Citizens' Issues
BMC book Kapil, Irrfan for illegal construction
Four days after he complained about corruption in the BrihanMumbai Municipal Corporation, the BMC filed a complaint against comedian Kapil Sharma for alleged illegal construction activities.
 
A complaint was also filed against actor Irrfan Khan. 
 
BMC Sub-Engineer from South Ward, A.D. Jagtap lodged the complaint with Oshiwara Police Station under various sections of the Maharashtra Regional and Town Planning Act, said Mumbai Police spokesperson DCP Ashok Dudhe.
 
Sharma lives on a 9th floor flat and Khan stays on 5th floor apartment of DHL Enclave in posh Oshiwara area on New Link Road, said Dudhe.
 
Last Friday, Kapil stirred a hornet's nest by tweeting to PM Narendra Modi that though he pays Rs crore income tax since five years, he was forced to cough out a bribe of Rs 5 lakh for his office works.
 
Chief Minister Devendra Fadnavis immediately offered to help in the matter even as it assumed political overtones.
 
The BMC requested Kapil to name the officials who demanded illegal gratification and also accused him of indulging in unauthorized constructions.
 
This was stated in a notice to Kapil, and later even Khan came under the BMC spotlight.
 
Earlier on Monday, Bharatiya Janata Party legislator Ram Kadam led a noisy morcha to Kapil's home demanding he should identify the corrupt officers and help rid BMC of graft, but he has not yet obliged.
 
Mumbai Congress President Sanjay Nirupam meanwhile expressed support to Kapil and wrote to Governor C.V. Rao, seeking directions to Fadnavis to order a probe into the graft allegations.
 
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

G.W. Carlo

5 months ago

When you are demanded to pay a bribe, you should know whatever you gonna do is illegal. All the rules are framed in such a way, you can't be legal! You can't tickle the Babus Kapil. Their hide is thick!

India's retail inflation down, but factory output contracts
India's annual retail inflation eased by 100 basis points to 5.05 per cent in August, but factory output again dipped to a negative growth of (-)2.4 per cent in July from an expansion of 1.95 per cent in the moth before, official data showed on Monday.
 
The fall in retail inflation, as per data released by the Central Statistics Office (CSO), was thanks to a rather sharp drop in the annual food inflation -- from 8.35 per cent in July to 5.91 per cent in August.
 
As far as the factory output is concerned, the drag was due to a negative growth of (-)3.4 per cent in the manufacturing sub-index, which enjoys the maximum weight in the main index, even as the growth rates in mining and electricity indices were also modest.
 
In May the factory output was up 1.1 per cent, while in April it took a hit of (-)1.4 per cent. In July last year, there was a growth of 4.3 per cent. Cumulatively, the growth during the first four months of this fiscal is at (-)0.2 per cent.
 
This being the last set of data release on retail inflation and industrial production, ahead of the next bi-monthly monetary policy update due on October 4, expectations have risen sharply on possible interest rate cut.
 
This, also because the annual retail inflation that was above the upper tolerance level of six per cent in July, has since come down by 100 basis points, even though it is still above the base rate of four per cent. 
 
The government target is four per cent plus or minus two percentage points for the next five years.
 
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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Indian microfinance loans grew 29% in Q1 of this fiscal
Ahead of the launch of the Bharat Microfinance Report here later this week, the Microfinance Institutions Network (MFIN) has said the organised industry in this segment has grown by 29 per cent through loan disbursements in the April-June quarter.
 
"The microfinance industry has seen a substantial growth over the last one year. With the increase in number of branches, MFIs have been able to increase their outreach thus expanding their beneficiary base," MFIN -- the self-regulatory body of the Reserve Bank-regulated non-banking finance companies (NBFCs) and microfinance institutions (MFIs) -- said in a statement here, releasing their 18th Micrometer report on the industry.
 
"Total number of loans disbursed has also seen an increase of 29 per cent which significantly contributed to the expansion of the sector," MFIN Chief Executive Ratna Vishwanathan said. 
 
"Overall, the growth has been healthy and it is an indicator of the fact that confidence in the sector has been growing and there is an evident interest in greater investments in NBFC MFIs," she added. 
 
In its report for the first quarter of 2016-17, MFIN said the industry has experienced a growth of 89 per cent compared to the first quarter of 2015-16, and has grown by 9 per cent over the last quarter.
 
The latest Micrometer report is based on data collected from 57 NBFC-MFIs, all of whom have either received or applied for NBFC-MFI registration from the Reserve Bank of India, MFIN said. 
 
The aggregate gross loan portfolio of MFIs stood at Rs 60,165 crore in the first quarter of the current financial year, as compared to Rs 31,869 crore of the corresponding period in the last fiscal, it added. 
 
The gross loan portfolio of MFIs stood at Rs 53,233 crore as on 31 March 2016, up nearly 84 per cent from Rs 28,940 crore a year ago. In fiscal 2015, the gross loan portfolio grew about 48 per cent, while in the previous year growth was at 69 per cent, according to MFIN. 
 
"The transition of Bandhan, one of the largest MFIs into an universal bank and with 8 NBFC-MFIs transforming into Small Finance Banks (SFBs) will have a significant impact on the microfinance sector," the report said. 
 
Bandhan, accounting for 25 per cent portfolio of NBFC-MFI industry converted into a Bank in August 2015, and 8 NBFC-MFIs accounting for another 50 per cent portfolio of the sector are in the process of transforming into SFBs within the next 3 to 6 months, MFIN said.
 
"A fundamental challenge for micro-credit is going to be the increasing flow of money into the system," the MFIN report said. 
 
However, an over supply of money will also open up a much wider range of financial services to low income populations and provide product diversity which is limited in the present dispensation of a mono-line credit product," it added.
 
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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