Economy
Highlights of budget-related decisions of India's Cabinet
The following are the highlights and implications of the three budget-related decisions taken by the Union Cabinet at a meeting presided over by Prime Minister Narendra Modi on Wednesday:
 
Merger of Railway Budget with the General Budget:
 
- Distinct identity of Indian Railways will continue as a departmentally-run commercial unit
 
- Functional autonomy and financial powers will be retained by the Railways
 
- Railways will continue to meet their revenue expenditure from revenue receipts
 
- Railways will no longer pay dividend to the government totalling Rs 9,700 crore
 
- The merged budget will help present a holistic picture of government's financial position
 
- It will cut legislative and procedural requirements.
 
Advancement of the Budget presentation:
 
- Advancement of budget will help complete related legislative business before March 31
 
- It will enable better planning and execution of schemes from the beginning of a fiscal year
 
- This will preclude the need for vote on account by the Lok Sabha
 
- It will enable the implementation of legislative changes in tax laws from the beginning of a fiscal
 
Merger of plan and non-plan classification of budget:
 
- Earmarking of funds for the Sscheudled Castes, the Scheduled Tribes and related subjects will continue
 
- Plan and non-plan expenditure distinction had led to fragmented view of resource allocation to various schemes
 
- It was becoming increasingly difficult to ascertain the cost of delivering a service and to link outlays with outcomes.
 
- The focus on plan expenditure had led to a neglect of expenditures on maintenance of assets and for providing essential social services.
 
- The merger is expected to provide corporate-style budgetary framework having a focus on revenues and capital expenditure.
 
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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Sensex, Nifty await Fed actions – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex might rally a bit. The major indices of the Indian stock markets were range-bound on Wednesday and ended flat compared to Tuesday’s close. NSE trading volumes were on the lower side. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Indian equity markets succumbed to profit booking to close the day's trade on a flat note on Wednesday. Selling pressure was witnessed in FMCG and banking stocks. The markets were largely positive as hopes of a rate-hike turned down in the US Fed meet enhanced the risk-taking appetite, according to market analysts. However, investors were not willing to push prices higher as caution still prevails ahead of the FOMC's final decision. The Bank of Japan (BoJ) decision (to keep its policy balance rates unchanged) did not have much impact on the domestic markets. Initially on Wednesday, the benchmark indices opened on a flat-to-positive note on the back of positive Asian markets. The CNX Nifty traded with firm sentiments on buying support from traders. Most IT stocks traded firm on recovery in USD/INR futures. Auto and oil-gas stocks also traded with firm sentiments. On the NSE, there were 731 advances, 725 declines and 67 unchanged. The BSE market breadth was tilted in favour of the bulls -- with 1,413 advances and 1,314 declines.
 
The Bank of Japan (BOJ) unveiled its new policy framework on Wednesday, saying it will keep its negative policy rate at minus 0.1% while modifying the framework of its bond-buying programme to guide long-term rate at around 0%. The BOJ said it will continue to expand the monetary base until consumer prices exceed two percent in a stable way. The Japanese central bank concluded a two-day Policy Board meeting on Wednesday dedicated to having a "comprehensive assessment" of its monetary easing steps in an effort to achieve a 2% inflation goal.
 
Adani Green Energy (Tamil Nadu) Ltd on Wednesday dedicated its 648MW solar power project in the state to the nation, the company said. In a statement issued here, Adani Green Energy said it has dedicated the world's largest solar power plant at a single location of 648MW set up in Kamuthi, Ramanathupuram district. Adani Power closed at Rs27.70, down 0.72% on the BSE.
 
Coal India Ltd (CIL), which produces 84% of country's coal output, "needs to step up to a double digit growth rate from that of around 9% achieved during 2015-16" to meet its production targets, company Chairman Sutirtha Bhattacharya said on Wednesday. "Going forward, in order to meet the production targets, Coal India needs to step up to a double digit growth rate from that of around 9% achieved during FY 2016...during the first four months of FY 2017, Coal India's production growth was more than 6 million tonnes (mt) over the same period last year," he said while addressing shareholders at the company's 42nd Annual General Meeting. Coal India closed at Rs330.10, up 0.21% on the BSE.
 
