RBI governor hints at soft monetary policy

“We have always been mindful of growth concerns, contrary to popular perceptions,” RBI governor D Subbarao said adding “in fact, in our December statement we said that growth is a serious concern. So I think the balance between growth and inflation will shift in 2012”

New Delhi: Concerned over the declining growth, Reserve Bank of India (RBI) governor D Subbarao has indicated that the central bank could reverse the tight monetary stance adopted by it since March 2010 to tame inflation, reports PTI.

“From here on we could expect reversal of monetary tightening,” Mr Subbarao told BBC in an interview.

The RBI governor, however, added it was “difficult to say when that will take place and in what shape it will roll out”.

The central bank is scheduled to announce the monetary policy review on 24th January.

RBI has hiked key interest rate 13 times since March 2010 in its bid to check rising inflation, but it took a pause in its December monetary policy review.

Moderation in inflation witnessed in November-December has raised the hopes that RBI may start reducing key interest rate in its forthcoming credit policies.

Headline inflation dropped to 9.1% in November from 9.73% in the previous month, while as per the data food inflation has declined to 0.42%.

Mr Subbarao said that although inflation still remained a risk, the RBI was aware that it needed to boost growth amid an uncertain global economic environment.

“We have always been mindful of growth concerns, contrary to popular perceptions,” Mr Subbarao said adding “in fact, in our December statement we said that growth is a serious concern.

So I think the balance between growth and inflation will shift in 2012”.

While the high interest rate has helped in moderating inflation, the high cost of credit has taken its toll on the economic growth. The GDP slowed to 6.9% in the second quarter of 2011-12 from 7.7% in the previous quarter.

User

EOW sends Speak Asia computers, laptops, hard disks and CDs for forensic analysis

Forensic analysis of computers, laptops, hard disks and CDs seized from Speak Asia officials and associates would help revealing money and member trail of the MLM network

The Economic Offences Wings (EOW) of Mumbai Police, in continuation with its investigation into the multi crore Speak Asia scam, is scientifically analysing the company’s computers, hard disks, laptops and other material seized, to build a strong case against the multi-level marketing (MLM) company.
 
According to the sources close to the investigation, all the material such as computers, laptops, CDs, hard disks, seized during the arrest of the various officials and associates of Speak Asia, has been sent to the forensic laboratory for a scientific analysis. Though, the officer refused to name the laboratory, but said that the process is underway and would soon provide more clues.
 
“Since the data from the seized material would be analysed by experts, it would easier to understand the technicalities and hence it would help in investigation. Information related to Speak Asia members, employees, the money it collected from its panellists may also be revealed,” said the sources.

Computer forensics is examination of digital media in a forensically sound manner with the aim of identifying, preserving, recovering, analyzing and presenting facts and opinions about the information. It has been used in a number of high profile cases and is becoming widely accepted as reliable within court systems in several countries.
 
Speak Asia duped around 23 lakh investors to the tune of Rs2,000 crore. It promises a weekly income, merely on filling online survey forms. Initially the company paid the money to its panellists but stopped all the payments since May 2010. After complaints were lodged against the company, it came under the scrutiny of EOW, Mumbai.
 
Subsequently the investigating agency arrested Speak Asia’a chief operating officer (COO), Tarak Bajaypee and along with few other employees. Later, on 30th September, EOW arrested Speak Asia’s financial consultant Sanjeev Dandona and Nayan Khandor, a Mumbai-based Web designer responsible for designing e-surveys. It was revealed that the survey, which the company used to send to its panellist were designed in Mumbai itself and not in Singapore as claimed by Speak Asia.

Earlier Moneylife reported that EOW was investigating the money trail of Speak Asia as almost half of the money collected by the company Asia was transferred to Singapore, while the rest may still be in India. (http://www.moneylife.in/article/speak-asia-where-is-the-money/20601.html)

Currently, Manoj Kumar, the chief executive officer of the company, is absconding.

According to a news report, while it is being investigated in India, Speak Asia has been suspected to have resurfaced in Brazil under the new name “Mister Colibri”, which has a business model similar to Speak Asia and also lists Manoj Kumar as its largest investor.

User

COMMENTS

Money life eat shit

5 years ago

looks like your a jealous of Speak Asia, because once it starts its business as usual you'll will have to eat shit......and all this crap information displayed here will end in a waste of data storage space of highly stinking shit information, hope you'll shit of luck with all this garbage info and trust you'll will eat shit once done...happy eating shit life money life......

