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Like arvind kejriwal always says:Sab mile hue hain ji.Everyone & anyone was involved in the Harshad Mehta scam.The 1992 scam in the security system of India was a systematic fraud committed by Harshad Mehta in the Indian stock market which made the entire securities system collapse. Mehta allegedly committed a fraud of over 1000 crores from the banking system of India to buy stocks on the Bombay Stock Exchange.State Bank Of Saurashtra: 175.04National Housing Bank(NHB): 1199.39Throwback: When Dalal Street scamster Harshad Mehta claimed he paid Rs 1 cr to PM Narasimha RaoHarshita TyagiUpdated Oct 17, 2020 | 06:11 ISTHarshad Mehta alleged that he had paid Rao Rs 1 crore to get him off the hook in the case. While Rao denied the allegations, he never denied meeting the broker.Photo Credit: BCCLThrowback: When Dalal Street scamster Harshad Mehta claimed he paid Rs 1 crore to PM Narasimha RaoNew Delhi: Because of the new web series 'Scam 1992', the name Harshad Mehta has once again occupied some news headlines. The man who was responsible for one of India's largest stock market scam and 1992 market crash is getting some attention again. For those who are not aware, Harshad Mehta-led Securities Scam of 1992 is India's largest stock market scam that rattled the stock market, banking system and the stockholders.Known as the 'Big Bull' at that time, Harshad Mehta took advantage of the loopholes in the Indian banking system to defraud the banks of thousands of crores. The scale of this fraud is still unmatched. Mehta laundered over Rs 24,000 crore fraudulently within three years. He pumped so much money in the stock market that Sensex surged from 1,000 to 4,500 points within a year.How Mehta found loopholes in banking and used them as fraud instruments which led to stock market crash of 1992:Harshad Mehta's scam involved government securities and Ready-forward bank deals. Government bonds are basically securities issued by the government. Government raises fund to cover its expenses through these bonds. The government pays interest to the investors who invest in these bonds. At the time when the scam happened, it was mandatory for banks to invest in government securities. For this, ready forward deals helped.Since banks at that time were mandated to invest in government securities, at time, banks would be required to increase their bond holdings. Instead of going through the whole process of purchasing bonds, banks were allowed to lend and borrow liquid securities through a system which was called Ready Forward Deals (RFD). An RFD is basically a secured short term loan (15 days) from one bank to another. The collateral in this case was government bonds.Mehta used Ready Forward Deal (RF Deal) and fake bank receipts as his instruments of fraud. Since it was mandatory for banks to invest in government securities, if any bank was short of funds, they used to sell their bonds or securities to other back in order to generate funds. And after some time they would pay some interest with capital to regain its bond. Since Mehta was a reputed broker in those days, he would act as a mediator between banks who were willing to sell or buy securities. He used this to his advantage to cause one of the biggest scams....How he defrauded the banks:Suppose a bank 'A' wanted to sell securities and a bank 'B" wanted to buy securities. Mehta would go to A and tell them that he will find a buyer, take the bank receipt of securities and ask for 1 week time period for this process. Then, he would go to B and tell them that he will find a seller and take the cash and ask for 1 week. This way, he ended up having both the BR and liquid cash for some time.Loading ...Since he would deal with multiple banks, he would tell A that he will pay on Monday, then go to B and say he will pay them on Tuesday and the cycle continued. The day when he was supposed to pay to A, he would make a deal with D, get their money and pay it to A, hence getting time of another week. This was the loophole he found in the RF deals and he used it to borrow money from the banks.The next loophole that he found was the bank receipts. In the banking system, securities did not actually move but only circulated through receipts. A bank would not give securities, but would issue a bank receipt of the securities in the name of the buyer. These receipts were treated as securities itself by the buyers. He got fake bank receipts from banks and continued borrowing money from multiple banks. This ensured that he always had crores of rupees which he aggressively invested in the stock market, creating an artificial boom.Banks were not allowed to issue receipts in the name of a broker, but Mehta was trusted