with label old. Show all posts
Wednesday, April 5, 2017
Jio at war with other telcos over use of old Rs 500 notes for mobile recharges
Jio at war with other telcos over use of old Rs 500 notes for mobile recharges
?Reliance Jio contends that the move will be misused at the retail level.
?The members of cellular operators association (COAI), however, disagree. They say, "governments decision to allow old Rs 500 notes to be used for pre-paid mobile recharges will address difficulties being faced by consumers, and allow them to continue using mobile services without disruption."
?Some industry people have voiced Jios concern as genuine, given the lack of clarity on the issue. They say the move can fuel money-laundering operations as retailers could run exchange services and earn commissions on multiple top-ups with old notes.
?An industry executive told the Economics Times, "A truant retailer in a Tier 2/3 town or a village can easily prey on an ignorant customer by saying that the government is only allowing top-ups up to Rs 500, but that he is ready to offer multiple recharges for a commission to help them dispose of defunct cash".
?The move to demonetize the Rs. 500 and Rs. 1000 note was meant to be a death knell for black-marketers and black money. How successful the government is in this venture will be seen only after the dust has settled down.
?Reportedly, some government officials also shared similar concerns, but relented since this move would help ease the cash crunch.But Jios user acquisitions could take a hit if prepaid users of incumbent telcos load up with talktime for a few months in advance. An industry executive said that such a scenario would reduce the immediate appetite for Jio’s offerings.
?On November 29, the government allowed old Rs 500 notes to be used for pre-paid mobile recharges. As per industry estimates, the recharges and top ups for pre paid mobile services had fallen 30-50 percent as consumers struggle with less cash in hand in the aftermath of the governments move to scrap old Rs 500 and Rs 1,000 notes.
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Sunday, March 5, 2017
Fayose Says Buhari Is Too Old To Effect Change
Fayose Says Buhari Is Too Old To Effect Change
Ekiti state governor Ayo Fayose yesterday 3rd may 2016, speaking on the interview granted to him by the oyo state chapter of Nigeria union of journalist. On the interview were he
once again criticized President Muhammad Buhari as been too old to effect change in the country.
On the interview Governor Ayo Fayose, explained to some people that are mistaking him for abusing President Muhammad Buhari. He stated that he can never in his live time abuse the number one citizen of this great Nation. And that he can never abuse him because he is like his grandfather.
Governor Fayose also stated that Eighty per cent of people that voted for Buhari in the South-West did not know him. They are between 18 and 40. They voted because they wanted change desperately and I agree with them. He left government 32 years ago so they did not experience his rule.
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Today, the Peoples Democratic Party is no longer in government so they should stop blaming the PDP. They told us that dollars would become one to one with the naira. But where is that today? The regime of fuel subsidy is gone and we now have food subsidy.
Now it is a true fact that electricity has tune to once in two weeks and fuel has gone to high that the poor mass can hardly get one liter of fuel for cars .It is high time that Nigerians should know that we are in the wrong direction because you cannot give what you don’t have. That is to say that president Muhammad Buhari cannot give us that he promised us during the presidential election.
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Income Tax Department Unearths Syndicate Exchanging Old Notes In Delhi
Income Tax Department Unearths Syndicate Exchanging Old Notes In Delhi
NEW DELHI, DECEMBER 8, 2016: Income Tax officials today said they have post-demonetisation uncovered several cases of fraud including one wherein a syndicate was exchanging old currency notes for 35 per cent commission.
?They also found a case in Nagpur where a large sum of money was deposited in a bank account without the knowledge of the account holder and seven accounts were being fraudulently operated by unknown persons to launder Rs. 4.25 crore. Central Board of Direct Taxes said some investigations at Mumbai found that a syndicate of ground-level operators was converting banned currency notes into legal tenders for a commission.
?As part of the operation, Income Tax Investigation Directorate sent out a few decoy customers seeking to exchange banned currency notes into new notes.
?"The syndicate, acting through its mediator, agreed to the exchange for a 35 per cent commission. The mediator was caught red handed and new currency notes aggregating to Rs. 29.5 lakh were seized," the CBDT said in a press release.
?Another investigation into cash deposits in a bank account in Nagpur revealed that the account holder had no knowledge of the existence of her account where Rs. 3.29 crore had been deposited after November 8.
?Inquiries by the Department revealed 6 more such accounts in her and her parents names. The 7 accounts were opened and operated by unknown persons to launder cash of Rs. 4.25 crore.
?"Evidence gathered suggest that copies of PAN and other personal documents that she handed over to a friend a few years back were used to fraudulently open these accounts in Kolkata, which were operated to channel suspicious funds to 8 beneficiaries, who are now being investigated," CBDT said.
?In Ahmadabad, the IT sleuths uncovered 24 cartons in the go down of the transporter meant for transport to Delhi were found. Lorry receipts declared these to contain firecrackers.
?When the cartons were opened and examined, two cartons were found to conceal currencies in the denomination of Rs. 100 aggregating Rs. 27 lakhs.
?Investigations revealed that the syndicate included many ground level operators (GLOs) — mainly local youths led by a master aggregate and a mediator. The mediator would seek customers.
?The GLOs would withdraw new currency in their own names or names of friends and family within the prescribed weekly limits, pass it on to the aggregator for a commission and deposit the old notes in their own accounts or accounts of family or friends in small sums.
?On interrogation, the con signer claimed that the cash was on account of sale of firecrackers being transported to Delhi for the purchase of fire crackers. The cash has been seized, CBDT said.
?Post the demonetisation of 500 and 1,000 rupee notes on November 8, the tax department has been extensively conducting search and seizure operations to unearth black money.
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