Citizens' Issues
When Mumbai faces massive power outage
Due to tripping of a unit at Tata Power's Trombay plant, several parts of south and central Mumbai faced massive power outages on Tuesday 
 
Several parts of south and central Mumbai on Tuesday faced massive power outages after a unit of Tata Power’s Trombay plant, which primarily supplies to the city, tripped.
 
The power outage, which started at about 9.45am, is yet to be restored, said Tata Power which was allowed to distribute power in the island city last month. The tripping forced the company to switch off several feeders, Tata Power said in a statement.
 
“Tata Power would like to inform that today at 0945 hrs the power supply was affected due to tripping of unit 5 of Trombay power station. This tripping has resulted in load reduction in Parel, Mahalaxmi, Dharavi, Chembur and Grant Road areas of south Mumbai. This impacted controlling loading on the 220Kv Kharghar-Nerul-Sonkar-Trombay tie line which supplies power to the city,” the company added.
 
The company further said it is working towards an early resolution and will ensure power supply to these areas at the earliest.
 
The affected consumers are mostly of the state-run Brihanmumbai Electric Supply & Transport Undertaking (BEST), as no private player is distributing power in the island city. The BEST, which gets its power supply from Tata Power, has around 10 lakh consumers in the city.
 
Meanwhile, BEST in a statement said following the tripping at Tata Power unit at 9.40am, it has been facing transmission constraints to bring power from outside to the city.
 
“Due to this, rotational load shedding has been imposed by Tata Power in Dadar, Mahim, Dharavi, Sion, Prabhadevi, Parel, Sewree, Byculla, Chinchpokli, Girgaon, Mumbai Central and part of Hutatma Chowk, Ballard Pier, Nariman Point and area around Metro Cinema,” BEST said.
 
Meanwhile, Reliance Infrastructure, which supplies power in the western suburbs of the city, said, “Due to tripping at Tata Power unit 5 of 500 MW, there is transmission constraint on its transmission corridor. Due to this, rotational load shedding has been imposed by Tata Power in Chembur, Santacruz, Ghatkopar, Bandra, Kurla, Tilaknagar, Vikhroli, Saki Naka and Juhu.”
 
“We regret the inconvenience and are constantly in touch with Tata Power for restoring normalcy at the earliest,” Reliance Infrastructure added. 

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Will Narendra Modi go after Chain-money Schemes?
Chain-money schemes undermine the PM's financial inclusion mission
 
Prime minister Narendra Modi has launched Jan Dhan, the largest ever financial inclusion drive in India, possibly in the world. On 28th August, Mr Modi’s cabinet colleagues and other parliamentarians (Shashi Tharoor tweeted a picture of himself at a Jan Dhan launch) fanned the country launching the scheme in different parts of India. 
 
Jan Dhan had the scale and dazzle of Modi’s spectacular election campaign. Will it be a major success, or will it, like previous attempts at forcible financial inclusion, lead to crores of dormant bank accounts and impossible-to-claim insurance policies? 
 
We believe that if financial inclusion has to succeed, it needs a serious crackdown on a variety of pseudo-chit funds, deposit schemes, gold schemes, pyramids, ponzis and chain-marketing frauds that are cheating and luring people everywhere. These schemes, together, have robbed tens of thousands of crores of rupees from the most gullible and needy in each and every Indian state. And, yes, the numbers are as mind-boggling as they look. If those running the chain-money schemes have got away so far, it is because of the disinterest and collusion of regulators, the police and the government. And, in the few cases where action was initiated, they skilfully used expensive lawyers and every judicial forum to delay action or stop their fund-raising machine. 
 
A good example is the PACL case, where SEBI has directed the land-bank company to refund a mind boggling Rs49,100 crore to ‘depositors’. Like Sahara, the PACL case is a great example of how the slow judicial system works to the advantage of scamsters. PACL came to light in 2012, when The Economic Times published a front page report about how this completely unknown entity had picked up a whopping Rs20,000 crore from people on the promise of delivering tiny parcels of land. We learn that SEBI first wrote to PACL as far back as 1998 triggering a slow process of PACL challenging SEBI’s jurisdiction and going on to use every trick to block the investigation, while it continued to raise deposits with impunity. 
 