and he also offered to repay the banks at a high-interest rate which enticed the banks to issue the receipts in his name.Stock market crash:Because of him pumping the money so aggressively into the stock market, share prices soared and the market went into a bullish phase. Since he was a known name in the market, other investors followed him like sheep and invested where he did. When the scam was exposed, banks realized they were defrauded and they started demanding the cash immediately, he sold his shares when the market was at the peak causing the market to crash and go into a bearish phase and a lot of investors lost their hard-earned money. According to the data, bank funds worth Rs 3,500 were diverted to multiple stockbrokers.Mehta pumped so much money into Associated Cement Company (ACC) shares that the price of one share went from Rs 200 to Rs 9,000 in just one year. Mehta's favourite shares included Apollo Tyres, Reliance, Hero Honda, Tata Iron and Steel Co (TISCO), BPL, Sterlite, and Videocon. This was the first time that share prices of individual stocks touched the five-figure mark — ACC touched an all-time high of Rs 10,000 while SBI reached Rs 21,000.The scam to light when journalist Sucheta Dalal wrote a column about the fraud in the Times of India in 1992. Mehta was arrested and an investigation ensued. By November 1992, out of the 27 criminal cases filed against him, he was convicted in only four. Mehta was kept in Thane Jail where he died of cardiac arrest in 2001 at the age of 47. A lot of reforms were brought in after the scam came to light to make sure nobody else could manipulate the market ever again.In fact, NSE was formed after this scam. His family is still fighting cases in order to protect their assets. The Chairman of the Vijaya Bank reportedly committed suicide by jumping from the roof of the bank when the scam was exposed as he was guilty of having issued checks to Mehta.Rs 1 crore to Narsimha Rao:When Harshad Mehta was arrested after the scam came to light, he made a sensational claim. The Dalal Street scamster claimed that he had handed over a suitcase of cash to P.V. Narasimha Rao when the latter was prime minister. Mehta alleged that he had paid Rao Rs 1 crore to get him off the hook in the case. While Rao denied the allegations, he never denied meeting the broker.(Harshad Mehta Press Conference where he showed the suitcase in which he allegedly gave money to Narasimha Rao)This was the first time an incumbent PM was accused of personally accepting a bribe, of Rs 1 crore, with Mehta alleging he paid the amount to secure his release. Mehta and his brothers were released on bail after three months in custody, weeks after which he publicly claimed, along with his lawyer Ram Jethmalani, that he had paid Rs 1 crore to Rao as a donation to the Congress to get him “off the hook.” He even displayed the suitcase in which he allegedly carried the cash. Rao denied it, and later, a CBI probe also found no concrete evidence of this bribery claim.The evidence produced by Harshad in his affidavit and subsequent statements had been purely circumstantial initially. The key witnesses who, he claimed, were present at the meeting at 7, Race Course Road were either dead or denied any involvement then. The Government produced Delhi Police logs and other related details to establish that Rao was in his South Block office and nowhere near Race Course Road at the time Harshad alleged he handed over the money.The prime minister publicly denied that any money was handed over. "I will emerge out of this trial by fire in the same manner as Sita did," he had said then. The Harshad camp at that time dropped broad hints that it is in possession of "clinching evidence" to prove the allegations.Ram Jethmalani, Harshad's lawyer and Harshad's legal counsel, Jethmalani's son Mahesh, flashed an audio cassette that he carried around, indicating that the evidence is in the form of taped conversations. The first tape released by Harshad was in the form of a telephone conversation between him and Sunil Mittal (Satpal Mittal's son) discussing Harshad's problems.