All things Money Thread


Super User
Suddenly from last couple of days Many Indian ATM machines have gone empty of any cash and banks are unable to refill them in spite of alarm bells ringing.

What could be real reason behind this strange happening. Government version is unbelievable that there was sudden increase in demand.
Some thing is fishy happening and people are clueless.

ATMs in some states still out of cash; 80% working now
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Google, card lobby want Aadhaar to fail: UIDAI to Supreme Court
Updated: Apr 18, 2018, 18:47

Dhananjay Mahapatra

NEW DELHI: The UIDAI on Tuesday made a startling charge before the Supreme Court that Google and the smart card lobby did not want Aadhaar to succeed because if UID emerges as a foolproof way to authenticate identity, they will be out of business.

SC red flags threat of Aadhaar data misuse, asks searching questions

A five-judge constitution bench headed by Chief Justice Dipak Misra referred to the Cambridge Analytica controversy and said these are not "imaginary apprehensions" and, in the absence of robust data protection law, the issue of misuse of information becomes relevant.

Appearing for the Unique Identity Authority of India, senior advocate Rakesh Dwivedi told a CJI-headed Constitution bench that a campaign had been unleashed that Aadhaar should’ve been like smart cards, a Europe-based commercial venture. “If Aadhaar succeeds, smart cards will be out of business. Google does not want it. Smart card lobby does not want Aadhaar to succeed. That’s why these allegations are being made,” he said.

* ‘Aadhaar data not on internet, can’t be stolen’

Some of the petitioners, who have challenged the validity of Aadhaar Act, had also mentioned that instead of Aadhaar authentication sourced from UIDAI, which stored huge meta data about citizens’ biometric and demographic details, it would be better to put whatever data was needed for authentication purpose in a smart card, like credit or debit cards, for authentication by swiping.

The bench asked Dwivedi whether Aadhaar could function a corresponding robust data protection regime. “The real apprehension is the use of social network site data to affect elections in democracies. The problem is symptomatic and we do not live in isolation. We cannot have a blinkered approach as when we write the judgment on this, it could govern citizens for generations,” it said.

Dwivedi responded, “Please don’t bring in Cambridge Analytica into Aadhaar. Unlike Cambridge Analytica, Aadhaar has not use artificial intelligence. Aadhaar only has a matching algorithm to establish ‘I am me’. A phobia is being created that Aadhaar meta data is a like an atom bomb which can go off any time. But the truth is it is secured in the best possible way. It is not connected to the internet to allow online stealing of data. The data cannot be analysed by anyone.”

Google, card lobby want Aadhaar to fail: UIDAI to Supreme Court - Times of India ►
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Super User
It is becoming really very difficult to earn money in legal way.

Nirav Modi and Vijay Mallya found selling liqour,
Dimonds or flying planes will never make them as rich as will contacts and Loans from a Bank.

Now PSU Bank officials were being criticized for mismanagement and solution being given is Privatization of PSU banks.

But what are Private banks doing?Am not talking about Axis bank officers making good undertable money during Demonotization but ICICI bank.

Chairman Chanda Kochhar
is 'Apple of eye' of Indian Banking industry.
This woman is considered best among all her peers in managing a Bank so efficiently.

But now a whistle blower has written a second letter to PM.
How she and her husband made good use of her position to disburse unsecured loans getting back huge cuts in return.

ICICI-Videocon: Whistleblower's new charges against Kocchar in letter to PM


Super User
What is happening in US markets.
Stocks round the Globe have started tumbling.

India has it's own problems of HIgh import bill but what is disturbing DowJones.

Big Daddy

Super User
Seeing high value of dollar, Trump issued debt (US treasuries) to fund defict caused by his tax plan. When money printing is combined with tariffs, the risk of inflation has sky rocketed. The US Federal reserve does not want to budge in increasing interest rate this year. High inflation and high interest rates have increased the risk of recession. Additionally, with higher inflation, the US government will also have to increase social security cost of living increases. None of this looks good unless you have gold.

Big Daddy

Super User
Gold actually has a relationship with US deficit and dollar. Never invest too much money in this thing because it never gives any dividend. It justs sits there. This is only useful for diversification. It saves your portfolio from significant downfalls.

Big Daddy

Super User
My gold ETFs never gave any dividends. There may be gold MFs that include gold and gold mining companies. These MFs could give dividends.