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If you have money, they have the way. That’s what the agents of illegal money <keyword id="6370089" type="CITY" weightage="20" keywordseo="exchange">exchange</keyword> claims. <keyword id="6362150" type="UNKNOWN" weightage="20" keywordseo="demonetization">Demonetization</keyword> might have hurt the common men hard as they need to stand for hours in queue to withdraw money. But for a bunch of people running illegal business across the country, it’s a boon. 
 
The illegal exchange of demonetized old notes of Rs 500 and Rs 1000 with freshly minted Rs 2000 has gone rampant. But don’t think this comes real easy. Black trade that started after the government’s good will of curbing black money has a lot of conditions associated. Firstly the money meant to exchange needs to in <keyword id="6354911" type="UNKNOWN" weightage="20" keywordseo="crores">crores</keyword> and not some few thousands. Also there is a commission associated, which is steep. The <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> spoke to a number of people in the trade of exchanging old notes with new. "If you have Rs 1 crore in cash, we can exchange it in one hour, anywhere in the country," said <keyword id="2655564" type="PERSON" weightage="20" keywordseo="Jiten">Jiten</keyword>, one of the people claimed to have been involved in the trade. "Of course, you would have to pay a commission." 
 
Jiten said he can exchange up to Rs 5 crore a day - but with a condition. "You have to be referred to us by someone who has already exchanged the money," he told the ET. 
The commission is 10%. So for Rs 5 crores to exchange, the commission would be Rs 50 lakhs. 
 
The banks may allege that they are targeted without reasons, the investigation by the financial daily found that managers to cashiers at many bank branches, both private and state-run, are part of the racket. There have been several cases where bankers have been booked for diverting funds and laundering black money for private gains. 
 
What is worrisome is not just the easy manner in which the new notes are being exchanged illegally, but also the deep inroads the black money exchangers have made into the system.

Here’s how Crores of old notes
are getting exchanged without queuing up in banks

New Delhi, Nov 18 () The government is all set to table Personal Data Protection Bill - which proposes to put restriction on use of personal data without explicit consent of citizen - in the current session of Parliament.
As per the proposal, hefty penalties on entities found violating privacy of users will be imposed.
"The Data Protection Bill will be tabled in the current session," an IT ministry official told .
The draft of Personal Data Protection Bill, 2018 - which is based on the recommendations of the government-constituted high-level panel headed by Justice B N Srikrishna - restricts and imposes conditions on the cross-border transfer of personal data, and suggests setting up of Data Protection Authority of India to prevent any misuse of personal information.
The draft provides for a penalty of Rs 15 crore or 4 per cent of the total worldwide turnover of any data collection entity, including the state, for violation of personal data processing provisions.
"The personal data protection bill will empower an ordinary person to have command over his data. This will prohibit companies from misusing data of public which often leads to breach of privacy of individuals. An entity will have to explicitly share the purpose for which it will use data. The new rule will enable to individuals to take action against misuse of their personal data," Indian Infosec Consortium CEO Jiten Jain said.
According to the draft proposal, failure to take prompt action on a data security breach can attract up to Rs 5 crore or 2 per cent of turnover, whichever is higher, as a penalty.
"The Bill provides that right to privacy is a fundamental right and it is necessary to protect personal data as an essential facet of informational privacy," the draft said.
It allowed processing of personal data only for the purpose it is collected or for compliance of any law, employment and for any function of Parliament or any state legislature. PRS BAL

'Data Protection bill to be tabled in Parliament in current session'