After the Delhi High Court gave an adverse judgement against it, the company approached the Rajasthan High Court in 2003 and managed to stall proceedings by forcing SEBI to approach the Supreme Court. The case was finally decided in February 2013—a whole decade later.  
 
Meanwhile the company had also set up a sister entity called PGCL which was also collecting deposits. At some point, CBI also entered the picture based on a court directive. But nothing seemed to stop the deposit-taking juggernaut that was PACL. Media reports say it has 58 million customers. 
 
The Reserve Bank of India, which seemed curiously silent about this and other Ponzi schemes, seems to have woken up with some push from the government. An RBI deputy governor is quoted by the media as saying that RBI is working with the government to define ‘deposits’ and figure out ways to deal with ‘unauthorised’ deposit-collectors. 
 
Moneylife has always maintained that unless all the regulators figure out a collective strategy to attack this large-scale cheating of people, there will be no financial inclusion. That will require the finance ministry to direct the regulators to act and ensure that the ministry of corporate affairs is also on board. The prime minister has the ability to make it happen but only if he is made to realise the gravity of the loot and how these scamsters seem to escape the scrutiny of all our investigation and tax collection departments as well, despite their massive operations.

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COMMENTS

Agyat Vyakti

9 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

Sushil Prasad

2 years ago

Sorry, I would not agree.

If regular banks were to provide safe, secure, and convenient savings scheme, chain-money schemes would die a very natural death.

Please also see my blog "Pradhan Mantri Dhan Jan Yojana & Financial Inclusion" dated 05/09/2014 at http://sushilprasad1.blogspot.com/

REPLY

Agyat Vyakti

In Reply to Sushil Prasad 9 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

B. KRISHNAN

2 years ago

This is w.r.t.your article "Will Narendra Modi go after chain shcemes?" You seem to be blaming only the Central Govt for the follies of the public. RBI does nothing, the various Courts of the country grant stay at the bat of an eyelid, and it takes ages to get a judgement. Most of all the public who invest in such schemes must be middle-class; don't they have better sense than greedily entrusting their money to such phony companies? Why blame only the Govt when one does not know how to take elementary precautions?

REPLY

Agyat Vyakti

In Reply to B. KRISHNAN 9 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

Bhagywant Daphale

In Reply to B. KRISHNAN 2 years ago

Oh ya, we should not blame government only. How long it should take for government or SEBI to know certain company is running cis, decades??? If you think only middle class people are the one out of their greed, then you are so cruel n you have no idea of the ground realities. What if CID economic offence wing gives clean chit to company, people invest n then SEBI or state government closes it down, who is responsible then??? Very easy to put blame on investors

MDT

In Reply to Bhagywant Daphale 2 years ago

Thanks for your comment.
You need to read more about CIS or money collection from investors by any entity. The CID or EOW is not the authority for giving permission for any entity to collect money as both are investigation agencies. It is the job of regulators like SEBI and RBI. Please understand the difference between the two, which would help you avoid falling in 'double money' trap.
Regards,
MDT

Bhagywant Daphale

In Reply to MDT 2 years ago

Off course MDT, CID economic offence wing( for your kind information it's one agency not two different) is not there to give permission but to investigate n check the fraud. If after investigation they find the schemes are not illegal how possibly SEBI finds the schemes illegal? Will CID EOW stands responsible to investors money who invested after going through investigation report of it? Who is to be blamed? Again I say you have no idea of the ground realities are so stop blaming public for fraud committed by government agency. You being in media should print other side as well if you call yourself unbiased. I have been working with company for last 6 years and still trying to solve this so called fraud. I say this on public forum that I want you to investigate other side of story, you contact me on my mail. I am sure it will be worth your time and help public in general.

Dhoot Usha

In Reply to B. KRISHNAN 2 years ago

RBI always maintain silence. Whether it was the City Limozine or Sahara,RBI always tried to maintain silence. You have rightly said One should not expect from the Government only.

kapil bajaj

2 years ago

Moneylife's effort to highlight the scams are admirable indeed and show up the 'mainstream media' as a gang of fraudsters who, in their role to conceal the truth and mislead the people, have actually been complicit in looting of the public and the commons.

