Jun 29, 2017 - Why a 'cashless' economy would hurt the poor: A lesson from India

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Sree Vijaykumar From the Editor's Desk Dictionary.com defines 'to lynch' as 'to put to death, especially by hanging, by mob action and without legal authority'. While technically correct, Indian media has done everyone a huge disservice by referring to recent 'cow related' murders as lynching, a term that somehow understates the fact, that such killings are nothing but murder! The #NotInMyName movement is a sign that occasionally people can come together and show the right direction, when both ruling and opposition parties have failed to understand what really matters. Stop killing our countrymen! Advertisers of the day On behalf of SAP India: Get GST-Ready in just a few weeks shivkhera: Optimize Performance and Move Up to the Next Level : Programs by Mr. Shiv Khera   Our advertisers help fund the daily operations of TradeBriefs. We request you to accept our promotional emails (B2B Decision-Makers, B2C Decision-Makers, TradeBriefs Premium). Why a 'cashless' economy would hurt the poor: A lesson from India India and other governments have failed to see the impact on poor, who seldom use banks Advt: Lending solutions for all your long-term business needs No company starts big. They grow over time. Standard Chartered will be your companion in this growth journey, giving you solutions that fit your needs at every stage (Know More) Advt: Work for the best employer - Yourself Advantages - Best B2B audience in India, no hard-selling or up-front costs involved, access to our content repository and air-tight agreements with instant gratification. AU Small Finance Bank IPO opens, but foreign shareholding issue persists AU Small Finance Bank says working with RBI to address the foreign shareholding issue, even as its IPO received a thumbs-up from market analysts Blockchaining India's digital future How a nascent technology could pave the way for Digital India Google is fighting a losing battle The economics of continuing the fight with the European Union isn't really in Google's favour now The chaotic consensus on Goods and Services Tax The GST council carries out its deliberations as part of a larger system of political democracy, comprising the Central legislature and state legislatures Tata Steel subsidiary Tinplate seeks to undertake business on its own Tinplate Co. of India says will buy hot-rolled coils from Tata Steel worth up to Rs1,800 crore a year, and pursue expansion on its own Former Intel Capital executive Deepak Gupta launches tech start-up fund Deepak Gupta tech start-up fund—WEH Ventures—is targeting a corpus of Rs40 crore and is expecting a final close in 9-12 months GE Energy Financial Services to invest $90 million in RattanIndia's solar power assets GE Energy Financial Services' investment will provide dry powder to RattanIndia Group to bid for future solar power projects IRDA identifies 6 insurers to take over Sahara India Life Insurance IRDA has identified LIC, ICICI Prudential, HDFC Standard Life, Bajaj Allianz, Kotak Mahindra and SBI Life as potential candidates to take over Sahara Life's business Debt biggest challenge for Air India's disinvestment Air India has a total debt of around ₹52,000 crore which comprises of ₹22,000 crore as aircraft loan and the rest as working capital loan and other liabilities. Interviews for new SBI chairman today to replace Arundhati Bhattacharya SBI managing directors are said to be appearing for the interview with Banks Board Bureau chief Vinod Rai for the post of the SBI chairman Hindustan Petroleum in dollar market to sell $500 million bonds Though the purpose of HPCL's fund raising is not known immediately, it could be for its proposed plans to buy the stake in Russia's oil fields along with IOC, Oil India and BPRL Fortis gets shareholders' nod to hike FII shareholding limit Fortis Healthcare said its shareholders have approved increasing the shareholding limit for foreign institutional investors to up to 74% from 24% at present Corporation Bank to raise up to Rs3,500 crore from share sale Corporation Bank has received shareholders' approval for fundraising by way of issuance of fresh shares and/or issuance of additional Tier I or Tier II capital as per Basel III guidelines Sebi allows NRIs to hedge currency risk Sebi allows NRIs to access the exchange traded currency derivatives, or ETCD, market to hedge currency risk arising out of their investments in India Godrej Industries to raise Rs400 crore through Godrej Agrovet IPO In a filing to the BSE, Godrej Industries informed that its board has decided to participate in the IPO by Godrej Agrovet Nestle plans $20.8 billion share buyback amid Third Point pressure Nestle plans to buy back as much as $20.8 billion worth of shares over three years, days after Third Point began a campaign to boost performance at the company Mindtree Board approves Rs270 crore share buyback plan Mindtree will buy back up to 43.2 lakh shares, comprising 2.5% of the total paid up equity share capital at a price of up to Rs625 per equity share UCO Bank to raise Rs3,000 