Leisure, Lifestyle & Wellness
134 arrested at Simhastha Kumbh posing as sadhus
As the 'Simhastha Kumbh Mahaparv' -- one of the four Kumbh Melas celebrated as one of the largest spiritual gatherings in the world -- draws to a close, the police have arrested 134 people posing as sadhus and indulging in criminal activities, Additional Director General of Police V. Madhukumar has said.
 
The authorities have initiated proceedings against these people as per law, Madhukumar said on Monday.
 
The ADGP said there have been incidents of theft, vandalism and even a murder attempt at the site of Simhastha Kumbh. Some of the incidents were targeted against sadhus -- religious renunciates -- belonging to various 'akharas' -- an order of such renunciates -- which get a pride of place in sacred bath rituals of a Kumbh pilgrimage.
 
Madhukumar said the third and last 'Shahi Snan' (royal bath) of Kumbh on May 21 would be a big challenge for the police on account of large crowds of devotees that are expected.
 
The Simhastha Kumbh, that began on April 22, will conclude with the Shahi Snan on May 21.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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77 percent Indian parents expect to live with sons in old age
Almost 77% of Indian parents expect to live with their sons in old age while seven percent want to live with their daughters, according to the India Human Development Survey (IHDS), conducted jointly by researchers from University of Maryland and National Council of Applied Economic Research (NCAER), New Delhi.
 
These are the findings from the IHDS-2 (2011-12) data-set, covering a representative sample of 41,554 households across 33 states and union territories in both rural and urban areas.
 
In Haryana, the state with India’s lowest child sex ratio (834 females per 1,000 males), 90% of respondents said they would prefer to live with their sons in old age rather than their daughters.
 
Maharashtra was next, with 85% of parents saying they expected support from sons.
 
Sons vs daughters: Many Indians want at least one daughter
 
While 73% of the people surveyed said they should ideally have one daughter, 11% said they should ideally have two daughters.
 
While as many as 60% said they ideally wanted one son, 26% said they wanted two sons.
 
While more people (73%) want at least one daughter, when asked preferences for an extra child, only six said they wanted daughters.
 
The survey was based on indirect questions to test people’s attitudes. Some questions asked: How many sons or daughters would they ideally prefer to have? If they were to have an extra child, what sex would they prefer?
 
IndiaSpend plotted the preference for sons as the extra child with the sex ratio across Indian states.
 
Maharashtra has a low child sex ratio (894 females per 1,000 males) and a high preference for a son (39%) for an extra child.
 
Sons as support for the declining years
 
The main reason Indian parents prefer sons is that Indians expect to depend on them in their old age.
 
More than three-fourths (77%) of the respondents said they expect to live with their sons when old. Only 16% Indians said they would consider living with their daughters.
 
States in the south see higher percentages than the national average.
 
Tripura has the highest percentage of parents (72%) preferring to live with daughters in their old age, followed by Tamil Nadu (17%).
 
The perception that parents can live with daughters has improved over the last seven years: Asked if they would consider living with daughters, 14% said yes during a survey in 2004-05; 16% said yes in 2011-12.
 
Can’t ask daughters for money.
 
As many as 74% of Indians expect sons to support them financially during old age. Only 18% said they may consider taking money from daughters in old age.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Dr Anantha K Ramdas

7 months ago

There is now the tendency for a growing number (percentage wise) for the sons to take care of their parents via old age people's homes, rather than taking care of the parents themselves, simply because of their own preoccupations. In most cases, both the son and daughter in law work to bring about better prosperous conditions for their own children and feel that they do not have the time or energy to spend on looking after ageing parents. It becomes worse if either of the parent falls sick and children find it extremely difficult to give medical attention as well.