E-commerce platform Flipkart on Wednesday announced the registration of 100 million customer users -- making it the first online marketplace in India to reach this milestone. This landmark was crossed just six months after hitting the 75 million registered users mark in March 2016. Flipkart's registered customer base stands at around 63% of entire wireless and wireline broadband connections in India, the company said in a statement. 
 
With an aim to boost digital transformation, HCL Technologies will increase investment on SMAC (Social, Mobility, Analytics, Cloud) -- especially Cloud -- in next couple of years, a top company executive has said. "Currently, 60% of our IT budget is focused on SMAC. It will go up to 80-90 per cent of total IT spend by 2019-20," Manoj Kumbhat, CIO of HCL Technologies, told IANS on Tuesday on the sidelines of the ongoing Oracle OpenWorld (OOW) 2016 conference. "As we aim to become a $10 billion company by 2020, total IT investment on SMAC will go up significantly and Cloud gives tremendous flexibility for scaling up," Kumbhat said. Moving towards digital transformation, he said the company will shut down four of its six data centres in India in next three-four years. "We are not investing in data centres anymore. Currently, we have six data centres in the country. By 2019-20, we will keep only two data centres as we move towards Cloud services," Kumbhat noted. HCL Technologies closed at Rs787.00, down 0.66% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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QNet: Supreme Court rejects anticipatory bail applications of five including Michael Ferreira, Suresh Thimiri
The Supreme Court on Wednesday rejected anticipatory bail applications of five accused in the multi-crore QNet scam. This includes, Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct Selling (India) Pvt Ltd, Suresh Thimiri, director of Transview Enterprises India Pvt Ltd, Malcolm Nozer Desai, who is a 20% stakeholder in Vihaan and Michael Joseph Ferreira, former world champion of billiards and an 80% stakeholder in Vihaan.
 
While accepting Maharashtra's standing council Nishant Khatneshwarkar's argument that the accused have failed to join the investigation and the charges are serious, a bench headed by Justice PC Ghose directed the five to surrender within a week.
 
Earlier in May, the Bombay High Court had also rejected bail plea of these five associates of QNet. While rejecting anticipatory bail applications of five accused the HC had observed that "the deceit and fraud is camouflaged under the name of e-marketing and business". This scheme is undoubtedly a multi-level marketing (MLM) activity and a pyramid structure of such scheme is prepared so that the members are promised to get money on purchase and sale of products, the Court had said.
 
In a hard-hitting order on 6 May 2016, Justice Mridula Bhatkar of the Bombay HC had said, "The motto of the company (QNet) 'sell more, earn more' appears very attractive and innocuous. However, this motto is fully camouflaged. The company stands on a basic statement that people can be fooled. Thus, the true motto is 'sell more earn more' by fooling people. In fact it is a chain where a person is fooled and then he is trained to fool others to earn money. For that purpose, workshops are conducted where study and business material is provided with a jugglery of words, promises and dreams. Thus, the deceit and fraud is camouflaged under the name of e-­marketing and business."
 
"It has very grave and serious impact on the economic status and mental health of the people on a large scale. On considering parameters of section 438 of the Code of Criminal Procedure, I am not inclined to protect the accused. It won't be out of place to mention that such circulation is required to be stopped. It is necessary for the prosecution to take injunctive steps against this business activity, which is prima facie, illegal. Though by stopping this business, a large group of people may get financially affected, however, it will save larger groups of people from becoming prey of this activity," the Bombay HC said. 
 