REPLY

P R Singh

In Reply to Money life eat shit 5 years ago

kuthe tu dede humare paise kamine

Basudeo Vyas

5 years ago

Moneylife People,
Your more than half popularity has already been destroyed due to this type of half cooked, whimsical and unsubstantiated reports. Related persons have all come to know the REAL facts and developements of SPEAKASIA through its Panelists' site aispa.com and that too on the daily basis. These type of false and baseless news only hampers your dignity and reducing your readership base. Believe me each of your findings and reporting is incorrect. You better know your motive but keep it in mind that public is not that fool which you presume. It will only be wiser on your part and for the (otherwise short life of) MONEYLIFE to either report after proper investigation of the case or keep mum. Avoid my advice to your own peril I suggest you.

DK MAURYA

5 years ago

TOTALLY BASELESS NEW GIVEN BY MONEY LIFE

JAI SPEAKASIA

vaishushah

5 years ago

dear sir,

without verification matter will be on but i sincerely request to the officer of eow
there must be a way to release the public money......

investigation is must...but please kindly look after the panelist u hadn't received the money from speakasia....

atleast u can help the people 12.5 lakh
they will be helpful to u


i would only request to eow that please let the public money should released ...

Samson

5 years ago

The following is a Chinese proverb (sorry, not Singaporean):

Laws are useless when men are pure, unenforceable when men are corrupt.

Sudhakar

5 years ago

Hey author, bored on your articles. Repeatedly same masalas. Please try to chase new coming and write with some spices and masalas.

Article says :
Though, the officer refused to name the laboratory, but said that the process is underway and would soon provide more clues.

Why ? Bcoz you will stand in the laboratory and beg for news.

Article says :
Speak Asia duped around 23 lakh investors to the tune of Rs2,000 crore.

Whether they duped or dubbed, your team earns good amount of revenue from google adsense but composing masala articles.

Article says :
Initially the company paid the money to its panellists but stopped all the payments since May 2010

Bcoz you and lot of others wanted to earn for few months through ad revenue in form of writing, but after jan feb 2012. You have right only about 2g. But make sure our tamil hero 2G Raja, Sonia G, Manmohan G will show slippers on your magazine and website.

Rest other stories, were old cut copy paste. Think differently like, Mr.Manoj credit cards are freezed, or, Somebody stole Petrol from the seized speakasia benz cars, or, moneylife is going deep indepth to understand the root map or speakaisa , or , AISPA president caught red handed while blogging in a internet cafe near mumbai etc...

Then see? your internet ad revenue will pick up like our business in speakasia. And users will also enjoy your imaginative comics.

Congrates cut copy paste author. Rather yours a bad article.

haseeb

5 years ago

Thanks for Money life article...
I think money life open their mouth only for EOW tell something... against speakasia...
we are the normal people who joined in speakasia.... Money life don't want to hear our opinion...
only 3 - 4 complaints filed against speakasia..... think this only 3 - 4 complaints came from 18 Lackh people ... and one of the complaint supreme court reject due to not presented by the complaited person while hearing on court....
Money life don't want to give supreme court hearing about speakasia case...
we all people still belive in speakasia...
speakasia is ready to pay their member...
the transactions was blocked by banks because of RBI instruction given to bank... You mentioned that company stopped payment..... what a fales information you have given here...
Why money life giving a false news like this...
And EOW only looks how to block company..... the elusive EOW made delay of the on going supreme court procedure by not presenting for 2 - 3 meetings .. that meeting was arranged by the supreme court , headed by Ex.Chief Justice Hon. Mr. RC.Lahoti'ji ...
company ready to pay us....
but the EOW want to block company..
still company fights for restarts its operation... we all people support speakasia....
Jai speakasia....
proud to be speakasian

REPLY

Samson

In Reply to haseeb 5 years ago

it is really surprising and shocking that there are people who are still proud to be called themselves speakasians !!

Are we living in such a corrupt world?

Sudhakar

In Reply to Samson 5 years ago

Samson, Yes you are right.

First email and invite Anna Hazarae, he will come and clean the corrupted areas by taking small amount of bribe.

We are very much proud in saying speakasian, why ? Its my family ? It had gave life to us once and will cont still the name exist.

And kindly dont compare with World, why bcoz you are living in a country and not around the world.

Samson

In Reply to Sudhakar 5 years ago

I believe that I am living in a country called India not in Singapore where you madam is living. Both these countries are not in Mars !

