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प्राइवेट BANK के मैनेजर से 10 लाख की ठगी : शेयर मार्केट में पैसा निवेश करने का दिया था झांसा ,आरोपी मुंबई से गिरफ्तार
प्राइवेट BANK के मैनेजर से 10 लाख की ठगी Cheating of 10 lakhs manager of a private bank: राजधानी रायपुर के पंडरी थाना क्षेत्र में हुई ठगी के आरोपी को पुलिस ने मुंबई से गिरफ्तार कर लिया है। आरोपी ने शेयर मार्केट में पैसा लगाकर लाभ का 50 प्रतिशत देने का वादा किया था, लेकिन जब पीड़ित ने उससे कुछ महीनों बाद अपने पैसे वापस मांगे, तो वह फरार हो गया। जिसके बाद पीड़ित ने आरोपी के खिलाफ पंडरी थाने में केस…
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#Cheating of 10 lakhs manager of a private bank#Fraud of 10 lakhs from the manager of a private bank: money invest in the stock market#money invest in the stock market#आरोपी मुंबई से गिरफ्तार#प्राइवेट BANK के मैनेजर से 10 लाख की ठगी : शेयर मार्केट में पैसा निवेश करने का दिया था झांसा
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Aarudhra Gold Pvt Ltd scam | One more director of firm, in hiding for 10 months, arrested
The arrested man, S. Michaelraj, had been working as an administrative director of the now-defunct firm, which, investigators say cheated over 1 lakh deposited to the tune of ₹2,400 crore.
The Economic Offences Wing (EOW) CID has arrested a director, of the now defunct Aarudhra Gold Trading Private limited, a non-banking finance firm based in Chennai, for cheating thousands of depositors allegedly to the tune of ₹2,400 crore.
The arrested man was identified as S. Michaelraj, 31 of Virudhunagar who was working as an administrative director in the firm, and monitoring transactions made online, and managing the company accounts. He had been in hiding for the last 10 months, police said. On Tuesday, he was arrested at the Chennai International Airport after he landed from Dubai. The EOW officers on Monday conducted a raid at his house in Virudhunagar, and seized incriminating documents.
Last week, the EOW had arrested two directors including K. Harish, a former BJP functionary.
Police said from September 2020 to May 2022, Aarudhra Gold Trading Private Limited, functioning from Aminjikarai collected deposits to the tune of ₹2,400 crore from over one lakh investors by offering to give them interest rates of 25 to 30% for a month. Not only did they fail to deliver on the promised returns, they also did not return the principal amounts to the depositors.
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Earlier this week, Rhea Chakraborty was summoned again by Enforcement Directorate (ED) after she was grilled for over eight hours on August 7. On August 10, during further questioning, she was at the ED office for over 18 hours. The agency is currently investigating the money laundering cast and reportedly did not find any big substantial transfers made from Sushant Singh Rajput’s accounts to Rhea Chakraborty or her family members.
As per reports, Sushant Singh Rajput reportedly had Rs. 15 crore last year at the beginning of the financial year and was used for tax and travel-related payments. Withdrawal amount of Rs. 15 lakh was allegedly made from Rajput’s primary account with Kotak Bank. The ED office reportedly found out that Rhea is not a joint account holder in any of these bank accounts.
ED has asked Rhea to submit documents of her investments and income due to the alleged mismatch between her income and her expenses. The actress and her brother Showik Chakraborty were partners with Sushant Singh Rajput in atleast two companies - Front India For World Foundation set up in January 2020 and Vividrage Rheality x Private Limited that was set up in September 2019.
The Central Bureau Of Investigation (CBI), on August 6, registered an FIR against six people including Sushant Singh Rajput’s girlfriend Rhea Chakraborty. The others named in the FIR are Rhea's brother Showik Chakraborty, father Indrajit Chakraborty, mother Sandhya Chakraborty, Sushant's house manager Samuel Miranda and Shruti Modi. The charges leveled against the six of them are abetment to suicide, criminal conspiracy, theft, cheating, intimidation, wrongful restraint, or confinement, among others.
