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PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by SEBI to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years. Markets regulator SEBI on Tuesday said PACL Ltd has not made any offer to pay Rs 20,000 crore in three years by sale of properties. The clarification comes following a video being circulated on WhatsApp. PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by SEBI to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years. A panel, headed by retired Justice R M Lodha, initiated the process of refunds for investors, who invested money in PACL. It has been brought to the notice of the Lodha Committee that a video is currently being circulated on WhatsApp containing a clipping from a business channel which states that PACL has made

PM Narendra Modi ’s Rs 20 lakh crore stimulus package drawn more criticism, this time from the global wealth manager, Credit Suisse. Credit Suisse Wealth Management told that the govt’s stimulus package lacks major near-term support for the economy and may not be adequate to restore India’s growth trajectory. The stimulus package announced by PM Modi on May 12, was further elaborated by Finance Minister ‘Nirmala Sitharaman’ in five-tranches, where she outlined the package that was carved out to help the Indian economy beat the slump caused by the corona virus pandemic situation. Jitendra Gohil, Head of the Credit Suisse Wealth Management that is India Equity Research, said in the report – “India’s response to the COVID-19 crisis lacks major or innovative near-term fiscal support, and fails to provide the much-needed impetus to stimulate growth and kick-start economic growth,” . Narendra Modi,  Credit Suisse told, the actual fiscal spending that the Indian government will do is around R

मा. पंतप्रधानांनी सन २०१५ मध्ये कमी प्रीमियमवर दोन विमा योजना जाहीर केल्या :- प्रधानमंत्री जीवन ज्योती विमा योजना (पीएमजेजेबीवाय) ₹ २०००००/- आणि प्रधानमंत्री सुरक्षा विमा योजना (पीएमएसबीवाय) ₹ २००,०००/- प्रीमियम खूप आकर्षक असल्याने ( ₹ १२   व ₹३६०)  तुमच्यापैकी बर्‍याचजणांनी या योजनांची सदस्यता घेतली असेल व त्यांचे प्रीमियम आपल्या बँक खात्यातून दर वर्षीच्या ३१ मे ला वजाती  पण होत असेल. याबाबत आपण कधीही बँक कडून अथवा आपल्या इन्शुरन्स कंपनी कडून पॉलिसी डॉक्युमेंट घेतले आहे का ? ९९.% धारकांनी ती घेतलेली नसणार आणि इन्शुरन्स कंपनी व बँक पण स्वतःहून देणार नाही अथवा ईमेल पण करणार नाही कारण पॉलिसी डॉक्युमेंट तयार करणे व ती पाठविण्याची  cost     या  प्रीमियम रक्कमे पेक्षा अधिक आहे. एक जागरूक नागरिक म्हणून सदर पॉलिसी डॉक्युमेंट बँक अथवा इन्शुरन्स कंपनी कडून प्राप्त करून घेणे क्रमप्राप्त आहे. त्यांची एक प्रत  १ आपल्या पॉलिसी डॉक्युमेंट सोबत सुध्दा ठेवायला पाहिजे. ती ठेवली नसल्यामुळे आपले कुटंब आपल्या निधनानंतर त्यांना त्याची कल्पना नसल्यामुळे ती क्लेम करायला विसरतात आणि इन्शुरन्स कंपनी अ

RBI announces extension of moratorium for another 3 months: The Reserve Bank of India (RBI) announced an extension of the moratorium on loan EMIs by three months, i.e. August 31, 2020. The earlier three-month moratorium on the loan EMIs was ending on May 31, 2020. This makes it a total of six months moratorium on loan EMIs starting from March 1, 2020. The extension of three-month moratorium on repayment of term loans by borrowers means that they would not have to pay the loan EMI instalments during the moratorium period. The extension will provide relief to many individuals, especially the self-employed, as they would have found it difficult to service their loans such as car loans, home loans etc. due to loss of income during the lockdown period from March 25, 2020. Missing an EMI payment would mean risking adverse action by banks which can adversely impact one's credit score. As per the Statement on Developmental and Regulatory policy of the central bank, "On March 2

*Breakup of the Rs 20 lakh crore package:* Revenue lost due to tax concessions announced since March 22: Rs 7,800 crore PM Garib Kalyan Package: Rs 1,70,000 crore PM's announcement for health sector: Rs 15,000 crore Tranche 1- Emergency working capital facility for businesses including MSMEs: Rs 3 lakh crore Subordinate debt for stressed MSMEs: Rs 20,000 crore Fund of fund for MSMEs: Rs 50,000 crore EPF support for businesses and workers: Rs 2,800 crore Reduction in EPF rates: Rs 6,750 crore Special liquidity scheme for NBFCs, HFCs and MGIS: Rs 30,000 crore Partial credit guarantee scheme 2.0 for liabilities of NBFCs and MFIs: Rs 45,000 crore DISCOMS: Rs 90,000 crore reduction in TDS/TCS rates: Rs 50,000 crore • Tranche 2- Free food grain supply for migrant workers for 2 months: Rs 3,500 crore interest subvention for MUDRA Shishu loans: Rs 1,500 crore Special credit facility for street vendors: Rs 5,000 crore Housing CLSS-MIG: Rs 70,000 crore Additional emerge

