Companies & Sectors
PMO did not grant permission for Modi's photo for Jio ads
The Prime Minister's Office (PMO) did not grant permission to use the picture of Prime Minister Narendra Modi in print and electronic advertisements of the Reliance Jio, parliament was told on Thursday.
 
In a written reply in Rajya Sabha to a question by Samajwadi Party's Neeraj Shekhar, Minister of State for Information and Broadcasting Rajyavardhan Singh Rathore also admitted that it was aware that Reliance Jio used the Prime Minister's photographs in the advertisement. 
 
"Yes sir, the government was aware," said Rathore, adding that no permission was granted by PMO.
 
He added that the Directorate of Advertising and Visual Publicity (DAVP), a media unit of ministry, is the nodal agency for release of advertisement on the policies and programme of the government in various media vehicles, but "releases government advertisements only and does not release advertisements of any private body". 
 
As Shekhar sought to know about the actions taken against Jio, if permission was not taken in advance, Rathore replies that the necessary act, the Emblems and Names (prevention of improper use) Act 1950, is administered by the Ministry of Consumer Affairs, Food and Public Distribution. 
 
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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Long queues at banks as many ATMs shut in Bengaluru
With hundreds of ATMs shut after cash dried up in them by Thursday afternoon, thousands of people queued up at banks in the city to draw whatever amount they could get across the counters.
 
Barring a few ATMs of private banks and the State Bank of India (SBI) in some commercial and residential areas, most of other bank ATMs had no money.
 
"As more cash was required in the banks for withdrawal by their saving and current account holders on the month's first day for wages and contingencies, many of them could not replenish notes in their ATMs post-noon," admitted a bank union representative to IANS here.
 
With the acute shortage of new Rs 500 notes even a fortnight after the sudden demonetisation on November 8, most of the ATMs in the city and across Karnataka have been doling out the new Rs 2,000 notes or Rs 100 and Rs 50 notes up to Rs 2,500 daily for every debit or credit card holder.
 
"We had a tough time in giving even cash across the counters to our account holders as the supply from our treasury chest was 25 per cent (Rs 15 lakh) of our daily need of Rs 60 lakh. We had to literally ration the cash for each customer to ensure they don't go out empty-handed," lamented Karnataka Bank's branch manager Sadanand Kumar.
 
Though saving account holders are entitled to draw up to Rs 24,000 per week and current account holders up to Rs 50,000 a week, many of them were told come on Friday and Saturday to collect the remaining amount on priority as there was no enough cash to meet the demand.
 
In many state-run banks like Canara Bank's branch on Infantry Road in the city's central business district, several customers had to wait outside two hours as it ran out of cash and supply was delayed due to shortage at its treasury office.
 
"We had to restrict and regulate entry of customers into the branch to prevent crowding the premises and avoid any untoward incident due to heavy rush for withdrawals and as our ATM in the annex had to be shut for want of cash," said a bank official on the condition of anonymity.
 
Being the largest state-run bank with 200 branches and 2,000 ATMs across the city, SBI coped with the rush, as it had enough cash to distribute through its ATMs and counters despite long queues till 4 p.m.
 
"We have managed to serve about 10,000 customers till the closing hours in the branch with separate counters for withdrawals, deposits and senior citizens," said Srinivasa Rao, Senior Manager of SBI's Shivajinagar branch.
 
To meet the urgent needs of current account holders, including companies and commercial establishments, the bank had to rationalise withdrawals by saving account holders, as deposits were mostly of old Rs 500 and Rs 1,000 notes, which are invalid.
 
"Even our regular customers are not depositing enough Rs 100 and Rs 50 notes but Rs.2,000 notes. As a result, we are unable to rotate cash as before demonetisation. With the new Rs.500 notes in short-supply, we are forced to give Rs.20 and Rs.10 notes or coins for retail customers," added Rao.
 
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

MUKESH AGARWAL

3 days ago

Note Printing may also be delegated to SBI from RBI as Banks are piller for demonetisation and facing public comments for short supply of currency from RBI

12 Kerala treasuries cashless on salary-pension day
Thousands of people were left standing outside treasuries and banks in Kerala on Friday - the first salary-pension day after the November 8 demonetisation, as 12 state treasuries remained cashless till the close of working hours (6 p.m.), said a Minister.
 
State Finance Minister Thomas Issac, in Friday night press release reiterated that there was no financial crunch -- rather the crunch was of currency.
 
Despite that, there were no reports of any untoward incident, he said.
 
"Banks did not have the required money to disburse. At the close of working hours, 12 state treasuries were unable to disburse money as cash did not arrive. In 42 treasuries till 11.30 a.m., no money was received and in 10 money arrived only afternoon. Today what the treasuries received was Rs 111 crore," said Issac.
 
There are 157 banking treasuries in the state.
 
While the ATMs have a ceiling of Rs 2,000, the withdrawal limit in treasuries and banks were fixed at Rs 24,000 a week and hence the rush was less at ATMs.
 
As a precautionary measure, additional police force was deployed in front of several banks and treasuries across the state.
 
At Kasargode, due to shortage of currency, many who came to the treasury could get only Rs 10,000 as the available cash was much less than what was required.
 
Issac also slammed Prime Minister Narendra Modi for the ban on high value currency that created a cash crisis across the country, citing a report of the Centre for Monitoring of Indian Economy that has observed that the total cost of the demonetisation exercise will cost the exchequer Rs 128,000 lakh crore.
 
"It includes the collection of old notes, printing and distribution of new currency and the opportunity cost. When you look at what was the gain -- it is more or less around the cost incurred,
 
"So why put people into trouble," he asked.
 
"I am here since 8.30 a.m. and the treasury office was already full by then and am still waiting like everyone else," said a pensioner waiting for his turn to withdraw money.
 
"On Wednesday, I tried to get some money from my bank account, but after getting a token, I was told there was no currency, hence I had to return," he added.
 
In Kerala's commercial capital Kochi, the scene was much the same with people -- mostly pensioners -- queuing up in front of treasuries and banks.
 
"We are told that the treasury will have extended working hours and will function till 6 p.m. Despite suffering on account of Modi's new directives, I fully endorse this scheme," said a pensioner waiting patiently for his turn to withdraw money.
 
He said he hoped that things would get better in the days, weeks and months to come.
 
State Bharatiya Janata Party leader J.R. Padmakumar, however, alleged that there was a secret understanding between Issac and RBI officials.
 
"We suspect that there is some secret understanding between the officials of the RBI and Issac to create an artificial crisis, just to play spoilsport to an excellent programme to give the economy a boost," he said.
 
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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