Citizens' Issues
CBI arrests FTIL's Jignesh Shah
The CBI on Tuesday arrested Financial Technologies of India Ltd founder-owner Jignesh Shah and carried out raids at nine locations including his offices and home, an official said here.
 
The action is part of an ongoing investigation and the Central Bureau of Investigation said it has recovered incriminating documents pertaining to shares transfer by private companies, FDRs, and purchase of assets which are being scrutinized.
 
According to media reports, the move came after CBI searches at nine locations, including the premises of Shah, FTIL, MCX, senior SEBI officials --Executive Director Muralidhar Rao, DGM Rajesh Dangeti and AGM Vishakha More-- and a former Executive Director of SEBI, J N Gupta, in connection with the case registered two years ago.

In a regulatory filing, MCX says the CBI search is going on in respect of recognition granted by SEBI to Metropolitan Stock Exchange of India Ltd (formerly known as MCX Stock Exchange Ltd) for starting its stock exchange in trading in currency and other segments in respect of case no. RC 9/E/2014".
 
The CBI action comes barely two months after the Economic Offences Wing of Mumbai attached FTIL's assets worth over Rs7,000 crore on July 24.
 
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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WhatsApp draws criticism for passing users' information to Facebook
As the deadline to opt out of the new WhatsApp privacy policy which allows users' information to be shared with its parent company Facebook expires on September 25, the move has come for criticism from all quarters.
 
The Federation of German Consumer Organizations (vzbv) has now threatened legal action against WhatsApp for passing on user information such as telephone numbers to Facebook.
 
"When Facebook took over WhatsApp in 2014, it pledged that the WhatsApp service would remain independent. Consumers trusted that their information would remain with WhatsApp alone and that no information would be transferred to Facebook. Their trust was broken," the consumer watchdog said in a statement on Tuesday. 
 
According to The Local.de, it has given WhatsApp until Wednesday to issue a declaration that it will not implement the changes to user terms. 
 
If it fails to do so, the vzbv will begin legal proceedings against the firm.
 
"We are extremely concerned about this insidious trend: consumers are losing step by step the ownership of their data. Their private sphere is in danger," the consumer watchdog's statement read.
 
According to WhatsApp, data-sharing is to the advantage of the user as they will see advertisements from companies they have already been in contact with rather than from ones they have never heard of, the report added.
 
The Delhi High Court has also sought a response from WhatsApp on a petition against the popular messaging app's decision to share users' data with Facebook.
 
A division bench of Chief Justice G. Rohini and Sangita Dhingra Sehgal asked WhatsApp to file its response on the plea filed by Delhi-based users who raised concerns over the security of their data shared using the app. 
 
The bench asked WhatsApp to explain the facts about the issue before September 21, the next date of hearing.
 
On August 25, WhatsApp made extensive changes to its privacy policy. Under the new norm, it announced it would and could share users' personal information, including their phone numbers, with its parent company Facebook.
 
WhatsApp had given its users a 30-day period to opt out of the new privacy policy which expires on September 25.
 
"After you agree to our updated Terms of Service and Privacy Policy, you will have an additional 30 days to make this choice by going to Settings > Account > Share my account info in the app," WhatsApp said on its website. 
 
"If you do not want your account information shared with Facebook to improve your Facebook ads and products experiences, you can uncheck the box or toggle the control," 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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Moody's expects India's growth to top 7.7% this fiscal
Listing budget targets, private investment and bank liabilities as the main challenges for India, Moody's has projected India's gross value added (GVA) growth to rise to 7.7% this fiscal with mixed trend in inflation.
 
At a press conference here, Marie Diron, Senior Vice President with Moody's Sovereign Group, saw India's credit rating materialising in the medium term based on reforms, which could potentially stabilise the macro-economic environment that is conducive to fiscal consolidation. 
 
"In the nearer term, challenging budget targets could lead to significant spending cuts late in the fiscal, especially since in the first four months of the fiscal year, 74% of the whole year's budget target has already been reached," Moody's Investors Service said.
 
Besides Diron, the press conference was addressed by Aditi Nayar, Senior Economist with ICRA, an affiliate of Moody's in India, who expected the country's growth-inflation dynamics to display mixed trends during the current fiscal.
 
"Specifically, growth of GVA (gross value added) at basic prices is set to improve to 7.7% from 7.2% in FY2016 on the back of domestic consumption demand, amid a hardening of CPI inflation to an average of 5.1% from 4.9% over the same period," she added.
 
Gross value added as opposed to gross domestic product is considered a better measure of economic performance as it excludes taxes and subsidies while calculating a country's output.
 
According to Moody's, some measures, if effectively implemented, can push India's growth, notably an easing of restrictions on foreign direct investment to foster productivity, bankruptcy law for enhancing investor confidence and measures aimed at ease of doing business.
 
"However, these reforms will ease rather than remove some of the hurdles to robust and sustained investment, and therefore growth in India. In the nearer term, private investment will remain weak as corporates in investment-intensive sectors are burdened by elevated debt," it said. 
 
The economy will also remain vulnerable to monsoon rains due to partial crop irrigation and slow progress in creating food storage and transport infrastructure. Infrastructure will continue to constrain investment, and foreign investment can't make up domestic investment, it added.
 
"Structural hurdles will continue to constrain private sector investment and growth, and banking sector will continue to pose contingent liability risks to the government over the near to medium term," it said.
 
The agency advocated a multi-pronged, but step-wise approach, to reforms to ensure stable, robust growth, moderate inflation and narrower budget deficits. It also expected the monetary policy to focus on containing inflation, and said this was a credit positive for India.
 
"In terms of the monetary policy framework, the Government of India has notified retail inflation target of 4%, within a tolerance band of 2%-6% until March 2021. Such a scenario would help to anchor inflationary expectations," said Diron.
 
Speaking about the shift to a pan-India goods and service tax regime, Moody's said this will only enhance revenue collection for the government over time, through better tax compliance and higher profits, as businesses save on tax administration costs.
 
The agency said banking sector risk will also remain a constraint on India's sovereign ratings.
 
"While bad asset recognition is a first step, the measure does not strengthen the resilience of banks, and therefore does not reduce the contingent liability risks for the sovereign," it said in a statement issued at the conference. 
 
"Moody's estimates that fiscal costs of equity injections in public sector banks are manageable, although they are larger than currently budgeted and will add to the government's challenge in meeting its fiscal targets."
 
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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