I have seen many comments before eulogizing Anna Hazare by two-tongued speakasians. Now you are saying he is also corrupt. True MLM men !!

Ashok Kumar Mishra

5 years ago

EOW तो घुस खा कर ये सब कर रहा है और मिडिया वाले भी कम नहीं उन्हें भी स्पिक एशिया का 7 महीने से फ्रोड ही दिख रहा है 20 लाख लोगों का दिकत नहीं इस जाँच की वजह से दो लोग की जान गई और कितने लोगों की जान जायगी मालूम नहीं मिडिया वाले मेरा आप लोगों से गुजारिस है की कम से कम आप लोग तो हमारी प्रॉब्लम को समझे

uttam kumar uikey

5 years ago

क्या eow वाले सब के सब इतने दिन से झक मार रहे थे जो अभी इनको समय मिला है ये कम करने के लिए हमें तो अब यकीं होने लगा है की स्पेअकसिया को रोकने के लिए eow वालो ने घूस लिया है किसी से क्यों की eow को केवल ९० दिन का समय मिला था स्पेअकसिया के बारे में जाँच करने के लिए और इन महासय को देखो सात महीने हो गए और अभी तक जाँच पे जाँच करते जा रहे है ये क्या इनको आम जनता की परेशानी कम करने के लिए लगाया गया है या फिर परेशानी बढ़ाने के लिए समझ में नहीं आता अगर स्पेअकसिया के खिलाफ कोई सबूत नहीं मिल रहा है तो क्लीन चिट दे देना चाहिए इस तरह से तो हमें eow वालो की नियत पर सक होने लगा है ये तो सरेआम आम जनता को बर्बाद करने पर तुले हुए है भगवन इनको सदबुधि दे आखिर ये स्पेअकसिया को किसी भी तेरीके से गलत साबित करने पे क्यों तुले हुए है कोई तो बतावो यार इनको की ये गलत है sarasar न इंसाफी है सर्कार भी चुप चाप बेठी है जेसे की इनको २० लाख परिवारों की चिता ही न हो हमें तो लगता है ये कोर्ट का फेसला और कुछ दिनों के लिए तलने की नयी प्लानिंग है और हा इसमें तो हमारो कोर्ट भी बतौर इनका साथ भी दे रही है नहीं तो ये मामला कब का निपट जाता इतनी बड़ी सजा तो किसी के खून करने पर भी नहीं मिलती जितना की आज २० लाख परिवार को उठाना पड़ रहा है क्या सुप्रीम कोर्ट को पता नहीं की जब कोई भी जाँच अजेंसी को किसी भी तरह का कोई सबूत स्पेअकसिया के खिलाफ नहीं मिल रहा है तो मामला रफा दफा कर दिया जाये इतना लम्बा जाँच क्यों करवा रही है चलो ये बात सही है की जाँच होना चाहिए लेकिन पयेमेंट क्यों रोका है क्या तुम्हारे बाप का पयसा लगा है इस कंपनी में जब कंपनी पेसे देना चाहती है तो भला उसे क्यों रोक कर रखा गया है ये पेसे हमारे खून पसीने की कमाई है अगर आप लोगो में जरा सी भी इंसानियत बाकि हो तो ये अत्याचार बंद करो [email protected]

uttam kumar uikey

5 years ago

eow chahe lakh kosis kar le lakin unke hath kuch nahi lagne wala hai kyo ki sacchai ko koi bhi nahi badal sakta dekhna ak din eow ko muh ki khani padegi in logo ko kewal 90 days ka samay mila tha aur ab tak kya jhak mar rahe the ye ab jab cort ke faysle ka din aaya to ye naye nakhre kar rahe hai kya eow ke sare log nithalle hai jo Forensic analysis team ke pas bhej rahe hai agar kuch bhee deta me her far hua na to mai jinda nahi chodunga in logo ko

amit

5 years ago

Team Life Care , TLC (TLC universal pvt ltd) is violating IRDA regulations and indulging money circulation scheme http://tlcnet.in
One of our free-thinking readers Mr B K is writing: Before reading the following The Editor of this blog feels it is apt to recall that the Corporate Frauds Watch filed a criminal case against Team Life Care and Bajaj Allianz for indulging in money circulation scheme in selling life insurance policies.