Sushant Singh Rajput passed away on June 14. He was found hanging at his Bandra apartment.
ALSO READ: Kamya Punjabi lashes out at Rhea Chakraborty for revealing WhatsApp chats with Sushant Singh Rajput
August 13, 2020 at 10:53AMSushant Singh Rajput Case: ED finds no substantial big transfers to Rhea Chakraborty, tracking the withdrawals of Rs. 55 lakh https://ift.tt/2XXb4mn
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TRUE FACTS ABOUT THE MBBS IN PHILIPPINES
The main advantage of studying MBBS in china is the cost. The fees in China ranges between 10 Lakhs and 30 lakhs. Two of the biggest problems faced by Indian students who study MBBS In China is the language of teaching and the medical subject being taught. Only few Chinese medical universities provide English Medicine Course like that of MBBS. Unfortunately, tuition Fees for these medical colleges are around 25 lakhs making it affordable for middle class Indian students. These English medium coaching universities have very limited seats. Because of this the chances are very little for INDIANS to get Medical seat in these top medical universities. Most of the Chinese universities where our Indian students get admission are teaching Chinese medicine(not English Medical course) which is not that relevant when they return to India for practice. Because of this, Indian students who study medicine in china struggle to clear the Foreign Medical Graduates Exam / MCI screening test conducted by National Board of Examinations. Have you done enough research before you have decided to study Medicine in Philippines? If you have not done that, information in this web-page will help you to identify the right Philippines medical college for your medical education. This decision in your life is what is going to decide not just your next 5 years of your medical education, it is going to determine the level of success, you are going to achieve in your career as doctor. So, take few minutes to know all the facts given about advantages/disadvantages of studying MD/MBBS in Philippines, China, Russia and other abroad countries before taking the decision.Do you know that, there are 68028(as of 2019) MBBS seats in India? If you get a NEET score above 104 if you belong to reserved category, you become eligible to study medical course in any Indian medical college. Sounds very easy right. But the problem is that, only half of these medical seats are affordable by Indian students. If you are still in the process of preparing for the upcoming NEET exam, Study hard and get a very good score in NEET exam. It will help you to secure a medical seat in a government medical college. Tuition fees for MBBS Seats in Government medical colleges range between Rs 10,000 to 1,00,000 per year which makes it affordable. Good news is that as of 2019, 33000 government MBBS Seats are available in India. What if you miss to get a high score in NEET Exam?
You have two options,
1. If your medical education budget is close to 1 crore and you wish to study medicine only in India, you can join private medical college/deemed medical university. The main problem when you choose this option is that, many of these private medical colleges have poor infrastructure and facilities because they are less than 10 years old.2. If your budget for MBBS tuition fees is below 20 Lakhs and you are comfortable to travel and study mbbs abroad, you can pick the right medical university from countries like Philippines, China or Russia. By choosing abroad medical universities, you can save upto 70% of the tuition fees. The advantage of studying MD (MBBS) In Philippines is that there are many reputed medical (MBBS) colleges in Philippines and other abroad countries with great infrastructure and medical facilities that are 50 years old. MD (MBBS) In Philippines 2018 – Best Destination for Indian Students “Do you know that The No 1 choice for Indian students who could not get into the government medical college in India is studying MBBS In Philippines. More than 10,000 students are studying MD/MBBS in Philippines.”
2· Age and Reputation of the Medical School/University· Quality of Education – Teaching Methodology, Similarity with Indian MBBS course· Recognition by World Health Organization(WHO), Medical Council of India(MCI)· Infrastructure / Facilities such as Library, In-Campus Hostel, etc· Clinical Practice – Number of affiliated hospitals, Number of Beds· Availability of Indian Food Vegetarian/Non-Vegetarian· Separate boys and girls hostel & Security for Indian students· Tuition Fees for the medical course & Cost of Living· Coaching for FMGE – Foreign Medical Graduate exam during the medical course· Most of the Indian students who wish to study MBBS abroad choose one of these three destinations namely China, Russia and Philippines. All these countries have some advantages and some disadvantages. Indian students should choose the country after knowing the merits and demerits of each abroad country.