*FM Nirmala Sitharaman speech : 5th and Final tranche* • Today marks the last of the tranches of announcements subsequent to PM Modi's address to the nation. • In the last four days of announcements, we have had several reforms addressing the land, labour, liquidity and laws. Today's announcements will be continuing that series. • Soon after lockdown, we came with PM Garib Kalyan Package, we provided food grains to those who needed it, we did not want to scout for money to search for grains. Pulses too were given 3 months in advance. I appreciate the concerted efforts of FCI, NAFED and states, giving pulses and grains in huge quantities, despite logistical challenges. • Today I have 7 such steps to tell you, the order is: MGNREGS, Health (rural and urban) and Education related, businesses and COVID-19, decriminalisation of Companies Act, Ease of Doing Business, Public Sector Enterprises- related steps and state governments and related resources. • PM Garib Kalyan Yojana

*Finance Minister speech   - 4th Tranche* (Structural Reforms) • Today is the 4th day where after the PM's address to the nation on building a Atmanirbhar Bharat, we have been announcing in several tranches steps that we will take to give a stimulus to help and to extend assistance as the government. • PM had said in building a self-reliant Bharat, we need to be strong. We are not looking inwards, it is making India strong and rely on its strength and be ready to face global challenges. • Many sectors need policy simplifications. PM has very good track record in taking strong, systemic reforms. • Structural reforms are the focus of today's announcements. • She lists policy reforms initiated in the last couple of months to fast-track investments. Policy reforms to fast track investments. Fast track clearance through Empowered Group of Secretaries being done. Project Development Cell in each Ministry to prepare investible projects, coordinate with investors and Central a

Highlights of Nirmala Sitharaman's address: * The Essential Commodities Act will be amended to enable better pricing for farmers, agriculture products including cereals, edible oils, oil seeds, pulses, onion and potatoes will be de-regulated. * In a move to strengthen infrastructure in agriculture, financing facility of Rs 1 lakh crore will be provided for funding Agriculture Infrastructure Projects at farm-gate & aggregation points. * Government to bring in law to implement agriculture marketing reforms to provide marketing choices to farmers; law will provide adequate choices to farmer to sell produce at attractive price. * A facilitative legal framework will be created to enable farmers engage with processors, aggregators, large retailers, exporters in a fair and transparent manner. * Funds transfer worth Rs 18,700 crores has been done under PM KISAN in past 2 months and PM Fasal Bima Yojana claims worth Rs 6,400 crores released in past 2 months. * Government commit

*Economic package stimulus : Tranche 3*: (Agriculture and allied activity). May 15, 2020 • The stimulus packages announced by the government so far to mitigate the economic impact of COVID-19 will dent the fiscal deficit by 0.6 percent of the GDP or Rs 1.29 lakh crore in the ongoing financial year, said a report by State Bank of India. With the announcement of an economic package focussing vulnerable sections of the society on Thursday, the government has so far provided a stimulus totalling Rs 16.45 lakh crore. This implies that the remaining nearly Rs 3.54 lakh crore of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi on May 12 is yet to be announced. • Today the third tranche of announcements is for agriculture and allied activities - fisheries, animal husbandry, dairy, etc. A large amount of the population engaged in agriculture activities. Small and medium farmers against all adversities have endured. • During lockdown provisions were made to conclud

*Nirmala Sitharaman - announcement of 2nd tranche* • *Today's tranche will have provisions as follows: 3 for migrant workers, 1 sishu loan within Mudra, 1 for Street vendors, 1 for housing, 1 for tribals, 2 for small farmers*. Many may have overlaps with subsequent packages, these are only for today, and there will be more. We will prioritise migrant workers and those in need. • Today's second tranche of announcements focus on migrant workers, street vendors, small traders, self employed people, small farmers. Will be announcing nine steps. • If we do not speak about a certain component today, it does not mean that Govt. has forgotten about any particular segment, more initiatives are being announced. • Liquidity support for farmers and rural economy have happened during COVID-19 duration. Activities through banks are happening and 63 lakh loans worth Rs 86,000 crore have been approved. Refinancing of Rs 29,500 crore has been provided by NABARD to cooperative and ru