"I have gone through the plan which is given by QNet to every individual representative (IR)," Justice Bhatkar had said. "I have gone through the statements of many witnesses, who claimed that they have been cheated under the scheme launched by QNet. I have also considered the conclusive report of Serious Fraud Investigation Agency (SFIO) under the Company Act) SFIO Prima facie, there is material to hold that the business conducted by Qnet is covered under PCMC Act and also under Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954."
 
"However," the Bench added, "the things are not as straight as they are perceived on the surface. Assuming that the scheme was launched with a noble object to give benefit to maximum people to make money quickly and easily by selling products of the company, however, after going through the material placed before me including the statements of the witnesses, I am of the view that in the mid­way, the intention of the applicants/ accused, who are the directors and shareholders of the company, became dubious. They had knowledge that more members are suffering financial losses and they are not satisfied with the products. The claim that the wellness products i.e., Biodisk and Chi Pendent are medicinal and spiritual products, are after all, a matter of faith. However, the applicants/ accused have launched these wellness products with ulterior motive and with correct judgment of vulnerability of the people. The holiday packages, which were sold or offered, without any choice left to the buyers. The entire business was Internet based and, therefore, the persons who are responsible i.e., the top brass i.e., the applicants/ accused, were not approachable to the persons who were aggrieved. The nature of the business was knitted in the interest of the Directors and shareholders in such a manner that the persons who are at the lower level of the pyramid cannot get any access to put up their grievances. The manner in which the persons were contacted, incentives offered, the workshops were conducted, are best examples of inducement."
 
 
Before that in February 2016, the special Maharashtra Protection of Interest of Depositors (MPID) Court had also rejected anticipatory bail applications of these five. The Economic Offences Wing (EOW) of Mumbai Police, which is probing the case, had invoked the stringent MPID Act against controversial multi-level marketing (MLM) company QNet, which has denied any wrongdoing on its part.
 
Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. 
 
While arguing before the HC in person, he had contended that the illegal money circulation scheme is being conducted in India by changing names from GoldQuest to QuestNet to the current QNet.
 
Earlier, the SFIO in its detailed ‘secret’ report on GoldQuest International Pvt Ltd and Quest Enterprises India Pvt Ltd has called multi-level marketing (MLM) schemes run by overseas operators as “a potential threat to national security”. 
 
While investigating GoldQuest and QuestNet (previous avatars of QNet), the agency said twice it was provided wrong and fabricated data from the MLM operators. “The investigation did extensive and meticulous data analysis and has brought out clear cut falsification of accounts as both these data referred as old and new data do not match with the figures of the balance sheet. It seems the company has been paying the top of the pyramid promoters (TOPPs) by way of showing as the payments of commissions and getting the money from them apart from also making false entries in the payment of commissions. To avoid detection, the company has tried to mislead the investigations by playing with the data. Thus, the companies are not only conducting an illegal business contumaciously but are also keeping and submitting falsified documents to the regulatory agencies. Their business operations and conduct are thus totally unfair and prejudicial to the public interest. They are also a potential threat to national security as this scheme as well as such types of illegal schemes (eg. SpeakAsia) are being run by overseas operators…,” the SFIO report (seen by Moneylife) says.
 
QNet, the controversial, Hong Kong-based operator uses multiple names for its MLM scheme and GoldQuest, QuestNet, QNet, QI Ltd and QI group are some of its better known names.
 
In February 2014, the ED registered a case under the prevention of money laundering act (PMLA) against QNet, Vihaan Direct Selling, Ferreira and QNet founder Vijay Eswaran and three other independent representatives (IRs) of the MLM operator.
 
According to Gurupreet Singh Anand, the MLM scam may have cost the country about Rs7,000 crore since the money is being remitted abroad.
 