<ul class="summary-list"><li>CEO Michael Corbat sent out an internal memo on Tuesday announcing the firm's new class of managing directors.</li><li>The MD distinction, the highest title at the firm, was earned by 220 employees across the bank - 137 from the firm's Institutional Clients Group, which includes its dealmaking and sales and trading teams, and 25 in its Global Consumer bank. </li><li>Business Insider got ahold of Corbat's memo congratulating the 220 new MDs.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summarymarymary">Click here for more BI Prime stories</a>.</li></ul>Managing director is the highest title at Citigroup, and 220 employees recently earned a promotion to that elite group across the firm, according to a company-wide memo CEO Michael Corbat sent out Tuesday. Individual divisions began announcing newly promoted MDs last Friday, including <a href="https://www.businessinsider.com/citigroup-announces-137-new-managing-directors-in-trading-dealmaking-2019-12">137 in the firm's Institutional Clients Group</a>, which houses its dealmaking and sales and trading teams, and 25 in its Global Consumer bank. Another 58 promotions came in other areas of the firm, such as risk management, legal, and HR.Women represented 28% of the promotions, up from 25% last year. "This well-deserved honor is a significant career milestone for these individuals, and we can all take pride in their contributions to our firm. Please join me in congratulating them," Corbat wrote in the memo, which was reviewed by Business Insider.A company spokeswoman confirmed the contents of the memo.In November, <a href="https://www.businessinsider.com/goldman-sachs-announces-2019-managing-director-promotions-class-2019-11">Goldman Sachs announced</a> a class of 465 new managing directors, of which 29% were women. At Goldman the coveted MD promotions are announced once every two years and put recipients one step <a href="https://www.businessinsider.com/goldman-ceo-solomon-offering-buyouts-to-partners-shrink-senior-ranks-2019-9">below partner</a> at the investment bank. Bank of America also and <a href="https://www.businessinsider.com/barclays-managing-director-list-56-new-mds-corporate-investment-bank-2019-12">Barclays also announce</a> MDs in the fourth quarter, while Morgan Stanley's new class is typically unveiled in January and JPMorgan Chase ushers in its cohort in Spring.Here's the full list of all newly promoted managing directors at Citigroup, as well as their business line:<table cellspacing="0"><tbody><tr><td width="280" height="20">Name, Business / Function</td><td width="270">Name, Business / Function</td></tr><tr><td height="20">Gautam Abroal, ICRM</td><td>Armin Lindtner, Markets</td></tr><tr><td height="20">Vijay Albuquerque, Markets</td><td>Temmy Lizarzabal, BCMA</td></tr><tr><td height="20">Roberto Armenteros, EIO&amp;T</td><td>Mauricio Lopez Lajud, Mexico Consumer</td></tr><tr><td height="20">Rohit Arora, EIO&amp;T</td><td>Armando Lopez, Markets</td></tr><tr><td height="20">Scott Athey, Finance</td><td>Ken Loughran, Internal Audit</td></tr><tr><td height="20">Jane Bachmann, Private Bank</td><td>Kate Luft, APAC Consumer</td></tr><tr><td height="20">Jorge Baez, Mexico Consumer</td><td>Krishna Majithia, Risk Management</td></tr><tr><td height="20">James Balkwill, Private Bank</td><td>Srini Manthripragada, ICG O&amp;T</td></tr><tr><td height="20">Rahul Banerjee, GCB</td><td>Eros Marshall, BCMA</td></tr><tr><td height="20">Ambrish Bansal, TTS</td><td>Faisal Masood, BCMA</td></tr><tr><td height="20">Sandeep Batra, APAC Consumer</td><td>Shalini Mathur, Private Bank</td></tr><tr><td height="20">Lorraine Berge, ICG O&amp;T</td><td>Waleed Matin, BCMA</td></tr><tr><td height="20">John Bekian, ICRM</td><td>Mark Maxson, Private Bank</td></tr><tr><td height="20">Pavan Bellur, BCMA</td><td>Dennis McCarthy, U.S. Consumer</td></tr><tr><td height="20">Charley Bensaid, Markets</td><td>Aoiffe McGarry, BCMA</td></tr><tr><td height="20">Karen Bernhard, Mexico Consumer</td><td>Patsy McGuire, HR</td></tr><tr><td height="20">Vishal Bhardwaj, GCB Operations and Fraud</td><td>Shweta Mehrotra, HR</td></tr><tr><td height="20">Sharon