Why the fuss is only about 500/- membership fee when everything TLC is doing is unethical n illegal? Can any of the TLC supporters explain the below violations by TLC and still say TLC is LEGAL?
1. Amended IRDA regulation clearly says procuring business by any means other than by specified agents is a violation. Procuring insurance by Referral method (popularly known as MLM and Chain system) and passing on commission to referrers is being done by TLC which is a clear violation.
2. The defending members of TLC are unaware that TLC has two different companies to carry out their fraudulent ways intelligently.
3. TLC universal is the company in which all the members are working under and paid their commission. TEAM LIFE CARE Co. I Pvt Ltd is the company which has a corporate tie up with Bajaj Allianz and supposed to procure business through their specified agents licensed by IRDA.
4. Sourcing of insurance business by TLC universal members and submitting to Bajaj Allianz through Team Life care is a clear violation of IRDA regulation act which is not known to most of the members.
5. Every single insurance proposal form should have Specified Person attestation about details of how long he has known the policy seeker .In case of TLC Universal sourced business, the same is done by Team Life care staff later on before submitting to Bajaj Allianz. The customer who receives a policy bond through TLC doesn’t even know the attested licensed agent as mentioned in the policy bond. Doesn’t it ring any bells?
6. None of the pending petitions are against IRDA regulations and allows getting the business in the above mentioned methods and doesn’t regularize the violations of IRDA Corporate agent’s policy.
One can access the amended regulations on 12th July 2010 in this respect by pasting the below link in browser…

http://www.irda.gov.in/ADMINCMS/cms/frmG... >> Life >> Regulations

The purpose of inflicting regulations is to avoid mis-selling and allowing transparency to the insurance seeker to know the complete details of the policy being taken. This can only be done by an IRDA licensed agent.
Now, the said company has many people sourcing business by inducing the money to be earned by being a member of the system. To be a member one has to buy insurance policy and refer more people for income. The members are not aware anything about insurance and products being sold. One can verify the same by attending their seminars as listed on their website which incidentally happens in Mr.Shyam’s town also regularly.
The owners of the company are getting richer and richer by getting huge commission from Bajaj Allianz by fooling the members about the legality of the TLC Universal P Ltd & Team Life care Co I P ltd and suppress the facts. For a corporate agent the commission received would be around 40 % to 60% product wise on the sourced business. For every 1 lakh they get about 50 k first year the amount spent for commission would not be more than 10k for all sort of commission payments to the members.
One has to decide what is fair….. real pain to see that none of the above bloggers even think about the poor man who has bought insurance only because of the dreams shown to him about earning in lakhs which doesn’t serve his purpose …TLC claims to be having over 30 lakh members, but never mentions the success ratio.

amit

5 years ago

Team Life Care is violating IRDA regulations and indulging money circulation scheme
One of our free-thinking readers Mr B K is writing: Before reading the following The Editor of this blog feels it is apt to recall that the Corporate Frauds Watch filed a criminal case against Team Life Care and Bajaj Allianz for indulging in money circulation scheme in selling life insurance policies.


Why the fuss is only about 500/- membership fee when everything TLC is doing is unethical n illegal? Can any of the TLC supporters explain the below violations by TLC and still say TLC is LEGAL?
1. Amended IRDA regulation clearly says procuring business by any means other than by specified agents is a violation. Procuring insurance by Referral method (popularly known as MLM and Chain system) and passing on commission to referrers is being done by TLC which is a clear violation.
2. The defending members of TLC are unaware that TLC has two different companies to carry out their fraudulent ways intelligently.
3. TLC universal is the company in which all the members are working under and paid their commission. TEAM LIFE CARE Co. I Pvt Ltd is the company which has a corporate tie up with Bajaj Allianz and supposed to procure business through their specified agents licensed by IRDA.
4. Sourcing of insurance business by TLC universal members and submitting to Bajaj Allianz through Team Life care is a clear violation of IRDA regulation act which is not known to most of the members.
5. Every single insurance proposal form should have Specified Person attestation about details of how long he has known the policy seeker .In case of TLC Universal sourced business, the same is done by Team Life care staff later on before submitting to Bajaj Allianz. The customer who receives a policy bond through TLC doesn’t even know the attested licensed agent as mentioned in the policy bond. Doesn’t it ring any bells?
6. None of the pending petitions are against IRDA regulations and allows getting the business in the above mentioned methods and doesn’t regularize the violations of IRDA Corporate agent’s policy.
One can access the amended regulations on 12th July 2010 in this respect by pasting the below link in browser…

