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New Currency by no means eliminates Black Money

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Replacing old currency with new one by no means eliminates black money and corruption but Prime Minister Narendra Modi opted for this political move in a dramatic manner to create a ‘dhamaka’ thinking that it will bring his party to an advantageous position in the coming Uttar Pradesh and other states elections.

He rather termed demonetization as drive against black money and corruption where as black money is stashed in Swiss bank accounts and Panama papers and people like Lalit Modi and Vijay Mallya are roaming scot free in London .

Now,demonetization to destroy the network of counterfeit currency is a myth as fake new currency notes of Rs2000 were being printed in Hyderabad and an incident came up where such fake notes were found in circulation in Mumbai ,the financial capital of India.

The third point raised by Narendra Modi of clamping down on black money which are actually created by the illegal drug trade , trafficking of girls and illegal arms trade. This will happen with the new currency as well.

The corrupt money is generated in the government transactions where huge arms agreement or dealings take place and Modi has not found any solution to these sources of corrupt money.

Meanwhile,the entire opposition is observing “Jan Aakrosh Diwas”to protest against demonitisation scheme on the grounds that every poor and middle class person in the country has been needlessly inconvenienced and harassed in different degrees .

From the day he came to power ,Modi has been looking for some opportunity to create various ‘dhamakas’ on one  pretext or the other.He has not done anything to fulfill his promise of creating employment (such as Tume naukri chahiye ya nahi) and bringing black money from abroad and depositing the same into the accounts of Indian citizens.

Having realised that he could not show any thing to win the elections : BJP-PDP failed in controlling the crisis in Kashmir , and instead putting the security of the country at risk by putting aside India’s proven policy of refraining from announcing any cross-border operation as surgical strikes and the BJP went on bragging for conducting surgical strikes resulting in increase in casualty of our armed forces.

The announcements of surgical strikes were made to take political mileage in the coming Uttar Pradesh elections without taking into account that this will put our soldiers lives at great risks .These elections are very crucial for PM Modi as losing these would considerably weaken his remaining tenure .

Whatever situation unfolds after the demonetization scheme will serve as a referendum on PM Narendra Modi during the 2019 Lok Sabha elections.

 

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By : Arti Bali Senior Journalist

 

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Royal Orchid announces the opening of group’s newest hotel in Nashik

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 Royal Orchid Hotels, the fastest growing hospitality chain in India today announced the opening of its new hotel in Nashik named ‘Regenta Resort Soma Vine Village’. Nashik popularly known as the wine capital of the country has gained immense popularity among the tourist in India.

Regenta Resort Soma Vine Village, with 32 rooms offers boutique accommodation with varied dining and banquet facilities. The glorious property will give travelers a mesmerizing experience and contemporary luxury.

On-site amenities at the hotel include a completely refreshed restaurant, a winery, a state-of-the-art fitness center and outdoor pool, as well as a business centre, and spa services. The hotel has a wide range of facilities that let the guests choose from various room categories designed in keeping the touch of the city with elegance and relaxing atmosphere.

Located in the northern part of the state of Maharashtra, Nashik is developing as a lively city with a blend of the ancient and modern touches attracting tourists from across the country. The city has numerous forts, temples, historic sites as well as a home to industries. The city offers green pastures, mountains and tours of the wine yard.

The most important attraction of the city includes Vineyards and Hindu temples situated in and around Nashik. May it be an important corporate event or a business meet or a simple getaway to explore nature and feel the essence of spirituality, Regenta Resort Soma Vine Village allows enormous options to its guests. The guests can experience the beauty and culture of Nasik just by availing one of the several facilities that the hotel provides to its patrons.

Chander K. Baljee, Managing Director, Royal Orchid Hotels said, “The hotel is the perfect complement to our recently refreshed Regenta portfolio of hotels across India. We are taking continuous steps towards expanding our presence all over India. The new hotel in Nasik is one such move towards achieving our aim. The government push toward tourism sector is giving us the much needed enthusiasm to go aggressive in adding new properties to our bouquet. Going forward we will continue to add more properties to both-explored and unexplored tourist destinations”

By now we have added eight properties – Mysore, Ahmedabad, Dehradun, Kanpur, Dwarka, Indore, Pushkar and now Nasik in the current fiscal year taking the number to 49 hotels. We will continue our efforts in expanding our presence all over India”.

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Nationalism of Narendra Modi is under question

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The economic bungling by Jeweller Nirav Modi, Business tycoon Vijay Mallya  and Lalit Modi has put a serious  question mark on the nationalism of Prime Minister Narendra Modi. His conspicuous silence on  India’s largest banking fraud to the tune of Rs 11,400-crore and still counting is shocking as he repeatedly claimed to have won the huge mandate on the basis of giving achhe din to the people of India but crony capitalists have escaped India with taxpayers’ money and there is no clarification from Narendra Modi who has taken the voter for a ride.

Congress president Rahul Gandhi advised Prime Minister Narendra Modi  to speak on  the Nirav Modi and Rafale scams rather than seeking suggestions for his Mann Ki Baat programme from the general public.

The intentions of Modi government are also conspicuous when the central government  opposed a plea seeking an independent Special Investigation team ( SIT )probe and deportation of billionaire diamond merchant Nirav Modi in the Supreme Court,citing an FIR has already been filed and that a probe was on.

