Technology
Prabhu launches new IRCTC Rail Connect app
 In a bid to promote ease of ticketing through digital transactions, Railway Minister Suresh Prabhu on Tuesday released the new passenger mobile application named 'IRCTC Rail Connect app'.
 
"Currently e-ticketing system caters to over 10 lakh passengers daily (comprising 58 per cent of total reserved passengers). And to increase the ease to users, a new Android-based mobile application for reserved booking IRCTC Rail Connect has been developed," Prabhu told reporters here.
 
Further, Prabhu inaugurated many non-fare initiatives and IRCTC mobile apps.
 
Explaining about the new mobile IRCTC app, Prabhu said: "Rail Connect has been developed to bring the power of next generation e-ticketing system like high performance and enhanced security."
 
The new mobile-based application will replace the old existing IRCTC connect app. 
 
According to the Minister, the new application has features like 24/7 service with no time based checks, synchronisation of mobile app with NGET (Next Generation e-Ticketing) for ticket booking, simple and easy user interface and supports general, ladies, Tatkal and Premium-Tatkal quota.
 
The new application sports other features like advanced security of self-assigned PIN (Personal identification number) to login without entering username and password on each login.
 
Prabhu pointed-out that a new user registration and activation can now be directly done through the IRCTC Rail Connect.
 
The minister further said that the new application will be integrated with IRCTC e-wallet for faster and hassle free transactions.
 
"Through IRCTC Rail Connect app users can view and cancel old mobile app tickets also. The new app will provide payment gateway to over 40 banks to facilitate payments through net Banking, credit or debit cards and wallets like Paytm, PayU, Mobikwik," Prabhu informed.
 
"The IRCTC Rail Connect will also be inter-connected with IRCTC AIR, Food on Track mobile apps to facilitate booking of air tickets and food through e-catering."
 
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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Indian economy suffering after note ban: New York Times
The Indian economy is suffering following demonetisation and a shortage of cash made life increasingly difficult for Indians, the New York Times has said.
 
Saying the scrapping of Rs 500 and Rs 1,000 notes "was atrociously planned and executed", the daily said in an editorial on Monday that there was little evidence that it had checked corruption.
 
"Two months after the Indian government abruptly decided to swap the most widely used currency notes for new bills, the economy is suffering," the Times said. 
 
"The manufacturing sector is contracting; real estate and car sales are down; and farm workers, shopkeepers and other Indians report that a shortage of cash has made life increasingly difficult," it said.
 
Prime Minister Narendra Modi announced on November 8 that the high value currency that made up 86 per cent of all currency in circulation could no longer be used in most transactions and would be replaced by new 500 and 2,000 rupee notes.
 
Modi said this was necessary to combat corruption, black money and terror funding.
 
"But the swap was atrociously planned and executed. Indians had to line up for hours outside banks to deposit and withdraw cash," the daily noted. 
 
"New notes have been in short supply because the government did not print enough of them in advance. The cash crunch has been worst in small towns and rural areas. 
 
"The amount of cash in circulation fell by nearly half, from 17.7 trillion rupees ($260 billion) on November 4 to 9.2 trillion ($135 billion) on December 23, according to the Reserve Bank of India.
 
"No economy can lose that much currency in a few weeks without creating major hardship - certainly not one like that of India, where cash is used for about 98 per cent of consumer transactions by volume. 
 
"And while a growing number of people have debit cards and cellphones that can be used to transfer money, most merchants are not set up to accept such electronic payments," the Times said.
 
The editorial said "there is little evidence that the currency swap has succeeded in combating corruption or that it will forestall future bad behaviour once more cash becomes available". 
 
The government had said that people bringing more than Rs 250,000 of the old notes to banks would have to show that they had paid taxes owed on the money. 
 
"Because of those rules, officials had expected that a lot of black money would never make it back to banks. 
 
"Yet news outlets are reporting that Indians have successfully deposited the vast majority of old notes. That suggests that either there wasn't as much black money out there as the government claimed or that tax cheats found a way to deposit their hoards of cash without attracting the government's attention, perhaps with the help of money launderers.
 
"Many Indians have said that they are willing to tolerate some pain in the fight against corruption. 
 
"But their patience won't last if the cash crunch continues and the swap does little to reduce corruption and tax evasion, as many economists predict," the daily 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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COMMENTS

Govinda Warrier

1 week ago

It is really intriguing that enlightened media is making observations like: ""Yet news outlets are reporting that Indians have successfully deposited the vast majority of old notes. That suggests that either there wasn't as much black money out there as the government claimed or that tax cheats found a way to deposit their hoards of cash without attracting the government's attention, perhaps with the help of money launderers." Perhaps, in US bank deposits are net of tax payable. If that is the case, India is far behind. There is no TDS when a deposit is made.

Anil Kumar

1 week ago

I partly agree with NYT observations, but their is other side of coin e.g. hawala, fake currency which was feed for terrorism etc. But, of course people are facing problems due to demonitisation.

SRINIVAS SHENOY

1 week ago

I hope the government is firm in its resolve to root out corruption and black money, and fight against corruption and black money is not just a political gimmick. I feel it should set
an example to the citizens, by cleaning its stable first.

Nifty has to close above 8,300 to head higher - Tuesday closing report
Hopes of positive third- quarter results, along with expectations on more spending support from the upcoming Union Budget and a strengthened rupee lifted the Indian equity markets on Tuesday. Healthy buying was witnessed in the automobile, capital goods and metal stocks. The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 52.55 points or 0.64% to 8,288.60 points. The Sensex touched a high of 26,914.95 points and a low of 26,804.17 points during the intra-day trade.
 
The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
The BSE market breadth was tilted in favour of the bulls - with 1,668 advances and 1,146 declines. In the Nifty500 index, 313 stocks closed in the green, while 180 settled below the neutral line. On Monday, profit-booking, coupled with rupee depreciation subdued the Indian equities markets.
 
In the broader market, the BSE Midcap and BSE Smallcap outperformed the headline indices and added 0.8%, and 0.7%, respectively. Meanwhile, eight sugar stocks hit their respective 52-week highs on the BSE with heavy volumes. BSE Metal and BSE Industrials were the top performers with the indices gaining by 1.42% and 1.57%.
 
Engineers India (EIL) added 2.8% to Rs157 after the company said it has received a project worth Rs2,500 crore from the state-owned oil marketing company Hindustan Petroleum Corporation (HPCL) for execution of Vizag Refinery Modernization Project (VRMP).
 
IndusInd bank declared results today beating street estimates. The stock closed at Rs1160.70 with marginal gain of 0.13%.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
Britain's FTSE 100 continued its climb to record highs on Tuesday while Europe's top benchmark failed to hold early gains with financials the biggest drag. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.5%, but Japan's Nikkei resumed its declines, closing down 0.8% as the yen strengthened. China's CSI 300 was little changed, largely shrugging off further signs of improvement in the industrial sector. 
 
The closing values of the major Asian indices are given in the table below:
 
 
 

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