Advantages/Disadvantages of Studying MD/MBBS in Philippines, China and Russia
The main advantage of studying MBBS in china is the cost. The fees in China ranges between 10 Lakhs and 30 lakhs. Two of the biggest problems faced by Indian students who study MBBS In China is the language of teaching and the medical subject being taught. Only few Chinese medical universities provide English Medicine Course like that of MBBS. Unfortunately, tuition Fees for these medical colleges are around 25 lakhs making it affordable for middle class Indian students. These English medium coaching universities have very limited seats. Because of this the chances are very little for INDIANS to get Medical seat in these top medical universities. Most of the Chinese universities where our Indian students get admission are teaching Chinese medicine(not English Medical course) which is not that relevant when they return to India for practice. Because of this, Indian students who study medicine in china struggle to clear the Foreign Medical Graduates Exam / MCI screening test conducted by National Board of Examinations.
Students who study MBBS in Russia need to manage the extreme weather conditions. More importantly the diseases which they learn in cold climatic country like Russia is not relevant in Indian context, where the climate is sub-tropical. The percentage of students who clear the FMGE (MCI screening test) from these two countries like Russia and China range between 15-20%. But in case of students from Philippines medical colleges, the passing percentage for Foreign Medical Graduate Exam(FMGE) is well above 50% because of similar disease spectrum.
Philippines is the third largest country in the world that speaks in English. Philippines Medical Universities including UV GULLAS COLLEGE OF MEDICINE conducts their Medical Course fully in English. Apart from medium of instruction, it helps the students to effectively interact with patients during the clinical practice. Because of these advantages of studying MD/MBBS In Philippines, lot of fraud admission agents are trying to cheat students and parents. Students needs to be careful in choosing the right medical colleges in Philippines. Philippines embassy has advised students and given some guidelines while choosing the Philippines medical university as well as the admission agents.Philippines medical college fees would range anywhere between Rs 20-30 Lakhs for the complete medical course. Even though some of the medical colleges/universities in Philippines have low fees, one should not choose the Philippines medical college only on the basis of the tuition fees. The quality of medical education as well the facilities would also be less when the fees is less. Philippines have few reputed MCI(Medical Council of India) recognized medical colleges such as UV GULLAS COLLEGE OF MEDICINE which has very good ranking among the Philippines medical colleges. Why Indian Students prefer to Study In Philippines compared to other countries. MD (MBBS) In Philippines for Indian Students
MBBS is called MD in Philippines. Doctor of Medicine (MD) is similar to doing MBBS degree from Commonwealth countries such as India, Pakistan, and Bangladesh. MD course in the Philippines is recognized by World Health Organization and Medical Council of India.Philippines medical colleges offers M.D as it primary medical course for practitioners. Commission on Higher Education (CHED) of Philippines is responsible for authorized medical school and colleges. This MD Program is recognized by Medical Council of India as equivalent to MBBS degree in India. After completing the MD degree in the Philippines, Indian students need to clear Foreign Medical Graduate Exam (FMGE) (also called as Medical screening test) to start the medical practice in India or to join post graduation medical courses. Click here to know the MD/MBBS Admission In Philippines Procedure. Do you know that more than 8000 international students enroll in Philippines Medical universities and out of which more than 50% are Indian students? Philippines universities and colleges are known for its quality and sending thousands of doctors and engineers every year to work in USA, UK, and other developed western countries. It has 2299 higher educational institutions and 40 medical colleges. According to American Physician Statistics, one among ten doctors in the USA studied at Philippines medical university.
Quality of Education
Philippines was a colony of Spain for more than 300 years and then became a colony of USA for 50 years during the Industrial Revolution. During this time, USA designed Philippines education system similar to their system. The medical course in the Philippines is called the MD (Doctor of Medicine) comparable to that of the USA.