(Harshad Mehta Press Conference where he showed the suitcase in which he allegedly gave money to Narasimha Rao)On tape, Harshad asked Mittal to go and meet Rao's personal assistant, RK Khandekar again and remind him of the November 4 meeting. He also mentioned the figure 67 and that 33 was given later. However, there was no direct mention of a pay-off to Rao.To add to Mehta's claims, while seeking a postponement of Harshad's appearance before the JPC, Mahesh Jethmalani claimed the delay was to enable Mehta to collect "vital documents", then in the custody of the CBI, which would establish the connection of "a gentleman called R.K. Khandekar who happens to be the personal secretary of the prime minister." The documents allegedly had telephone diaries, visiting card albums, company ledgers, things-to-do notepads and telephone bills.There was evidence of massive cash withdrawal though. As per records, there was reportedly a sequence of frantic cash withdrawals from Mehta's account. On November 2, 1991, he withdrew Rs 10 lakh from the Fort branch of ANZ Grindlays and Rs 30 lakh from the SBI's main branch in Bombay. He arranged Rs 15 lakh more from his own sources.When he reached Delhi on November 3, he withdrew more money. Also, there were two more cash withdrawals on November 4 - totalling Rs 45 lakh - recorded from his ANZ Grindlays account in the city. During the investigation, CBI has found withdrawals of Rs 5 lakh or more from Harshad's accounts on 13 different occasions. However, there had never been such a series of withdrawals of such large amounts earlier.Rao's son Prabhakar Rao, who was the director of Goldstar Steel and Alloys Ltd., was also accused of receiving a loan of Rs 2 crore from Hiten Dalal, an accused in the securities scam. This scam was the first time the stock market lost a trillion rupees — Rs 1 lakh crore — when it crashed in the scam’s aftermath.EPFO Interest RateLoan RestructuringInvesting TipsMukesh Ambani NetworthWorking From HomeWatch the Insights from the business community on how to Reboot, Reload and Relaunch the Indian Economy on 26thSeptember from 12pm onwards on Times Network.View full site© 2020 Bennett, Coleman & Company LimitedFootnotes:Harshad Mehta - Wikipedia

Raghuram Rajan !!Raghuram Rajan signs off today as RBI governor and this is how his exit interview looks like .As RBI governor, Raghuram Rajan used all the modes of communication to stop the market from running ahead and got it open-mouthed instead. His three-year tenure has seen many ups and downs in terms of macro-challenges, policy choices and managing fiscal and monetary flanks. He emerged as the most 'dovish' RBI governor in the last decade with net two rate cuts during his tenure (five rate cuts and three rate hikes).The 53-year-old former IITian from Bhopal had to push through most of the goals he had set for himself, stepping on many toes in the process. Despite the criticism, Rajan managed to sustain RBI's credibility at a time when most central bankers were struggling to hold on to theirs.On September 6, the outspoken Tamilian will demit office and return to teaching. http://ET.com has put together a hypothetical exit interview based on all his moves and comments ..During his tenure.Why are you leaving your current position?The former IMF chief economist said he wanted a second term at the central bank to complete unfinished tasks "but just didn't reach an agreement" with the government on that. "There were variety of places where differences may have been in terms of horizons and this and that. I think we just didn't reach an agreement where... remember my term came to an end, so it had to be a new term," he told a news channel."We started the dialogue and we were going along that path but essentially we agreed at some point that it did not make sense to pursue the dialogue further," he said. ..Rajan said he was engaged in a dialogue with the government "whether it made sense for me to continue.""When I got into this job, I saw this as a three-year term. I also realised or recognised I needed to go back to academia. Too many years away from academia renders you pretty incompetent at research and teaching. So I had to go back. Question was how much time.What would you list as achievements in your current position?a) Made the banks listen and accept realityIn 2015-16, state-run banks suffered a cumulative loss of Rs 17,995 crore in 2015-16 due to mounting bad loans. In the same period, provisions went up went up 87 per cent to Rs 1.80 lakh crore as gross NPA touched Rs 6 lakh crore.Over the last three years, the RBI has played a major role in steering the Indian economy through a period of volatility across the world. In December 2015, when the RBI initiated asset quality review wherein it listed 150 companies that had to be downgraded as non-performing assets, the entire banking fraternity was shocked. They lobbied that it could lead huge losses, but Rajan did not budge.In February 2016, Rajan justified his action stating that to clean their book, banks "may require deep surgery" while adding that "While the profitability of some banks may be impaired in the short run, the system, once cleaned, will be able to support economic growth in a sustainable and profitable way."b) Kept the rupee onUnder Rajan's leadership, currency reserves have swelled from a three-year low in September 2013 as he