*Finance Minister Nirmala Sitharaman:* • Prime Minister has laid out a vision after several discussions at various levels. Inputs obtained were given due consideration. This is to spur growth and built a self-reliant India. This initiative is called Atma Nirbhar Bharat Abhiyan. • Not to look inwards and isolationist, but a India that can be confident and contribute to the growth. We have the enterprise to build such capabilities and help the world. • To build the 'Atma Nirbhar India', India has DBT, Ujjawala Yojana, AWAS Yojana, Swaccha Bharat Abhiyan and Ayushman Bharat. Several schemes which benefitted poor were reform driven. • PM has always been on the side of reform for better ease of living in the country. • The vision and thought of Atma Nirbhar Bharat has brought India together in these tough times. India has emerged better than others in these times. We are also helping other countries by supplying with drugs. • PM spoke of 5 pillars of the economy. Our system

*Here are the key takeaways from the PM Narendra Modi's address today:* >> PM Modi announced a special economic relief package - *Atma Nirbhar Bharat Abhiyaan* - in light of the ongoing situation due to the COVID-19 outbreak. He said the economic measures earlier announced by the government to tackle the COVID-19 pandemic, steps taken by the Reserve Bank of India (RBI), and this latest package will come up to a total of Rs 20 lakh crore, nearly 10 percent of India's gross domestic product (GDP). >> The package, he said, will focus on land, labour, liquidity and laws. >> He emphasised the need for a self-reliant India, the five pillars of which will be economy, infrastructure, technology-driven system, demography and demand. >> PM Modi also said Lockdown 4.0 will be a new one, with new rules. It will be implemented based on suggestions from the states and details of the same will be announced before May 18. >> He talked about the need to beco

*PM Narendra Modi's address:* (May 12, 2020) • Over 4 million people have been affected and hundreds of thousands have lost their lives. This crisis is unimaginable and unprecedented.  • But the human race has never learnt to give up. We will fight the virus by strictly following guidelines. The way forward is a self-sustainable India. • We have to protect ourselves, and also move forward. We need to further strengthen our resolve. • We will use this crisis as an opportunity to become self sustainable. For instance before the outbreak stuck India, our country was not producing PPE kits. But now, we are producing more than one lakh PPEs in India. • India's culture has always stressed on Vasudev Kutumbakam or world as a family. India's definition of self reliance takes into account the needs of a globalized world. India wants self reliance but is also working towards global prosperity. India has fought TB, Polio successfully. We have set an example for the world.

*99% of depositors of CKP Co-op Bank will get full refund - RBI* In a major relief for the depositors in the now defunct CKP Co-operative Bank, a senior Reserve Bank of India (RBI) official on Sunday said that around 99.2 per cent of the bank''s depositors will get their full deposits back from the Deposit Insurance and Credit Guarantee Corporation (DICGC). The Registrar of Co-operative Societies, Pune, will next appoint a liquidator for starting the process in consultation with the DICGC. The RBI official''s assurance comes a day after the RBI announced the cancellation of the banking licence of Mumbai-headquartered co-operative bank, as its financial position had become unsustainable. The bank had a total of 1,32,170 depositors. In a tweet on Sunday, Yogesh Dayal, Chief General Manager of the Department of Communication, RBI said: "CKP Co-op Bank Ltd., Mumbai has been under All Inclusive Directions of @RBI since 2014. As there was no scope for revival of

The Reserve Bank of India (RBI) has cancelled the licence of The CKP Co-operative Bank Ltd for reasons including, the lack of any viable revival plan and functioning “in a manner detrimental to the public interest and interest of the depositors". According to RBI, the cooperative bank cannot accept or repay deposits, with immediate effect. Moreover, with the cancellation of licence and start of liquidation proceedings, the process of paying the depositors will be as per the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961. On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ₹ 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions. DICGC, a wholly owned subsidiary of the Reserve Bank of India, had raised the limit of insurance cover for depositors in insured banks from ₹1 lakh to ₹5 lakh per depositor with effect from February 4, 2020 with the approv

The Reserve Bank of India (RBI) has cancelled the licence of Mumbai-based The CKP Cooperative Bank Ltd., with effect from the close of business on April 30, 2020, as the lender’s financial position had deteriorated and it was not in a position to repay depositors. “The Registrar of Co-operative Societies, Pune, Maharashtra, has also been requested to issue an order for winding up the affairs of The CKP Cooperative Bank Ltd., Mumbai, and appoint a liquidator for the bank,” RBI said in a late evening statement on April 30, 2020 The depositors of the bank will get a maximum of ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC), as per law. The deposit insurance cover was increased to ₹5 lakh from ₹1 lakh earlier this year. The bank has a deposit base of ₹485.56 crore, as on November 2019. The financial position of the bank is highly adverse and unsustainable. There is no concrete revival plan or proposal for merger with another bank. Credible commitment tow