MD (MBBS) In Philippines Fees and Cost
Medical Course(MBBS) in Philippines Fees are affordable for Indian students who belong to middle class family. Tuition fees are paid annually to the Philippines medical college Bank Accounts directly. Total Medical Course fees to study Medicine(MBBS) In Philippines 2019 (for the entire course duration) would be approximately 19 lakhs. If we compare tuition fees of Philippines Medial University to self-financing private medical colleges in India, you can save 70% tuition fees. As the cost of living is relatively cheap in the Philippines, hostel fees, mess fees, and other living expenses would come close to Rs 12,000 per month. Taking this into account, total cost to complete Medical course would be close to 30 Lakhs. If you compare this cost with the cost to do MBBS degree in private MBBS colleges in India, the cost would be just 1/3rd of the expense in India.
Duration of Medical Course – MD/MBBS in Philippines
The total duration of this MD course is 5 and half years for students who have been educated till class 12 with a background in science. The first 16 months focuses on building the foundation for a strong medical education and is called the Bachelor of Science program. The next four years is the core medicine and clinical rotation. Towards the end of the program, students will also undergo clinical rotations, in which they will be attached to selected hospital departments and treat patients under the guidance and supervision of an experienced and presently practicing doctor. There were lot of confusions about the BS-MD program in the recent past about appearing for NEET twice to study MBBS in Philippines for Indian students. During 2019, MCI has put an end to the confusion by declaring that NEET score is valid for 3 years for Foreign Medical Admissions.
MD Degree Recognition
The Commission on Higher Education Philippines(CHED), gives approval for both public and private higher education institutions in the country. Prospective students are strongly advised not to get admission in any institution which is not recognized by CHED. For international recognition, students should check whether institution in recognized by World Health Organization. All medical colleges in Philippines, which are recognized by WHO has approval from CHED.Students from India, who wants to pursue MD (MBBS) degree abroad in Philippines should check whether the overseas institution is recognized by Medical Council of India(MCI). After 2002, all MBBS/MD students after being educated in WHO Listed medical colleges abroad are eligible to give screening test.
English Speaking Patients
The medium of Instruction being English as opposed to Russia and China avoids the learning curve of an additional language. The Philippines being a colony of United States, has English as its official language. Your entire course duration is available for you to concentrate on studying MD (MBBS) in Philippines. Though the US planted the seeds for learning English in the Philippines, it took enough interest to give attention and to dedicate necessary resources to maintaining the fluency of English language in the Philippines after the Americans left. Every sign board and name board in the Philippines are written in English making it compulsory for every Filipinos to understand and speak English. During clinical practice, it becomes easy for students to interact with patients in common language and to understand and learn the practical sessions better. University of Perpetual Help, being located in the capital city of Manila has huge number of patient’s inflow.
What does a Medical Student feel after reaching to Philippines Medical college???
#Philippines Medical college#Foreign Medical Admissions.#UV GULLAS COLLEGE OF MEDICINE#medical colleges in Philippines.#medical colleges
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Earlier this week, Rhea Chakraborty was summoned again by Enforcement Directorate (ED) after she was grilled for over eight hours on August 7. On August 10, during further questioning, she was at the ED office for over 18 hours. The agency is currently investigating the money laundering cast and reportedly did not find any big substantial transfers made from Sushant Singh Rajput’s accounts to Rhea Chakraborty or her family members.
As per reports, Sushant Singh Rajput reportedly had Rs. 15 crore last year at the beginning of the financial year and was used for tax and travel-related payments. Withdrawal amount of Rs. 15 lakh was allegedly made from Rajput’s primary account with Kotak Bank. The ED office reportedly found out that Rhea is not a joint account holder in any of these bank accounts.
ED has asked Rhea to submit documents of her investments and income due to the alleged mismatch between her income and her expenses. The actress and her brother Showik Chakraborty were partners with Sushant Singh Rajput in atleast two companies - Front India For World Foundation set up in January 2020 and Vividrage Rheality x Private Limited that was set up in September 2019.
The Central Bureau Of Investigation (CBI), on August 6, registered an FIR against six people including Sushant Singh Rajput’s girlfriend Rhea Chakraborty. The others named in the FIR are Rhea's brother Showik Chakraborty, father Indrajit Chakraborty, mother Sandhya Chakraborty, Sushant's house manager Samuel Miranda and Shruti Modi. The charges leveled against the six of them are abetment to suicide, criminal conspiracy, theft, cheating, intimidation, wrongful restraint, or confinement, among others.