spurred inflows by offering discounted currency swaps to banks. Foreign funds increased holdings of local debt by $331 million in March, the biggest increase in five months, data from the National Securities Depository show. This comes after the rupee slumped to a record in August 2013 as indications the US would curtail monetary stimulus spurred investors to pull back from emerging markets. "With flows coming back into the market, the RBI was there and buying at every dip," says Rohan Lasrado, Mumbai-based head of foreign-exchange trading at RBL Bank.A special foreign currency non-resident deposit scheme, which garnered $34 billion, was seen to have played a crucial role in stabilizing the currency. The scheme, which Rajan admits he found was completely idiotic, was among the first announcements he made after taking charge .A point even the government agrees with him on. Rajan's panel headed by the new RBI boss Urjit Patel recommended that the RBI formally move towards making the consumer price inflation index as the nominal anchor for monetary policy in the country.The central bank and government came up with a new monetary policy framework that agreed to laying down an inflation target. Under this framework, RBI was to bring down inflation to 6 per cent by March 2016 and 5 per cent by March 2015. The central bank eyes inflation at 4 per cent (+/- 2 per cent) in the medium termd) Got India new bank playersRajan's tenure saw two new banks (IDFC Bank and Bandhan Bank) being licensed. He gave us payment banks, a boost for Modi government's financial inclusion plan. 11 payment banks were given an in-principle approval.Not just that, ten small banks were also given in-principle licences in what was seen as a boost for the small borrower and businessman. In May this year, the RBI pushed the envelope for on-tap universal bank licensing that bars conglomerates from running banks but leaves the door open for smaller business houses to enter the sector.e) Turned smartphones into bankGot us a step closer to becoming a cashless economy with the launch of unified payment interface. The application, a move that will revolutionalise peer-to-peer payments and will be made available on the Play Store for download, will help the track cash flow and collect tax accordingly. The payments process was launched by Rajan on April 11.As of now, 29 banks are a part of the UPI network, out of which 15 major banks have already integrated the interface into their smartphone apps. These banks include ICICI Bank, Axis Bank and few others. However, India's largest lender State Bank of India (SBI) is yet to have an UPI app but they have said that they are in the process of developing the application.f) Gave market more muscleIt was top on Rajan's priority. It started with the introduction of term repo operations to infuse liquidity that allowed better pricing of credit in the markets. A last-ball hit was his currency market reforms, which included the staggered reduction of banks' loan exposure, increased participation by overseas investors in corporate bonds and making top-rated bonds eligible for borrowing from Reserve Bank for liquidity needs.Rajan also threw open the avenue of overseas rupee-denominated long-term masala bonds to banks as a means of shoring up their dipping capital and financing infrastructure and affordable housing.What was your relationship with your managers like?In his last speech Rajan made a strong case for protecting the independence of the central bank while also highlighting the need to have clearer goals for the RBI. "The Reserve Bank cannot just exist, its ability to say "No!" has to be protected."While acknowledging that the central bank cannot be free of all constraints and has to work under a framework set by the government, Rajan said RBI's work should not be dictated by entities who have little or no technical understanding. The central bank, he says, has to occasionally stand firm against the highest echelons of central and state governments, recalling the words of his predecessor, Dr. Subbarao, when he said "I do hope the Finance Minister will one day say, 'I am often frustrated by the Reserve Bank, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the Reserve Bank exists."What according to you is one thing that can be improved about your workplace?Rajan has time and again argued that the RBI's mandate on macro-economic stability should also be made clearer.What did you dislike the most about your job?"I think I will pass on that question. Whatever answer I give will be problematic, so I will just pass," the on- leave professor of finance at Chicago University told BBC on being asked if his outspoken nature was responsible for his exit.India will miss this legend !!

