Aadhaar travails dog direct cash transfer scheme

January 2, 2013

aadhar

Bangalore, Jan 2: Union Government"s ambitious direct cash transfer scheme (DCTS)?was launched in Mysore, Tumkur and Dharwad on Tuesday.

The State government has listed around 15 different welfare schemes to be brought under the scheme.

Pension, subsidy and scholarship amounts will be directly credited to the bank accounts of the beneficiaries under the DCTS. The plan was to bring around 30 different government schemes under the system, including 15 of the State government.

The pilot project was launched in 20 districts across the country on Tuesday.

DCTS was launched for the beneficiaries of Janani Suraksha Yojane (a programme to ensure safe delivery and health of newborn children), merit-cum-means scholarships for students belonging to minority communities, pre-matric and post-matric scholarships for SC and ST students in Mysore, Tumkur and Dharwad districts.

“We have brought four schemes under the system. Steps are being taken to bring all 15 schemes of the State government under the DCTS in coming days,” Principal Secretary to Department of IT and BT I NS Prasad said.

At a high-level meeting chaired by Chief Secretary S V Ranganath on implementing DCTS, heads of the government departments are learnt to have complained about the non-availability of Aadhaar numbers and Aadhaar bank accounts of the beneficiaries to launch the schemes.

A large number of people, who have been enrolled under Aadhaar, have not received their Aadhaar number yet.

In many instances, Aadhaar number holders have failed to open their Aadhaar bank accounts.

It has also come to light that many government departments do not have a proper digital database of the beneficiaries, which is essential to implement the new system.

Jan 15 deadline

The Chief Secretary is learnt to have set January 15 as the deadline for departmental heads to bring all schemes under DCTS. He has directed all the departments concerned to immediately set up a team of officials to prepare a digital database.

However, trailing Aadhaar scheme may cast a shadow on the ambitious direct cash transfer scheme. Several benificiaries do not have Aadhaar cards or banks accounts in the three districts where DCTS was launched.

According to Ajay Nagabushan, Chief Executive Officer and in-charge Deputy Commissioner, Mysore, of the 33,685 beneficiaries identified for cash transfer, 28,214 have Aadhaar cards while 29,164 have bank accounts.

On the launch of the scheme, a total of Rs 7,000 was transferred to beneficiaries of Janani Surakasha Yojane while 300 students got their scholarships credited to their bank accounts.

In Dharwad, a sum of Rs 53.16 lakh was transferred to bank accounts of 4,278 beneficiaries on the first day. Of the 40,320 beneficiaries to be covered under the DCTS in the district, only 15,478 beneficiaries have Aadhaar numbers.

“All eligible beneficiaries would be enrolled for Aadhaar within 10 days. Aadhaar coverage is 95 per cent in Tumkur and Mysore districts. Dharwad was added later, and therefore, the coverage is not so high,”?Deputy Commissioner Sameer Shukla said.

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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Agencies
June 24,2020

New Delhi, Jun 24: The Centre has made it mandatory for sellers to enter the 'Country of Origin' while registering all new products on government e-marketplace (GeM).

The e-marketplace is a special purpose vehicle (SPV) under the Ministry of Commerce and Industry which facilitates the entry of small local sellers in public procurement, while implementing 'Make in India' and MSE Purchase Preference Policies of the Centre.

Accordingly, the ministry said the move has been made to promote 'Make in India' and 'Atma Nirbhar Bharat'.

The provision has been enabled via the introduction of new features on GeM.

Besides the registration process, the new feature also reminds sellers who have already uploaded their products, to disclose their products' 'Country of Origin' details.

The ministry further said that failing to disclose the detail will lead to removal of the products from the e-marketplace.

"GeM has taken this significant step to promote 'Make in India' and 'Aatmanirbhar Bharat'," the ministry said in a statement.

"GeM has also enabled a provision for indication of the percentage of local content in products. With this new feature, now, the 'Country of Origin' as well as the local content percentage are visible in the marketplace for all items. More importantly, the 'Make in India' filter has now been enabled on the portal. Buyers can choose to buy only those products that meet the minimum 50 per cent local content criteria."

In case of bids, the ministry said that buyers can now reserve any bid for a "Class I Local suppliers. For those bids below Rs 200 crore, only Class I and Class II Local Suppliers are eligible to bid, with Class I supplier getting purchase preference".

In addition to this, the Department for Promotion of Industry and Internal Trade (DPIIT) has reportedly called for a meeting with all e-commerce companies such as Amazon and Flipkart to display the country of origin on the products sold on their platform, as well as the extent of value added in India.

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Agencies
March 16,2020

While Google is still working on a coronavirus screening and tracking website, Microsoft Bing team has already launched a web portal for tracking COVID-19 infections worldwide.

The website, accessible at bing.com/covid, provides up-to-date infection statistics for each country.

The COVID-19 Tracker currently lists 168,835 as total confirmed cases, 84,558 active cases, 77,761 recovered cases and 6,516 deaths.

There are at least 3,244 confirmed cases of novel coronavirus in the US and at least 61 deaths.

"Lots of Bing folks worked (from home) this past week to create a mapping and authoritative news resource for COVID19 info," Michael Schechter, General Manager for Bing Growth and Distribution at Microsoft, was quoted as saying in a ZDNet report on Sunday.

An interactive map allows site visitors to click on the country to see the specific number of cases and related articles from a variety of publishers.

Data is being aggregated from sources like the World Health Organization (WHO), the US Centers for Disease Control and Prevention (CDC), and the European Centre for Disease Prevention and Control (ECDC).

Microsoft announced the website two days after US President Donald Trump said Google has begun working on COVID-19-related portal for US citizens.

Google's website is being built by Verily, a subsidiary of Alphabet focused on healthcare services.

"More than 1,700 engineers are currently working on the site", Trump said during a press briefing last week.

The tool will triage people who are concerned about their COVID-19 risk into testing sites based on guidance from public health officials and test availability.

Initially, there was some confusion on Google's coronavirus portal but the company later announced that it is "partnering with the US Government in developing a nationwide website that includes information about COVID-19 symptoms, risk, and testing information."

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