Sushant Singh Rajput passed away on June 14. He was found hanging at his Bandra apartment.
ALSO READ: Kamya Punjabi lashes out at Rhea Chakraborty for revealing WhatsApp chats with Sushant Singh Rajput
from Latest Bollywood News | Hindi Movie News | Hindi Cinema News | Indian Movies | Films - Bollywood Hungama https://ift.tt/31KRRW9
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New Delhi: Vijay Shekhar Sharma, the victim of an extortion racket allegedly led by his longtime confidante and communication head of his payment company Paytm, became suspicious when the employee strongly urged him to pay up in order to protect the stolen personal data, the chief of Noida Police told ET.Even as her boss was being besieged by the extortion calls — on messaging app WhatsApp — Sonia Dhawan, vice-president of communications for Paytm and Sharma’s personal secretary, allegedly offered him a single piece of advice, “just pay up,” according to police officials, who are investigating the high-profile case following the arrest of Dhawan, her husband Rupak Jain and another Paytm employee Devendra Kumar on Monday. The trio face charges of attempting to extort Rs 30 crore from the Paytm founder by threatening to leak personal data. 66340557 Dhawan has emerged as the ‘perfect insider’, said the investigating official. She controlled the extortion calls made by a fourth accomplice — based in Kolkata — while also convincing her boss to pay up. “She was in contact with both the parties. She knew these calls were coming. The complainant (Paytm’s Sharma) has told us she convinced him “ki abhi pay kar dijiye aap, kya pata kaisa data ho (pay up for now, god knows what kind of data may be there),” Ajay Pal Sharma, Noida’s Senior Superintendent of Police (SSP), told ET. Her constant refrain is what triggered doubts in Sharma’s mind and “prompted him to alert us on a few names that he suspected since this was personal data,” he said.On Tuesday, a court sent all the three accused to jail for 14 days. In an official statement, the Noida Police said the accused had accessed “personal data and secret information of Paytm” since Dhawan used to keep all this information under her watch as Sharma’s private secretary. 66340570 Paytm, which is backed by some of the world’s most influential investors including billionaire Warren Buffet’s Berkshire Hathway, released an official statement on the developments on Tuesday saying “this is a case of personal data theft of Vijay Shekhar Sharma, where three arrests were made yesterday. Paytm would like to reiterate that all our consumer data is protected with the highest and most impenetrable levels of security.”Japan’s SoftBank and Chinese ecommerce giant Alibaba are also key investors in the digital payments provider.Noida’s SSP Sharma said “this was personal data” as Dhawan was managing the ATM, email and all personal passwords of (Vijay Shekhar) Sharma.The police said they have recovered a hard disc with “Paytm personal information and secret data”, a pen drive which has “calls/chat records of extortion”, printouts of the WhatsApp chats and four mobile phones.“We will extract the data from the recoveries we have made and get it analysed from our cyber team to know exactly what it is,” the SSP said.The motiveThere are, however, no clear answers to the question of why Dhawan—whose career saw a meteoric rise in the company coupled with enviable clout— allegedly committed this crime.SSP Sharma said that he has been told by Paytm executives that Dhawan earned an annual salary of Rs 70 lakh and owned equity worth Rs 10 crore in the company.“We are told she had joined the company around 2010 at Rs 7 Lakh annual package. Lately, the Paytm bosses say, she had discussed with them that she wanted to buy a new house,” Sharma said.As on March 2017, Dhawan owned 1,400 vested shares in Paytm-owner One 97 Communications, which at the latest share price of Rs 12,797 would have been worth Rs 1.79 crore, according to filings with Registrar of Companies reviewed by ET.In the company's latest filing of shareholders Dhawan is not listed, indicating that she may have sold her vested shares. Her total equity of Rs 10 crore mentioned by the Noida SSP would include shares which would accrue over the coming years.The police statement also pointed to the failing financial condition of her husband Rupak Jain, who dabbled in real estate. “He was unemployed for a while now as his business had gone bust,” the statement said.The couple had a flat in Noida’s Sector 120 but wanted to buy a new, bigger house, police sources added. Devendra Kumar, the other Paytm employee and a co-accused who worked in the same office, told ET (in the police station) that Dhawan had stolen some data and asked him to store it in his phone so that they could together blackmail Paytm founder Sharma.