The Supreme Court has already admitted the PIL, filed by lawyer Vineet Dhanda in the Rs 11,400 crore PNB fraud and has now been listed for further hearing on March 16.The PIL has made Punjab National Bank, Reserve Bank of India and the ministries of finance and law and justice as parties.

Modi has been touring the world citing that his government is enhancing the status of India as an investor friendly country and where there is an ease of doing business. On the contrary, his reforms of demonetisation and GST has benefitted selected Business people having links with the ruling party and crony capitalists and general public has been made to bear the burnt. The economic frauds have dented the image of India globally and these types of  incidents would amplify questions about distress in the country’s financial sector reeling under bad loans.

What type of image is being projected when the  picture in which billionaire jeweller Nirav Modi is seen with Prime Minister Narendra Modi in Davos where the 48th Annual Meeting of the World Economic Forum took place  from 23 to 26 January 2018. The summit was attended by world’s leading figures .

On January 31, PNB filed a case of “criminal conspiracy and cheating” against the gem trader, members of his family and others two weeks ago alleging a 2.8 billion indian rupee ($44m) fraud.

The Modi government is busy creating eyewash by deploying agencies to probe the scandal  and the Central Bureau of Investigation  on Tuesday arrested five senior executives in connection with the multi-crore PNB fraud including Vipul Ambani (President, Finance, Firestar International/Diamonds group), Kavita Mankikar (executive assistant and authorised signatory of 3 accused firms), Arjun Patil (senior executive, Firestar group), Kapil Khandelwal (CFO, Nakshatra and Gitanjali group) and Niten Shahi (Manager, Gitanjali).

Modi asked people of India in 2014 to vote out corrupt UPA regime then how he and his government is defending the scandals that have occurred under his tenure of just four years . Modi is even trying to bring back the culprits to India .

The question should be asked to the ministers of Modi government what type of nationalism they carry with them when they do not value the life of Indian citizens ,when Dalits are being thrashed ,security personnel get killed on the border when our ruling political class provokes the enemy country just to showoff the Indian voter (woo voters) that they are superior than other political parties. Modi should have strengthened  the country militarily, economically and cohesively as an answer to the huge mandate given by the voters on trust.

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By: Arti Bali

Senior Journalist

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Arun Jaitley blames Auditors, Management for failing to detect PNB scam

PM Modi cannot afford to campaign in 2018 and 2019 elections on giving corrupt free government as massive scams are coming to light and government is assisting capitalists to run away with taxpayers’ money.

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Arun Jaitley

After five days,Finance Minister Arun Jaitley was quick to blame the PNB management and auditors for the Nirav Modi’s Rs. 11,300 crore fraud. It is pertinent to remind Jaitley that Dr Manmohan Singh as Finance Minister was charged for being responsible for the 1992 Harshad Mehta scam, therefore in the present context Finance Minister Jaitley cannot acquit himself of the eroding credibility of India’s banking system that has a direct cost on the country and the taxpayer and an indirect cost on borrowings and development as well.

Finance Minister and Prime Minister Narendra Modi cannot absolve their constitutional and democratic responsibility for the enormous scale of the scam which has many dimensions including fake bank guarantees or letters of Understanding.

Firms associated with Nirav Modi got fake LoUs from the Punjab National Bank (PNB), which is distributed to other banks stationed overseas seeking credit.The fraudulent transactions worth Rs 11,400 crore by Nirav Modi and his maternal uncle Mehul Choksi has embarrassed the government that claims to provide scam-free governance.

Prime Minister Narendra Modi cannot afford to campaign in 2018 and 2019 elections on giving corrupt free government as massive scams are coming to light and government is assisting capitalists to run away with taxpayers’ money.

PM Modi’s silence is amazingly stunning as he is not at all worried about India’s economy,one of the country’s biggest bank frauds, security and other problems of the common man but is rather living in his own false world and brags of giving good governance , acche din and Mann ki Baat where he continues on giving one sided communication.

Modi has fielded Defence Minister Nirmala Sitharaman, Law Minister Ravi Shankar Prasad and Education Minister Prakash Javadekar  to defend the government and clean the blot that could not have taken place without “top leadership involvement”.

Modi should step down for the financial fraud as 293 letters of undertaking (LoU), many letters of credit (LC), were issued during March, April and May 2017. Trying to hide failures of NDA government, the centre has sought the aid of seven agencies (Enforcement Directorate, Interpol, Central Bureau of Investigation, Income Tax department, Central Vigilance Commission,Ministry of Corporate Affairs) both at home and abroad to investigate the entire scam and investigators are conducting t searches at PNB branches and Nirav Modi’s properties.

Modi even claimed that his government had deregistered over 3 lakh dormant and shell companies listed with the Registrar of Companies but How is it possible that the ministry of Corporate affairs failed to identify the 200 shell companies of Nirav Modi and Choksi which the Central Bureau of Investigation and the Enforcement Directorate found to have been used to invest the Rs 11,400 crore of fraudulently obtained money.

The Indian banking sector is already struggling under the weight of bad loans or the NPAs valued as high as $150bn. and the government recently announced it would inject $32bn into the sector to help banks clean up their books, but analysts have questioned whether the money is enough without reforming the banks themselves. The Bharatiya Janata Party is also diverting the attention by saying that the Nirav Modi scam occurred during UPA regime and trying to accuse the Opposition for their failure to detect scams.

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By: Arti Bali

Senior Journalist

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