However, Moneylife has failed so far to go beyond the 'scam mode' to take a broader view of the nature of the 'whole' system - call it the 'Big Finance' - with all its internal and external connections, ramifications and effects.

The problem is that the whole of the financial system, globally, has become a huge Ponzi scheme, and so surplus capital, earned well or badly, has no place to go but flow into activities that will ultimately harm the larger interests of the human societies and communities across the world.

Even 'legitimate' businesses now have acquired the size, scale and illegitimate 'political' clout of such grave consequences to the human societies, democracies/national sovereignties and the physical environment that all money flowing into them is like fuelling the process of our own destruction.

(The 'financial system', one must bear in mind, is primarily designed to serve the interests of Big Business.)

Metal producers are legitimate businesses but they have been involved in 'resource wars' that threaten whatever remains of forests and autonomous and sustainable communities/cultures across the world.

The fat cats belonging to IT companies, much celebrated and cossetted in India through thousands of crore of public subsidies in terms of tax breaks and lucrative 'PPP' contracts, are now threatening to subvert democracy by influencing the 'political' process and public policies, not stopping even at pushing Indians into the American global surveillance network.

Look at how the 'Bangalore Club' has been corrupting the political process by forcing their way into government, whether its UIDAI, PHFI, multi-billion rupee National E-gov Plan, or general promotion of 'PPP's in other walks of life.

(Even education and healthcare. Narayana Murthy and Premji have been buying chunks of education. The latter has bigger plans; he wants to 'recast' the entire education policy and practice through his hugely funded 'Foundation'. 'Public education' in India should soon be dwarfed by 'corporate education' which is another name for social conditioning needed to run a crony capitalist state.)

The 'democratic state' is now in the pockets of Big Business, which, in turn, dictates how money will be created and spent.

The Bank of England explained recently in its quarterly journal how money is created in the modern economy. It's not the bank deposits by the public that determine the levels of money in the economy; it's bank loans that create deposits or money.

And no prizes for guessing where does most of the money advanced through bank loans go. (It's for licensed bandits like Essar, Bhushan Steel, Kingfisher, etc.)

Interest rates are no longer set with any public purpose in mind, but to sub-serve the over-riding objective of 'growth' - which is the code word for big returns and opportunities for big returns for the few 'fat cat' capitalists.

Help to the needy amounts to 'subsidies' (cut them), public investments in socially useful projects are just wasteful and will inflate the fiscal deficit (no need for them and don't forget the FRBM Act!).

But rock bottom interest rates and 'quantitative easing' (i.e. monetary expansion) is great if the objective is merely to keep the prices of the assets owned by the rich afloat. Inflation is a minor consideration; the poor can always have their roti without subzi and dal.

(That is in addition, of course, to the huge tax breaks, 'policy push', and other government aid that the capitalists get. That government aid is not 'subsidy' of course; it's called 'incentives to business', 'stimulus package', 'pump priming', 'investing in growth', 'investing in employment', etc.)

The 'fat cats' must live in comfort in their 'growth' bubble, while the 99% of society may as well just shrivel up and die.

Read on the link below an article published in the quarterly bulletin of the Bank of England to understand that about 97% of money in UK is now created not by a public body primarily for a public purpose, but by private banks driven primarily by the private purposes of the rich and powerful.

((The situation in India is quite comparable even though India's 'informal economy' makes the situation far less severe for the masses. Thanks god for that.

It's time for us to realize that the so called 'informal economy' is India's real economy, the real 'free market'. The so called corporate economy is a massive fraud that's feeding off and simultaneously stifling the 'free market'.

Let me also add that given the fraud the financial system has become, I shudder to think what Modi's financial inclusion will entail and mean for the masses.))

http://www.bankofengland.co.uk/publicati...