“Devendra Kumar saved it (the stolen data) in a hard disc and transferred it to his friend Rohit Chomal in Kolkata who then started calling (Vijay Shekhar) Sharma on WhatsApp asking for money,” the police statement says.Dhawan did not respond to ET’s queries on whether she had committed the crime while quizzed at the Noida police station.Police sources said the first call from Chomal to the Paytm founder came on September 20 with a demand for Rs 30 crore. He later scaled the amount down to Rs 10 crore.Sharma first transferred Rs 67 on October 10 in order to check details of the bank account number which was furnished. He then transferred an additional Rs 2 lakh on October 15 while alerting the police simultaneously, sources said.Both Paytm and the Noida Police cyber cell worked together, the sources said, to track down the sender of the WhatsApp calls and chats over last week, which were being routed from abroad.Once identified as the caller, Chomal revealed that he was promised a cut of 20% in the extortion amount and furnished names of Dhawan, Jain and Kumar, who were subsequently arrested.Dhawan was picked up from her office in the Paytm headquarters in Noida on Monday. “The Paytm bosses are still to come to terms with the fact that she could do something like this. They trusted her completely,” a police source said. A case has been lodged against all four accused on charges of theft, extortion, cheating and criminal conspiracy under Sections 381, 384, 386, 420, 408, 120B of Indian Penal Code and Section 66 of the IT Act. from Economic Times https://ift.tt/2q80dow
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The ghost of demonetisation
Ten months after currency notes of Rs. 500 and Rs. 1,000 were scrapped on November 8 last year, the ghost of demonetisation continues to haunt Deepak Badavne.
In early November, Badavne had harvested 31 quintals of cotton from his 2.5-acre farm. He expected good returns on it. “The trader arranged for the truck and loaded the cotton from my house,” he says. But just then, the demonetisation-induced cash crunch hit the farm sector. The payment for Deepak’s cotton didn’t materialise. ‘The trader is now saying he will pay by Diwali [by mid-October 2017],” he says.
The trader owes Badavne Rs. 178,483 for his cotton yield. A cheque he received for this amount on March 24 bounced– thrice. “I am not the only one,” says Deepak, 31, sitting under a tree in Karajgaon village on the outskirts of Aurangabad city in Marathwada, Maharashtra. “There are others in my village who have been similarly duped.”
Badavne, who lives in a joint family and has two children, has gathered some of them in this village of 1,300 people – people who are also waiting for their dues or have received cheques that bounced. In April, nearly six months after the demonetisation, Deepak’s brother Jeetendra, 38, got a nearly two lakh rupees for 34 quintals of cotton. That too bounced. “What am I supposed to do with this if I cannot have cash in hand?” he asks. “I need cash to buy inputs for the cropping season [that started in mid-June].”
Deepak Badavne holds up the cheque he received in return for his cotton – it bounced three times (Others)
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On the morning of our visit in June, the trader in question had left the village to avoid reporters. So he was unavailable to give his version of the events, and is therefore not named in this story.
When the angry group barged into his house, his mother threatened that they would be responsible if her son committed suicide. “The trader said the cash crunch was responsible for the delays in payment,” says Deepak, “but the sowing season does not wait for us. We have filed an FIR [at the Karmad police station, around four kilometres away, on charges of cheating].”
In Hasanabadwadi village on the Aurangabad-Jalna highway, Atul Antarai, 28, was also struggling in June, months after the demonetisation. He has 1,000 mosambi trees on five acres. “I have a private well and borewell,” he says, “so I manage to water the orchard better than many farmers cultivating mosambi around me.”
In the first week of November, a trader had approached Antarai and offered him Rs. 6.5 lakhs for the entire produce. “I had planned on harvesting around February,” he says. “And going by the rate of Rs. 30-35 per kilo, I expected to make Rs. 10 lakhs from the crop. I told the trader I would get back to him.”