The tragedy is that the Old People's Homes are a new way of life that has come into being in our country in the last couple of decades. This is following the western system of family, where, the parents themselves make the first mistake of sending the children away when they reach adulthood and ask them to fend for themselves. This is actually good because it makes the Kids stronger as they grow up; but, in a likewise manner, they too send the parents off to Old People's Homes, when the time comes!! In the west, this is a "normal" practice, while in India, this is not easily "digested" and parents want to stay with sons, because of affection and of course, the Hindu religious needs of doing "karma" the final rites for parents!

In the long run, the government must do something to build Old People's Homes, which are now done on a commercial basis by mostly real estate industry.

Jyoti Dua

7 months ago

Old Indian traditions die hard. In Hindu religion, it is the son only who is supposed to conduct last rights of parents. Hence, the keen desire to have at least one son. Present middle class is financially well off to take care of their expenses in old age. Still they prefer to live with their son to enjoy the love of grandkids and take care them in the scenario where son and daughter-in-law, both are working.

SBI has no information, charge created on companies that took loans of over Rs5 crore

The cases of fraud in loans above Rs5 crore have alarmingly trebled in the past five years at the State Bank of India (SBI); but more shocking is the revelation that the giant bank does not even know if these companies are filing any annual accounts, and whether it has created or modified any charge on the assets of these entities as required under the Companies Act. Where the loan amount is Rs25 crore or more and the frauds are mandatorily reported to the Central Bureau of Investigation (CBI), SBI's recovery is abysmally low.

 

This has been revealed under the Right to Information (RTI) Act queries filed by Rajesh Mittal, a finance professional. He says, over the past five years, SBI has reported 99 cases of fraud to Reserve Bank of India (RBI). The amount involved in such transactions have gone up three times to Rs1,772.88 crore in FY2015-16 from Rs553.18 crore in FY2011-12.  


 

"What is more shocking is that while there is increase in the size of frauds, the recovery of loans is miniscule. In fact, SBI is not able to recover even 1% of the amount given to such companies,” says Mittal, citing the reply given by SBI in another RTI application.

 

 

Replying to eight queries asked by Mittal, the state-run lender only provided a chart giving number of cases and amount involved in frauds cases reported to RBI.

 

 

 

In one specific case, SBI appears to have failed to maintain continuous charge on asset of Avtec Ltd, where form 8 was filed after 3,085 days. In this case, SBI has no information, if this irregularity was reported by any auditor or relationship manager, branch manager of service officer for not having charge on the assets by the bank.

 

The lender even has no information if charge was created after paying proper stamp duty on the documents executed for filing charge after 3,085 days or even the stamp duty paid and amount secured from Avtec.

 

Whenever any security is given for obtaining loan, a charge is created in favour of the lender. As per Section 125 of the Companies Act, 1956, a charge not created in respect of security on the company property or undertaking is void against the lender. If charge is not created, then the charge holder loses his right to claim the sale proceeds of the property in case of default by the borrower. A modification of the loan amounts to charge. These particulars of modification are required to be filed with Registrar of Companies in form 8. This form needs to be filed within 30 days from the date of creation of charge or modification of charge.

 

"What is the use of all the audits and statutory controls if they are just doing 'box ticking' exercise. They are granting loans wilfully to the fraudulent companies knowing that they are putting bank in a 100% risk. SEBI should educate investors to file class suit against the promoters and management of the listed banking company if it is found that management is involved in granting fraudulent loans and putting bank at risk. They cannot play with the money of public and investors," Mittal says.

 

Here are the questions asked by Mittal and replies provided by SBI under the RTI Act...

 

1. Year-wise details since year 2001 to till date 2016

            Year-wise details of how many cases of fraud, money laundering, irregularities are reported by State Bank of India to RBI involving amount of Rs5 crore and amore.

 

SBI's Reply: The number of frauds (amount involved more than or equal to Rs5.00 crore) reported by SBI during the previous 15 financial years 2001-2016 and the amount involved is given in the annex. The information on money laundering/ irregularities case of SBI is not available with us.

 

2. Kindly provide year-wise information since year 2001 about companies obtained loans above Rs5 crore from SBI on the basis of revaluation of assets and not filing any annual accounts or annual returns with Registrar of Companies.