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COMMENTS

jitu moni

2 months ago

http://www.mid-day.com/articles/qnet-case-scam-mumbai-news-mumbai-airport-arrest-eow-aditi-mitra/18084164
The Economic Offences Wing (EOW) of the city police arrested a woman in her early 30s on Thursday for her active involvement in the multi-crore QNet scam. The total number of arrested accused has now reached 47, which includes Billiards champion and Padma Bhushan recipient Michael Ferreira.
In the Rs 1,000-crore scam of Hong Kong-based company QNet, nearly 5 lakh investors across the country were duped. QNet has been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

QNet posed as a marketing firm selling bio-discs, watches, herbal products, holiday packages, etc. It also claimed that by using the bio-disc, one could cure cancer and brain diseases, the police said.
Too much baggage
Accused Aditi Mitra was intercepted at the Chhatrapati Shivaji International Airport, and subsequently, arrested based on the lookout circular that had been issued against her.

Assistant commissioner of police Arun Jadhav confirmed her arrest said she was sent to police custody till March 23.
Mitra was allegedly trying to flee to Dubai for good. She was carrying eight big bags and two handbags. Of the eight, two contained her belongings; she refused to say what was in the other six, sources said.

Mitra, an independent representative associated with QNet, had been getting hefty commissions in return. She has multiple bank accounts, with one alone having Rs 25 lakh, as EOW officials found, adding that all her bank accounts have been frozen.

Active player
Investigators found that on the instructions of the other accused, Mitra was actively involved in the scam. She had brainwashed victims in order to induce them to invest in the scheme,” said special public prosecutor Pradip Gharat.

A victim, Sewri resident Arpita Majarekar, said, “She would conduct welcome sessions in malls and trap people with her sweet talk.

She had promised me and many others that if we invested in the scheme, we would get double the amount in three years.” Majarekar, who works in a private firm in Andheri, had invested nearly Rs 12.5 lakh in the scheme through Mitra.

She has been booked under relevant sections of the Maharashtra Protection of Interest of Depositors in Financial Establishments Act, Prize, Chits and Money Circulation Schemes (Banning) Act, and the Indian Penal Code.

gurupreet

4 months ago

QNET VICTIMS please beware of this shady character one Mr. Rafiq whose posing as an "High Court Advocate & RTI Activist" at various online web sites.

This guy is a sweet talker and will promise you refund from QNET if you appoint him as an advocate, he is doing nothing but cheating your further...here is his modus operandi...

He also claims to be behind several actions that have been taken place by mumbai police and FFVA but the FACT remains that he has nothing to do with any of these actions being taken all over India.

He will convince victims to appoint him as an ADVOCATE and thereafter tell victims to deposit Rs 50,000 in various bank accounts to show that he has been apponited.

He will promise that he will return back the money after showing that to QNET office but the FACT remains that after the money is transferred he will stop recieving your calls and vanish .

We have recieved multiple complaints against this FRAUD, please BEWARE you all have already been cheated dont get cheated again.

For your REFUNDS only follow the correct and LEGAL way to get your refunds along with compensation, for more info do drop us a email at [email protected]

FFVA i.e Financial Frauds Victims Association has been formed to help and provide legal aid to victims of QNET SCAM.

http://www.mid-day.com/articles/qnet-forms-financial-fraud-victims-forum-scam-gurupreet-singh-anand/17659179

Please stay away from crooks and fight for your legal rights in correct and proper way.

Regards
Gurupreet

Ravi Panjwani

8 months ago

I have lost 1.45 Lacs. Even after sending Several Emails to Evasin & other email ids The indian email ID rekha.mary sends an automated Copy Paste Reply & I have even filed A Complaint But I dont see any action as yet.

Thanks

Rajendra Ganatra

8 months ago

Great news. I had chanced to attend a mega promotional event of QNet at Shanmukhanand Hall a few years ago, at the instance of my friend. It was a rotten & deceptive affair. I applaud Moneylife for the successful campaign against these crooks.

