Nation
Printing of new Rs500, Rs2,000 notes costs Rs2.87 to Rs 3.77
The cost of printing a new Rs 500 currency note is in the range of Rs 2.87 to Rs 3.09, and Rs 3.54 to Rs 3.77 for a Rs 2,000 note, Parliament was informed on Wednesday.
 
"The approximate cost of printing each note of new Rs 500 currency note is in the range of Rs 2.87 to Rs 3.09 and for a Rs 2,000 note is Rs 3.54 to Rs 3.77," Minister of State for Finance Arjun Ram Meghwal said here in a written reply in the Rajya Sabha.
 
The minister, however, said that it was too early to indicate the total cost of printing of new notes of Rs 500 and Rs 2,000, as those were still being printed. 
 
The currency in circulation as on February 24 was Rs 11.641 lakh crore, Meghwal said.
 
The old Rs 500 and Rs 1,000 notes returned to the Reserve Bank of India and currency chests amounted to Rs 12.44 lakh crore, as of December 10, 2016. 
 
"Verification of returned notes for counterfeit notes and accounting reconciliation is in process," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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The police cannot lift the corporate veil and arrest a company founder, CEO or other directors over a commercial deal - legal expert
Lifting the corporate veil cannot be done as a matter of routine and certainly the police cannot do that on its own to arrest a company founder, CEO or other directors over a commercial deal, said a legal expert.
 
He was referring to the arrest of Yogendra Vasupal, founder of Stayzilla an online homestay market place by the city police on Tuesday for not settling the dues of an advertising agency.
 
The basic tenet on which a company is incorporated under the Companies Act is that it is a separate legal entity different from its promoters and shareholders. The liability of the shareholders is limited to the capital they have invested and does not extend to their private assets, they said.
 
"The corporate veil cannot be lifted as a matter of routine. There are several parameters to be followed to lift the corporate veil. Normally corporate veil would be lifted in cases were the corporate structure is used for evasion of government taxes, to act against public interest," D. Varadarajan, Supreme Court advocate specialising in company/competition/insurance laws told IANS over phone from New Delhi on Thursday.
 
"Unpaid vendors would rank as unsecured creditors and their dues would be settled only after the settlement of government dues, secured creditors," a company secretary of a Mumbai based private company told IANS not wanting to be named in the report.
 
According to Varadarajan, there is no promoter shareholding threshold or shareholding index for lifting the corporate veil.
 
"Similarly for the sake of a commercial transaction the corporate veil cannot be lifted," Varadarajan added.
 
Queried about the recourse that a vendor who is also a start-up can have for recovering his dues from a wilful defaulter Varadarajan said: "Certainly it is a civil case and not a criminal one. The affected vendor can file a case in the courts for settling commercial disputes. Payment default is a business risk that a vendor faces."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

T.c. Shivswamy

1 week ago

When a real estate company cheats thousands of investors whether CPA or Real estate act is applicable to prosecute the MD and directors of the
company under criminal law?

T.c. Shivswamy

1 week ago

what about real estate pvt ltd companies cheating their clients by false promises?

Is Preet Bharara Trying to Tell Us Something?

Fired by President Donald Trump, Preet Bharara left behind a mysterious, thirteen-word message. "By the way, I know what the Moreland Commission must have felt like," he tweeted on Sunday.

 

Americans are getting used to deciphering the tweets of a president who eviscerates his enemies in 140 characters or less. So perhaps it's inevitable that a public official whom he dismissed would fight back in the same way — and similarly raising questions about the tweeter's intent and state of mind.

 

A spokesman for the U.S. attorney's office for the Southern District of New York said he could not elaborate on Bharara's tweet. And the ex-prosecutor himself has made no further public comment, leaving those familiar with the Moreland Commission's history to speculate about the presidential parallels.

 

The cryptic reference to the corruption-fighting commission, which New York Gov. Andrew Cuomo unexpectedly disbanded in March 2014, could simply mean that Bharara knows what it's like to be let go when there's still important work to be done. Or it could be read to accuse Trump, like Cuomo, of trying to axe an investigation before it brings down his friends. In the most sinister interpretation, it could even be a threat or a portent — since Cuomo's allies ultimately faced justice anyway.

 

"I think Preet is way too smart to simply say something that might have wide-ranging implications without thinking it through," said Chris Malone, a political science professor at City University of New York's Lehman College. Malone said he thinks Bharara was "sending a message" that "you're cutting off an investigation in midstream."

 

Following a series of corruption scandals involving state lawmakers, Gov. Cuomo created the Moreland Commission to Investigate Public Corruption, as it was formally known, in July 2013 to root out corruption in politics and state government. It was named for a 1907 law known as the Moreland Act, which gives the governor broad authority to investigate state agencies. The panel's 25 members included current and former district attorneys from across the state who were empowered to issue subpoenas and compel testimony.

 

The panel issued a first draft of its findings in December 2013 and vowed to "proceed with ongoing investigations as we continue to follow the money." Those investigations hadn't reached their conclusion when, four months later, Cuomo abruptly dismantled the commission.

 

Cuomo said at the time that a package of modest ethics reforms agreed to by the legislature eliminated the need for the commission. But a subsequent New York Times investigation revealed that Cuomo's aides undermined the commission as the panel's subpoenas started getting close to the governor's office. The timing suggested Cuomo was concerned that the commission might dig up unwelcome facts about his administration.

 

Enter Bharara. After Cuomo disbanded the panel, the Moreland Commission handed over documents, computer files and other materials from its investigation to the federal prosecutor, who vowed to take over its mantle.

 

Those documents helped lead to the downfall of longtime Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos. Both were indicted by Bharara's office and convicted on corruption charges. Another Bharara inquiry led to bribery charges against Cuomo confidant Joseph Percoco and several other players in upstate economic development programs championed by the governor, though Cuomo himself was not charged with any wrongdoing. Percoco and seven other co-defendants pleaded not guilty to the charges in December.

 

Bharara's office handled hundreds of cases on everything ranging from public corruption to insider trading to accounting fraud and drug trafficking. It's unknown whether any of his cases touched on the Trump administration, but the possibility exists: Trump Tower, the president's unofficial residence, falls squarely within Bharara's district.

 

Last November, the president asked Bharara to stay on as the chief prosecutor for the district. Bharara came out of the meeting at Trump Tower saying "I expect that I will be continuing to work at the Southern District of New York" under President Trump. Nevertheless, on Saturday, Trump fired him.

 

"He made such a big deal of bringing him to Trump Tower and telling him that he's going to stay on," Malone said. "Something obviously changed."

 

The Moreland Commission handed off its materials to Bharara. Perhaps Bharara's tweet implies that he, too, has documents to share with other investigators. If so, we'd like to suggest a worthy recipient: ProPublica.

 

ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for their newsletter.

 

 

 

 

 

 

 

 

 

 

 

 

 

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COMMENTS

shadi katyal

1 week ago

First let me say that we Indians are proud of Bharat Bharara for his hard work and honesty as he has not taken any sides. He was incorrectly criticised by UPA government for his arrest of non-diplomat Devika but he stood byt his action and proved right.
It is true that every change of President of different party, such attorney are asked to resign so that new administration can bring their own party affiliates.
Mr. Bharara might have been given the understanding that he can continue but maybe he was investigating something which might touch Trump business and thus asked to resign.
He has a bright future to run for political office in next election either for congress or state of New York. We wish him well

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