 

SBI's Reply: The required information is not available with us.

 

3. Year-wise details about companies obtained loans above Rs5 crore from SBI and not filing any annual accounts or annual returns with Registrar of Companies.

 

SBI's Reply: --As above (2)--

 

4. Year-wise details since year 2001 about the companies who have obtained loans above Rs5 crore and SBI failed to maintain continues charge on assets of the company like Avtec Ltd, where form 8 was filed after 3,085 days (copy of RBO receipt attached for reference)

 

SBI's Reply: --As above (2)--

 

5. Whether this irregularity reported by any auditor or relationship manager, branch manager or service office for not having charge by SBI on the assets of M/s Avtec Ltd.

 

SBI's Reply: --As above (2)--

 

6. Whether charge is properly created by SBI after paying proper stamp duty on the documents executed for filing charge after 3,085 days.

 

SBI's Reply: --As above (2)--

 

7. How much stamp duty has been paid on creation of fresh charge and amount secured by SBI on filing of form 8 after 3,085 days in the matter of Avtec Ltd.

 

SBI's Reply: --As above (2)--

 

8. What action has been taken on non-maintenance of charge being a serious irregularity by SBI and RBI.

 

SBI's Reply: --As above (2)—

 

Our email sent to SBI remained unanswered till writing this story. We will add their response as and when we receive it.

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COMMENTS

Kushla Rawat

7 months ago

Agreed with Mr. Mittal. This is the realty in most of the cases.

GLN Prasad

7 months ago

Without registering a charge, Bank is not supposed to release any proceeds, and even for creating charge on the same asset, consent of prior bank is necessary. Some banks dismissed officers for this simple reason for not registering the charge with companies, though the account is regular. (Bank has stated, it is sheer by luck they have recovered the amount, but in case of default, they can not recover single paisa). In every inspection, the first thing inspector has to check is as to whether the charge was registered in favour of the Bank or not.

Fairy gada

7 months ago

completely shocking.

AKC

7 months ago

A Bombay High Court Judge once said in a reported judgment that whatever bank officials say is not gospel truth. Therefore, it is high time that borrower bashing is stopped, and bank officials who have created NPAs are held accountable and made to pay from their personal ill-gotten wealth ...

AKC

7 months ago

A Bombay High Court Judge once said in a reported judgment that whatever bank officials say is not gospel truth. Therefore, it is high time that borrower bashing is stopped, and bank officials who have created NPAs are held accountable and made to pay from their personal ill-gotten wealth ...

D S Ranga Rao

7 months ago

All this happens because of utter lack of accountability norms on the part of the nationalized banks. Just shift the onus on to the bankers and you will see either no loans at all or no NPAs! Problem with our Indian mindset is that anything that is 'government' or 'public' is unaccountable and 'no man's land'. That's to change. But, 'how' is the eternal question?

SuchindranathAiyerS

7 months ago

Between Social Engineering and Bare Foot Banking, I saw this coming in 1983.

At that time I had led a Delphi to prepare the Bank's Long Range Plan congruent with the 7th Five Year Plan, while a Manager of SBI. I resigned after writing a letter to the Hindu on what I thought of Indira Gandhi, Pranab Mukherjee, and Janardhan Poojari. that saw the Government going for my throat.

In those days, the Hindu actually published honest opinions opposing State Policy instead of "moderating" them..

State Policy not only stripped individuals of their integrity but also every institution including banking. A state machinery that is today largely clogged with those constitutionally certified to be congenitally backward.

Meenal Mamdani

7 months ago

Bank officers are part of this fraud if they do not take the minimum information to safeguard the interest of the bank and ultimately of all depositors and in the final run, all taxpayers as they bear the brunt of recapitalizing such banks with high NPA.
It should be easy to find out who approved the loans, who was derelict in their duties, what action was taken against them, and so on.

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