http://www.irda.gov.in/ADMINCMS/cms/frmG... >> Life >> Regulations

The purpose of inflicting regulations is to avoid mis-selling and allowing transparency to the insurance seeker to know the complete details of the policy being taken. This can only be done by an IRDA licensed agent.
Now, the said company has many people sourcing business by inducing the money to be earned by being a member of the system. To be a member one has to buy insurance policy and refer more people for income. The members are not aware anything about insurance and products being sold. One can verify the same by attending their seminars as listed on their website which incidentally happens in Mr.Shyam’s town also regularly.
The owners of the company are getting richer and richer by getting huge commission from Bajaj Allianz by fooling the members about the legality of the TLC Universal P Ltd & Team Life care Co I P ltd and suppress the facts. For a corporate agent the commission received would be around 40 % to 60% product wise on the sourced business. For every 1 lakh they get about 50 k first year the amount spent for commission would not be more than 10k for all sort of commission payments to the members.
One has to decide what is fair….. real pain to see that none of the above bloggers even think about the poor man who has bought insurance only because of the dreams shown to him about earning in lakhs which doesn’t serve his purpose …TLC claims to be having over 30 lakh members, but never mentions the success ratio.

nitin

5 years ago

speak asia zindabaad thi zindabad hai aur zindabaad rahegi... Tumhe jo karna hai kar lo.... Ham jeetenge hi....

rambo

5 years ago

yar news to thik diya karo / aise hi adhere mai teer mat chalao.............haaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Arvind087

5 years ago

Abhi tak eow keya ande de rahi thi Jo ab cd, and hard disk ko bhaej deya h...
Pata nahi sale kab tak vapas karenge madarchood.....

2G: SC issues notice to CBI on bail pleas of Chandolia, Behura

The Supreme Court on Monday agreed to hear the bail petitions of A Raja’s former private secretary RK Chandolia and former telecom secretary Siddharth Behura, accused in the second generation (2G) spectrum case, and issued a notice to the CBI on their pleas

New Delhi: The Supreme Court on Monday agreed to hear the bail petitions of A Raja’s former private secretary RK Chandolia and former telecom secretary Siddharth Behura, accused in the second generation (2G) spectrum case, and issued a notice to the Central Bureau of Investigation (CBI) on their pleas, reports PTI.

A bench headed by justice GS Singhvi also extended the interim stay on the Delhi High Court’s order which had put on hold the bail granted to Mr Chandolia by the trial court.

With Monday’s order Mr Chandolia, who was granted bail by the trial court, will remain out of jail till the next date of hearing.

Out of the 14 accused persons, 12 have already been granted bail and only the prime accused, former telecom minister A Raja and Mr Behura are left behind the bars.

The bench had agreed to examine Mr Chandolia’s plea against the high court’s suo motu decision to stay the grant of bail to him by the special court on 1 December 2011 and was released from Tihar Jail the same day.

Mr Chandolia had moved the apex court, challenging the high court order saying its decision of staying the bail was “unwarranted and erroneous”.

Mr Behura had approached the apex court challenging the 16 December 2011 order of the high court denying him bail on the ground that he was the ‘perpetrator’ of the illegal design of Mr Raja and cannot claim benefit of parity with 10 others released on bail.

The high court bench of justice VK Shali had taken suo motu cognisance of news reports on grant of bail to Mr Chandolia and suspended it, saying the stay would be operative if he was not already out of jail.

The high court had said Mr Chandolia’s release would have an ‘impact’ on Mr Behura’s bail plea, on which the verdict was reserved. Later on, Mr Behura was denied bail by the high court.

The apex court had on 7 December 2011 put on hold the high court’s suo moto decision of staying grant of bail to Mr Chandolia.

Denying bail to Mr Behura, who was arrested along with Mr Raja on 2nd February last year, the high court had said, “One thing, which emerges from their (witnesses) statements, is very clear that the petitioner (Mr Behura) has been a perpetrator of illegal design of Mr Raja and, therefore, his role was distinguishable from 10 accused who have been granted bail and were beneficiary of that illegal act.”

It had said Mr Behura cannot claim benefit of parity with others “merely without any application of mind by the court” as he being a public servant was required to act differently.

The nature of evidence against Mr Behura was “very serious” and if offences were proved, it would entail life term under section 409 (criminal breach of trust) of the Indian Penal Code (IPC), it had said.

The high court had said that if Mr Raja can be said as the kingpin of the case then Mr Behura and Mr Chandolia (ex-aide of Mr Raja) acted as a ‘propeller’ in committing the offence.

It had also said that public servants Mr Raja, Mr Behura and Mr Chandolia conspired and acted to grant benefits to telecom companies.

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