Ramesh B Mhadlekar

2 years ago

What does RBI mean by saying that it is working to define ‘deposits’ and figure out ways to deal with ‘unauthorised’ deposit-collectors.
As the article says it has woken up it means they were sleeping for decades or willfully allowing such scams to continue.It appears that the present government has spoilt their sleep.

gurupreet

2 years ago

Today QNET advocates scored a second self goal in court :)

Ever Since my fight started against QNET SCAM I have faced the following lawyers in court by appearing in person:

1. Nitin Pradhan
2. Mahesh Jhetmalani
3. Abad Ponda
4. Haresh Mohan Jagtiani
5. Divya Bahl
6. Rajendra Mokashi
7. Kuldip Patil
8. Sandeep Karnik
9. Sudatta Patil etc…

All these are senior advocates with teams of juniors below them but till date QNET did not get any single favorable order from any court.

The FIGHT enters a “new phase” now….Ganpati Bappa Morya :)

REPLY

MOHAN

In Reply to gurupreet 2 years ago

Mahesh Jhetmalani for QNET?

OMG!

TIHARwale

In Reply to MOHAN 2 years ago

Chip of the old block. once prosecution is able to present solid evidence even Ram and others could not prevent Sahara Roy from stay in TIHAR. Birla Power Solutions Ltd ED spent some time in January 2014 so within 6 months now they have organised more than Rs 90 crores to refund deposits which they had defaulted for more than 2 years

Dev

2 years ago

Some QNET members using this forum indirectly to promote this illegal company. They are propagating indirectly that they earn lakhs every month. They wanted the readers to believe that they have been successful in creating their brand by advertising in football games. They claim to be having a robust business model.

My earnest request to Qnetians is that please don't try to fool us. We can see through all your dirty tricks.

Dev (not "dev")

Gurudutt Mundkur

2 years ago

Narendra Modi is not the person to go after these chain-money frauds. Arun Jaitley is the person. You are normally accurate in spotting the person responsible, but with this error, you showed you are human.

MG Warrier

2 years ago

A comprehensive or holistic approach to financial inclusion is yet to emerge. The present initiative, definitely is an improvement, if we compare with earlier efforts. Here, life cover, a conditional loan(overdraft) facility, a credit card and a proposal for continued relationship which both sides will have to nurture are factored in. As rightly pointed out in this article, several informal and formal arrangements for credit especially in the rural areas and among small 'borrowers' do not get space in the picture emerging. These include money lenders, cooperatives and so on. There will be lot of online learning and improvement, one hopes.

K M NAGENDRA

2 years ago

Modi alone can not tackle this.Vested interest will not allow him to do anything.The only solution is;Coman man should use his common sense and reduce his greed.If acts greedy he is bound to loose.

dev

2 years ago

I am regularly getting calls from QNET members to join their channel bizness and earn lakhs every month. And they show how they have been successful in creating their brand by advertising in football games. They claim to be havinbg a robust business model. what is this and how can we take action against such ponzi schemes?

REPLY

Dev

In Reply to dev 2 years ago

Dear dev, How you are getting calls from qnet members? are u a "retired" chain money activist?

Dev (Vasudev)

MOHAN

2 years ago

Two-storey building in Faridabad was home to 130 Kerala-based chit funds

http://www.dailymail.co.uk/indiahome/ind...

Maruti Ciaz bookings to open from Wednesday
Customers can book Maruti Ciaz with a token advance amount of Rs21,000
 
Maruti Suzuki India Ltd on Tuesday said that it will open bookings for  its much awaited mid-sized premium sedan Ciaz from Wednesday across its network.
 
Ciaz will be available in both petrol and diesel fuel options. With a fuel efficiency of 26.21 kmpl, the Ciaz with the DDiS 200 diesel engine will become India’s most fuel efficient car, the company said in a statement.
 
The petrol variant would also give one of the best mileages in its segment of 20.73 kmpl, with a K14 VVT engine, the company added.
 
The company plans to launch the car during the festival season (around mid-October), which will be competing against the likes of Hyundai Motor's India Verna and Honda Cars' Honda City.
 
Maruti Suzuki Ciaz is planned to be launched in four trim levels -- V, V+, Z and Z+, the company said.
 
Customers can book the Ciaz at any of the over 1,370 sales outlets spread across 1,050 plus cities with a token advance amount of Rs21,000, it added.

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