crore mainly from LIC UCO Bank's executive director Charan Singh says it will seek capital infusion from the union government and the LIC to support business growth Shell seeks gas converts among India's textile, cement factories Shell has set up a team to identify small businesses in India that use dirtier fuels like coal and convince them to switch to natural gas New-age tech-savvy buyer is seeking experience Indian retailers are still playing catch up with these customers Pepperfry goes the omni-channel way to boost sales Urban Ladder, Livspace too open retail stores Snapdeal Files Police Case Against Former Heads Of Local Logistics Firm The company, which is backed by Japans Softbank, accused some former directors and former management of Quickdel of misappropriation. Cafe chain Chocolate Room to open 500 outlets in India by 2020 GST from 1 July: Online sellers, e-commerce cos get tax breather for now, but they shouldn't rejoice as yet Online sellers using the services of portals offering the marketplace model should not rejoice India's Latest Communication Satellite GSAT-17 Launched From French Guiana GSAT-17 launch will be the third one by India's space research agency ISRO in the past one month. Make in India: Imported phones set to face customs duty of 10% under GST Retaining prominence of local manufacturing and Make in India, the government is set to impose a customs duty of at least 10 per cent on imported mobile phones under the GST regime. WhatsApp for Android beta gets new call screen, media bundling WhatsApp for Android beta has added support for two new features which includes a redesigned call screen, and media sharing. Users who are a part of WhatsApp's official Play Store beta program are likely to receive the update sooner that everyone else. GST set to make phones expensive: Here is how much iPhone 8 or next Xiaomi phone will cost GST is more likely to make locally manufactured phones (and phone accessories) more expensive as they currently operate under lower tax rates due to benefits provided under government's Make in India policy. Regulators should look into spectrum pricing, availability: Sunil Mittal "Spectrum prices and availability as well as levies should be taken care by regulators in Asia," India's market-leader Bharti Airtel chief said .. Airtel may buy Tata Tele: UK research firm The report predicts a four-operator market in India by 2020 and the possible M&As. Coke to offer cheaper soft drinks to take on smaller cos NEW DELHI: Coca-Cola India, the maker of Thums Up, Sprite and Maaza, will launch a range of cheaper aerated beverages to compete with smaller regional players that have been gnawing at its market share in the Rs 14,000-crore soft drink market. Packaged food rules made buyer-friendly NEW DELHI: Institutional consumers such as airways, educational entities, hotels, hospitals or any other service establishment, which buy packaged commodities in bulk for their own use from manufacturers or wholesalers, cannot sell them as a retailer. India could import more sugar as prices plunge, rupee strengthens India is the world's biggest sugar consumer Why Delhiites have to wander and wait for McDonald's meal now Highly-placed sources disclosed that CPRL failed to get the mandatory regulatory health licences renewed because of the infighting between Bakshi and McDonalds. Big Bazaar: Good news! Your grocery expenses won't rise after GST MRP of most household and personal care products will stay unchanged for 6-8 weeks after GST rollout as companies gauge impact. Everstone bakes plan to grab a slice of North Indian market Targets bread firms with turnover of up to ₹200 cr for making Modern a national brand FSSAI building database on pathogens FSSAI's database on pathogens and micro organisms is aimed at building credibility and acceptability of Indian food products in global markets Marico appoints Ananth Narayanan to its Board of Directors New Delhi [India], June 28 : India's leading Consumer Products Group Marico on Wednesday announced appointment of Ananth Narayanan on its Board of Directors as an Additional (Independent) Director LT Foods opens rice processing plant in Netherlands LT Foods, a global Indian foods brand with presence in more than 65 countries today commenced operations its first rice processing plant in Europe at Rotterdam, Netherlands. GST: Retailers Association of India demand tax free packaged foodgrains, simpler invoice formats Retailers Association of India wrote letters to the government asking them to revise the rates on packaged foodgrains downward to be completely tax free. The retailers body has also asked for simplified invoicing formats and revision of delivery charges under GST. Flipkart takes time to unveil Snapdeal offer Snapdeal will have to extend timeline or put firm on block again, in case deal isnt completed soon Myntra-Jabong CEO Ananth Narayanan on Marico's board After Narayanan's appointment, Marico's board now has six independent directors besides chairman and non-executive director Harsh Mariwala, MD & CEO Saugata Gupta and two non- executive directors. 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