Vaibhav Dhoka

8 months ago

Kotak Securities Ltd duped me in similar manner to the tune of 20 lakhs by appointing franchisee against SEBI's directive .The franchisee's office worked under board of Kotak Sec.Ltd.It accepted delivery slips. Opened demat account and KSL cheated me to tune of 20 lakhs and in investigation disowned franchisee.This is haw corrupt practices goes on in SEBI and on bourses. That is why SEBI Employees’ Association expresses concern over CBI raids are afraid off. Pune police knowing well fraud and cheating took place threw ball in SEBI's net.There is no dearth of tiny frauds at SEBI,NSE BSE and police inaction is well known.The less we talk of getting justice from courts is better as our judiciary is famous for delayed justice which is mockery for individuals.The mightier wins became truth as Kotak Sec.Ltd is mightier and could manage police SEBI,NSE,BSE officials.

atul gupta

8 months ago


Be ready to fight against QNET/VIHAAN and all your uplines including friend.
Find QNET REFUND PROCESS and COMPLAINT AGAINST QNET procedure as below.
1st Option
If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
1. Get your IR ID and products receipts first. Both will come to your mail box once your upline register your email id on portal. If email id is given wrong by your friend/upline then first send email to Qnet customer support with copy of Pan Card and ask them to update your email id first. Qnet will confirm you updation of your email id. Then call Qnet support and ask your product purchase details.
2. Send a cancellation mail for both products and IR ID to the support team of QNET with a subject line as "REFUND IN****" provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
3.Once this mail is sent, the support team will create a CRF number and send to Hong Kong team for approvals for the refund request. It will take 20-30 working days for the refund to be processed by Qnet.
4.Meanwhile, mail them or call them on every alternative days for an update. QNET Numbers are :
9900060061,62,64,68-Veronika
9900060605,9148149320Jasvinder
5.Once Refund request is completed ,they ask for the mode of payment. Better go for Money transfer to your account, then you have to send a scanned copy of your cancelled account cheque leaf or bank statement.
6.After 20 working days, you will get your money refunded of the product to your bank account.
7.Rest of money left , you collect from your upline by filing complaint in local police station.

2nd Option
pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after 30 days are over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money. Please whatsapp me at 9871853120 only if any confusion.

atul gupta

8 months ago

Madras High Court in 2005 declared MLM as illegal business. Qnet previously known as Goldquest and Questnet have been declared fraudulent companies by SFIO and Parliament of India. Qnet founder Vijay Eswaran is an accused in fraud Goldquest case filed by Chennai police in 2008. MPID Act have been imposed on Qnet and Bombay High Court has declared it as nothing but money circulation as per PCMS Act. Enforcement Directorate has registered a case and Economic Offenses Wing Mumbai has arrested few leaders like Ram Singh of Qnet Infiniti group. Lookout circular issued against Infiniti leaders like Sachin Gupta, Kavita, Sharfun Shaikh, who have fled to places like Dubai. CERT has blocked Qnet websites under Court’s order. CB-CBI of Andhra Pradesh shut down Questnet and case is going on in court. Govt of Andhra Pradesh has passed order for attachment of properties of Questnet. Questnet MD Pushpam Appalanaidu has been arrested. Michael Ferriera of Team Faith and shareholder of Vihaan Direct Selling, a franchise of Qnet have been denied anticipatory bail by High Court. Maharashtra CM has assured enquiry into Qnet operations. Now case has reached in supreme court and I am sure that after rejection of anticipatory bail finally from Supreme Court Vihaan Directors and Michael ferreira along with suresh thimri will go to jail. In India Qnet IR are duping and looting people on daily basis by using planned scripted way of showing their knowns and friends a business opportunity and chance to earn 5 crores in 5 years of project in partnership. They lure friends for investment from 3 lakh to 10 lakh to start business and after taking moneybuy products on online store of Qnet portal which are very expensive and useless products. Real purpose is not to sell products online but to induce new IR to indulge in chain business to trap more and more people for earning huge commissions through binary compensation plans. Even after cases going on Qnet in all over India still these agents are continuing this banned business of Qnet agressively.

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