Read the following information:Have a Rs 10 coin? Check for fakeHave a Rs 10 coin? Check for fake- In counterfeit haven Malda, residents refuse a coinOUR CORRESPONDENTMalda, Oct. 18: Many residents of Malda have said they were facing problems while transacting with Rs 10 coins as there is a fear that fake coins of this denomination are circulating in the market.While there may be some truth in the talk (pictures on right), so far no one has registered a police complaint on receiving a fake Rs 10 coin or gone to any bank to report such a fraud.Several small businessmen have said they were saddled with Rs 10 coins that no one wants to take.Officials of nationalised banks in Malda and the RBI in Calcutta said there was no way to exchange a fake coin for a real one or a currency note of the same denomination in a bank. If such a coin is brought to a bank, it would be confiscated and sent to the RBI for verification. If it is real, only then it can be replaced.Fake coins are generally more expensive to make than fake paper currency. “Coins are generally more expensive as the intrinsic value is much higher,” said a bank official, explaining why counterfeiting of coins is not as common as faking of currency notes.Real and fakeAccording to specifications by the Reserve Bank of India, the Rs 10 coin should be “bimetallic”, circular, with a diameter of 27mm and a weight of 7.71gm.Since the Rs 10 coin’s launch in 2009, several versions have been released, but these parameters have remained the same. In one of the versions of the Rs 10 coin, the reverse side has 10 notches with the rupee symbol and the numeral 10 written below. On one of the fake coins found in Malda, the reverse side has 15 notches.On the coin that has the 15 notches, there were two bars above and below the Ashoka pillar symbol.In a district where transacting with a Rs 500 currency note is next to impossible — no one takes the note fearing it would be a fake — the counterfeit coin has introduced more panic.Police sources said Malda’s geographical proximity to Bangladesh, a known hub for counterfeit coins, was the reason for the district turning into a hub to spread fake Indian currency notes to the rest of eastern India.“In the current year, the BSF seized fake currency notes with a face value totalling Rs 1 crore, while the district police seized another Rs 60 lakh or so. Circulation of fake notes has already put residents on the alert and now that there are disparities found in the 10-rupee coins, nobody is ready to take a risk,” a senior police officer said.Trapped with 10Zahidul Islam, who runs a computer sales and service shop in Ratua, today came to Malda town that is almost 35kmfrom his home for just one thing — he wanted a bank to take his 150 coins of Rs 10 denomination and check if there were any fakes. The nationalised bank declined to check, saying it did not have the expertise.“Nobody, whether a rickshaw-puller or a tea stall owner, is ready to accept these coins. Traders like me and several others in my locality are facing this problem. The bank said they couldn’t check and confirm if these were real. I am in a fix,” a disappointed Zahidul said.Biren Das, a tea stall owner on the district collectorate premises, has 10 such coins. “I accepted them from people who had tea at my stall. Now, when I offer these to customers, no one accepts them,” Das said.No immediate relief is in sight, though.Safdar Hossain, an SBI branch manager in Malda, said: “We do not have a mechanism to identify fake coins as we are not technical people. If we get a 10-rupee coin that is suspected to be a fake, we have to send it to the Reserve Bank of India, seeking their suggestion.”On being asked whether the bank can exchange coins and give currency notes, he said: “There is no such arrangement in banks.”A senior RBI official said no money that is judged to be a fake can be exchanged for real currency. “Fake currency, whether it is a coin or a note, is not a legal tender,” he said, meaning these are not recognised by the RBI.According to the master circular of the RBI, “all banks are mandated to accept coins of all denominations which are only legal tender from any individual without any restriction and pay the equivalent value in notes,” the RBI official in Calcutta said.Bank officials said if a person approached a bank with fake currency or a coin, it would be confiscated and a certificate issued. The currency would be sent to the RBI and if it is judged as a fake, a police investigation could be started. If not, it will be replaced.