MLM / Chain Money
MLM employees demand enactment of Central law

While there is no guarantee of a MLM company's survival, the AITUC want these companies to provide PF, gratuity and other benefits to their employees

 
New Delhi: Several employees of multi-level marketing firms staged a protest in the capital demanding enactment of a Central law which would identify and protect the interests of the genuine companies and employees working in the sector, reports PTI.
 
The workers under the aegis of the All India Trade Union Congress (AITUC) marched from Barakhamba to Jantar Mantar where they sat on a dharna.
 
Addressing the protesters, senior CPI leader Gurudas Dasgupta said, "There are more than 20 lakh employees working in the multi-level marketing sector and their number is bound to grow due to market competition." 
 
"However, the current working conditions that are provided to them by MNCs are very unsatisfactory. Income of multi-level marketing officials is very unreliable, where they have no stability or social security.
 
"We will fight to procure benefits like provident fund, maternity benefit for the marketing people by the companies," he added.
 
AITUC National Secretary Amarjeet Kaur alleged the high- power seven member inter-ministerial committee set up by the Ministry of Consumer Affairs with nominees from various ministries and the RBI does not have any employee representation.
 
"This lacuna will seriously affect the quality of the fact finding report which will recommend and finally be submitted to the government by 31st August. Therefore, we do hope that the government will take appropriate steps to consult all stakeholders," she said.
 

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COMMENTS

mohan

4 years ago

Good move by the Union

mohan

4 years ago

Good move by the Union

PSU banks' frauds nearly doubles to Rs3,799 crore in FY11

While CBI registered criminal cases involving Rs4,000 crore in 2011, cases regarding frauds worth Rs2,500 crore have already been registered from January to July this year  

 
New Delhi: Losses suffered by Indian public sector banks in frauds nearly doubled to Rs3,780 crore in 2010-11 over the previous year, Central Bureau of Investigation (CBI) chief AP Singh said, prompting the probe agency to work on a database of bank fraudsters, reports PTI.
 
Singh said on Tuesday the increasing amount of frauds in the banking sector is a 'disturbing factor'.
 
"Banks lost Rs2,017 crore due to frauds in 2009-10. This has seen a quantum jump (88%) in 2010-11, with the loss amount rising to Rs3,799 crore," he told the annual conference of Chief Vigilance Officers of public sector banks and financial institutions.
 
"While CBI's Bank Securities and Fraud Cell registered criminal cases involving Rs4,000 crore in 2011, cases regarding frauds worth Rs2,500 crore have already been registered from January to July this year," he said.
 
Singh said CBI is developing a 'Bank Case Information System' (BCIS) which contains names of accused persons, borrowers and public servants in its records.
 
"This information may also be made accessible to field functionaries of the banking sector in collaboration with the Indian Bank Association (IBA), once modalities are worked out," he said.
 
Delivering the keynote address at the conference, the CBI chief also said the agency would now probe only those bank fraud cases where loss is more than Rs three crore while those below it would be investigated by the state police.
 
"On the request of CBI, CVC has notified revised threshold limits for reporting bank fraud. CBI will now only register bank fraud cases involving loss of over Rs three crore. Frauds involving loss of below Rs three crore shall be reported to state police," he said.
 
Singh pointed out that the losses incurred by public sector banks and financial institutions clearly suggest that a better system of checks and balances is required to prevent such frauds.
 
He said existing loopholes need to be plugged, manuals updated and Standard Operating Procedures framed to ensure that lending and borrowing takes places in a healthy environment, free of fraud.
 
The CBI Director also raised the issue of according sanction of prosecution of accused officers concerned which gets delayed resulting in subsequent delay in probe for such cheating cases.
 

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RBI relaxes Kisan Credit repayment norms to help farmers fight drought

While modifying the KCC guidelines, RBI has removed the clause pertaining to mandatory repayment of loans by card holders within a year and gave freedom to banks to fix the repayment period

 
Mumbai: The Reserve Bank of India (RBI) has relaxed the repayment norms for Kisan Credit Cards (KCC) to help farmers tide over the difficult financial situation due to deficient monsoon, reports PTI.
 
While modifying the KCC guidelines, RBI has removed the clause pertaining to mandatory repayment of loans by card holders within a year and gave freedom to banks to fix the repayment period. The decision will benefit over 10 crore KCC holders.
 
"The repayment period may be fixed by banks as per the anticipated harvesting and marketing period for the crops for which a loan has been granted," the RBI notification said.
 
RBI's notification on KCC norms was issued a day after Finance Minister P Chidambaram expressed concern over the deficient monsoon and its impact on rural areas.
 
The notification further said that KCC could be also be used for making mandatory crop insurance, a facility which was not available earlier.
 
The KCC card holders, it added, will continue to have the option to withdraw money from ATMs and get benefits of Asset Insurance, Personal Accident Insurance Scheme and Health Insurance.
 
Chidambaram yesterday had said, "The South-West monsoon has been below expectation. Drought-like conditions have been reported from several states.
 
"It is the duty of the government to provide relief to the people living in drought affected districts, protect wage employment and save agticultural production to the extend possible".
 
He had also said that contingency plans were being put in place to help farmers replant alternate crops as well as supply drinking water and fodder.
 
Meanwhile, RBI Deputy Governor KC Chakrabarty told reporters in New Delhi that Indian lenders are resilient enough to weather the pressure on farm loans caused by drought like situation because of deficient monsoon.
 
"Whenever there is drought, there is a pressure (on farm loans). But we have sufficient rehabilitation measures so that banks can weather it out," he said.
 
Monsoon is the life-line of the agriculture sector as only 40% of the cultivable area is irrigated. Rain has been 20% lower during June-July, affecting kharif (summer) crops mainly coarse cereals and pulses.
 
Karnataka, Gujarat, Maharashtra and Rajasthan are facing drought-like situation.
 
Last week, Empowered Group of Ministers (EGoM) on drought had approved diesel subsidy of 50 per cent to farmers for saving standing crops, and a Rs2,000 crore package for states affected by drought-like situation.
 
The government had launched KCC Scheme in 1998-99 with a view to providing adequate and timely support from the banking system to the farmers for their cultivation needs including purchase of inputs in a flexible and cost effective manner.
 

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COMMENTS

Arun Kumar

4 years ago

same trubble facing himachal farmer

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