Cabinet allows FDI in pension, hikes cap for insurance

In second wave of reforms decisions within a month, the Union cabinet cleared FDI in pension sector while hiking the FDI limit in insurance to 49%

Unfazed by the uproar over decision on foreign direct investment (FDI) in retail, the Union Cabinet on Thursday announced some big-ticket reforms like opening pension sector to foreign investment and raising FDI cap in insurance sector.


The Pension Fund Regulatory and Development Authority (PFRDA) Bill seeks to open up the pension sector to FDI of up to 26% while the Insurance Laws (Amendment) Bill seeks to raise the FDI cap in insurance sector to 49% from 26% at present.


This is the second wave of reforms decisions to be undertaken by the government within a month. On September 13, the government had approved the decision of allowing 51% FDI in multi-brand retail, besides relaxing FDI norms for civil aviation and broadcasting sector.


The decision on FDI in retail triggered a major uproar, with some allies and opposition parties launching a massive attack on the government. Trinamool Congress even withdrew support to the government.




5 years ago

Nice one. There is one aspect of the current trend in GOI action which mainstream media and most of us who keep a track of events affecting us are either ignoring or closing our eyes. That is the process of decision making which precedes deliberations and debates. Occasionally, MMS swears that ‘we are not influenced by external pressures’ (obviously such averments come when he himself finds pressures unbearable!). If the democratic process is not put back on track, we are heading towards a dead end from where diversion to any side will be suicidal.


5 years ago

Achievements of Congress

First Achievement ...... FDI in Politics !

then .....

FDI in aviation,

FDI in Broadcast

FDI in Multi-brand Retail

FDI in Single -brand Retail

FDI in Insurance

FDI in Pension

Wife of Kingfisher employee commits suicide over salary woes

A suicide note purportedly written by the wife was recovered from the spot in which she spoke of being under financial stress due to non-payment of salary to her husband

New Delhi: The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband, reports PTI.
Susmita Chakarvarti (45), the wife of Manas Chakarvarti who is a ground staff in Kingfisher Airlines, was found hanging from the ceiling in her DDA flat in south-west Delhi's Manglapuri at around 1:30PM.
She was rushed to a nearby hospital where she was declared brought dead.
A suicide note purportedly written by her was recovered from the spot in which she spoke of being under financial stress due to non-payment of salary to her husband.
"In the note, she said that her husband has not got salary for the past four-five months and that she was unable to cope up with the situation," AK Ojha, Additional Commissioner of Police (South-West), told PTI.
The body has been sent for postmortem.



Dr Anantha K Ramdas

5 years ago

My apologies - I did not "enjoy" reading this article, but felt sad and depressed.

Whatever the reasons that caused her to take the extreme step, this kind of tragedy must stop.

I pray that she may rest in peace and all Kingfisher employees get their dues without any further delay.

US crackdown on online fraud schemes from India

According to the FTC, one group of individuals, are based in West Bengal and the other group operate from Rajasthan

Washington: Several online fraud schemes, mainly operating from India, that duped people in countries like the US, UK and Canada into paying to clean their computers of bogus virus infections, have been shut down by US authorities in a crackdown on so-called tech support scams, reports PTI.


At the request of the Federal Trade Commission (FTC), a US District Court Judge ordered a halt to six alleged tech support scams pending further hearings, and has frozen their assets.


The FTC charged that the operations 'mostly based in India' target English-speaking consumers in the US, Canada, Australia, Ireland, New Zealand, and Britain.


According to the FTC, five of the six used telemarketing boiler rooms to call consumers. The sixth lured consumers by placing ads with Google which appeared when consumers searched for their computer company's tech support telephone number.


The FTC cases targeted 14 corporate defendants and 17 individual defendants in 6 legal filings, Pecon Software Ltd, Finmaestros LLC, Zeal IT Solutions Pvt Ltd, Virtual PC Solutions, Lakshmi Infosoul Services Pvt Ltd, and PCCare247, Inc, and individual defendants in each of the cases; majority of whom are Indians and based in India.


"In these outrageous and disturbing cons you get a call from someone pretending to be from a major computer company who dupes you into thinking you have a virus on your computer.


"At one level, it's like a bad Bollywood movie, but at another level it's a ripoff of consumers," the FTC Chairman, Jon Leibowitz, said during a conference call.


According to the FTC, after getting the consumers on the phone, the telemarketers allegedly claimed they were affiliated with legitimate companies, including Dell, Microsoft, McAfee, and Norton, and told consumers they had detected malware that posed an imminent threat to their computers.


To demonstrate the need for immediate help, the scammers directed consumers to a utility area of their computer and falsely claimed that it demonstrated that the computer was infected.


The scammers then offered to rid the computer of malware for fees ranging from $49 to $450, FTC said.


When consumers agreed to pay the fee for fixing the "problems," the telemarketers directed them to a website to enter a code or download a software programme that allowed the scammers remote access to the consumers' computers.


Once the telemarketers took control of the consumers' computers, they "removed" the non-existent malware and downloaded otherwise free programmes, it said.


FTC papers filed with the court alleged that the scammers hoped to avoid detection by consumers and law enforcers by using virtual offices that were actually just mail-forwarding facilities, and by using 80 different domain names and 130 different phone numbers.


One group of individuals, according to the FTC, are based in the eastern Indian state of West Bengal; the other group of Indians charged operate from northwestern state of Rajasthan.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)