On November 8, however, after the government’s ‘notebandi’ order, the same trader did not have the cash anymore, and rates plummeted. “I eventually got Rs. 1.25 lakh for the entire yield,” says Atul. “Where I had expected Rs. 30–35 a kilo, I ended up selling the fruit at Rs. 3 a kilo.”
Watch video: ‘I got 3 rupees a kilo instead of 30-35 for my mosambi’ after the demonetisation last November, says Atul Antarai of Hasanabadwadi village
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Every year, the transactions for crops in Marathwada are made in cash. Relatively larger amounts than those for food crops get exchanged for cotton and mosambi – so after the demonetisation, when cash was in short supply, the impact on cotton and mosambi farmers was especially severe. November is when Marathwada’s farmers harvest cotton, and it’s just a few months before the year’s first mosambi harvest of February-March (the second one is usually in August-September).
The rates plummeted and traders did not have cash to buy stock from farmers. The cashless future that demonetisation promised never came, and many in rural Marathwada scoff at the idea. “ATMs are concentrated in cities,” says Ashok Yedhe, a farmer in Anjanvati village of Beed district, who cultivates soyabean and jowar. “Just to get to a bank or an ATM takes kilometres of travel for us.”
ATMs in rural areas are few and far between. Of the 222,762 ATMs in the entire country, according to Reserve Bank of India (RBI) data (till June 2017) only 40,997 are in rural centres – this means less than 20 per cent of the ATMs in India are available for the 69 per cent of the population that is classified as rural (by Census 2011).
Devidas Tuljapurkar, joint secretary of the All India Bank Employees Association, points out that it is also important to note the run time of ATMs. "In cities, the cash is replenished almost every day," he says. "That is not the case in rural areas, where the run time of ATMs is about 20 per cent what it is in cities."
Besides, Yedhe points out, online transactions cost more, and a farmer cannot afford to pay extra money for every such transaction. In any case, he explains, cash is central to any transaction in a rural economy. “We cannot Paytm 250 rupees to an agriculture labourer,” he laughs. “Most of the time, a farmer gets cash and uses it immediately to buy inputs or rations or fodder. The entire trade chain in rural India is cash-based.”
To add to the cash crunch after November 2016, banks in rural areas were the last to get the new currency notes. For months, the RBI did not even accept the old notes deposited with the district cooperative banks, where most farmers have their accounts. Hanumant Jadhav, managing director of the Latur District Cooperative Bank, says, “For 7-8 months we continued to struggle when district banks were not remonetised and all our ATMs were dry.”
Watch video: 'A farmer can't go cashless', insists Deepak Badavne of Karajgaon village
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In Karajgaon too, farmers say the push towards a cashless economy is city-centric, ignoring the majority living in the villages. “We usually use cash the same day we get it from any source,” says Deepak. “If we start going to the bank to withdraw cash for each transaction, can you imagine the amount of money and time we would be spending? Cashless sounds fine in Mumbai and Delhi, but it is a farce in rural India.”
Deepak has been unable to repay the 2016-17 agricultural season’s bank loan. “I owe the Bank of Maharashtra in Karmad Rs. 1.5 lakhs,” he says. “I have been repaying every year, so I am eligible for a new crop loan. But this year, I have been a defaulter.”
Deepak has now borrowed Rs. 240,000 from a private moneylender at 3 per cent interest per month. He already has a debt of Rs. 2 lakhs from a private moneylender. He has used the new loan for the ongoing kharif season and repaid a part of his bank loan. But he remains worried. “The harvest does not look promising this year due to intermittent rainfall,” he says.
And in Hasanabadwadi village, Atul is wondering if he will have to phase out his mosambi orchard. “The well has run dry. Rainfall has not been great. The harvest [the year’s second, of August-September] could be mediocre. And because I lost a lot of money after demonetisation, it is difficult to purchase water to keep the plants alive."
This article was originally published on 15/ 09/ 2017 on the People's Archive of Rural India.
Photos Credit: Shrirang Swarge
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