Blackman, Legal</td><td>Jason Miner, BCMA</td></tr><tr><td height="20">Brad Bloom, Markets</td><td>Minae Mizuno, Internal Audit</td></tr><tr><td height="20">Michael Boghosian, U.S. Consumer</td><td>Lora Monfared, U.S. Consumer</td></tr><tr><td height="20">Gregor Bollen, Private Bank</td><td>Ajit Moorthy, HR</td></tr><tr><td height="20">Darren Brighton, Markets</td><td>Joydeep Mukherjee, Global Commercial</td></tr><tr><td height="20">Brian Carlstead, Markets</td><td>Rapheal Mun, BCMA</td></tr><tr><td height="20">Andre Carvalho De Sanctis, TTS</td><td>Eric Natelson, Markets</td></tr><tr><td height="20">Aman Chadha, TTS</td><td>Danny Nathan, Markets</td></tr><tr><td height="20">Padmaja Chakravarty, Legal</td><td>Mike Newton, Markets</td></tr><tr><td height="20">Aaron Chandrasakaran, BCMA</td><td>Gilbert Ng, BCMA</td></tr><tr><td height="20">Victoria Chant, Markets</td><td>Kenichiro Nitta, Markets</td></tr><tr><td height="20">Bryan Chao, Markets</td><td>Isobel Nordstrom, BCMA</td></tr><tr><td height="20">Gary Chen, Global Commercial</td><td>Meghan O'Connor, BCMA</td></tr><tr><td height="20">Selene Cheng, Markets</td><td>Alex Oechler, BCMA</td></tr><tr><td height="20">Manik Chhabra, Global Commercial</td><td>Liam O'Gara, Finance</td></tr><tr><td height="20">George Clayton, Risk Management</td><td>Jason Osborne, GCB</td></tr><tr><td height="20">Lisa Cochran, GCB Technology</td><td>Justin Palamara, ICG O&amp;T</td></tr><tr><td height="20">Francisco Conceicao, Holdings</td><td>Anthony Pantina, Risk Management</td></tr><tr><td height="20">Natasha Condon, TTS</td><td>Lee Pelayo, Private Bank</td></tr><tr><td height="20">Jason Cramer, U.S. Consumer</td><td>Marco Antonio Dias, Markets</td></tr><tr><td height="20">Tom Curley, HR</td><td>Joe Pergola, ICG O&amp;T</td></tr><tr><td height="20">Trudy Curtis, TTS</td><td>Kim Persaud, Risk Management</td></tr><tr><td height="20">Scott Damassa, TTS</td><td>Krista Phillips, GCB</td></tr><tr><td height="20">Jiten Dave, HR</td><td>Kristina Pi, Markets</td></tr><tr><td height="20">Roberto de Andrade, Private Bank</td><td>Jennie Platt, U.S. Consumer</td></tr><tr><td height="20">Terry Dennis, TTS</td><td>Tommaso Ponselè, BCMA</td></tr><tr><td height="20">Dipali Devaskar, ICG O&amp;T</td><td>Laura Posse, BCMA</td></tr><tr><td height="20">Carol Dewar, EIO&amp;T</td><td>Enrico Prato, BCMA</td></tr><tr><td height="20">Allegra Digia, HR</td><td>Jennifer Pu, BCMA</td></tr><tr><td height="20">Todd Domecq, Retail Services</td><td>Kim Pulliam, GCB Operations and Fraud</td></tr><tr><td height="20">Sara Domingos, Internal Audit</td><td>Rakesh Purohit, Markets</td></tr><tr><td height="20">David Dong, Markets</td><td>Colm Rainey, BCMA</td></tr><tr><td height="20">Cormac Donohoe, Markets</td><td>Rajakumar Ramalingam, TTS</td></tr><tr><td height="20">Samantha Dorfman, EIO&amp;T</td><td>Shellie Rayford, Internal Audit</td></tr><tr><td height="20">Nitesh Dugar, BCMA</td><td>Ben Rayner, ICG O&amp;T</td></tr><tr><td height="20">Santosh Dujari, TTS</td><td>Robert Redshaw, BCMA</td></tr><tr><td height="20">Emma Duncombe, HR</td><td>Oliver Rey-Beckstrom, Global Commercial</td></tr><tr><td height="20">Jaya Dutt, Markets</td><td>Francisco Abreu, Global Commercial</td></tr><tr><td height="20">Berry East, Finance</td><td>Juan M. Rincon-Cortes, Legal</td></tr><tr><td height="20">Alvaro Echeverry, ICG O&amp;T</td><td>Amar Rizvi, BCMA</td></tr><tr><td height="20">Belinda Ellington, Legal</td><td>Frank Rodrigues, ICRM</td></tr><tr><td height="20">Rachid El-Mohammadi, Markets</td><td>Diego Rojas, Finance</td></tr><tr><td height="20">Brad Epstein, BCMA</td><td>Miguel Romo, Private Bank</td></tr><tr><td height="20">Eliza H Eubank, Risk Management</td><td>Andrea Rossato, Private Bank</td></tr><tr><td height="20">El Ezzine, Markets</td><td>Bill Rys, Global Public Affairs</td></tr><tr><td height="20">Rob Famulare, Markets</td><td>Luca Sabbatini, Markets</td></tr><tr><td height="20">Mark Fisher, Risk Management</td><td>Prosenjit Saha, Markets</td></tr><tr><td height="20">Caryn Freiberger, Markets</td><td>Anand Sairam, Finance</td></tr><tr><td height="20">Ed Fresco, Internal Audit</td><td>Marcelo Santos, Finance</td></tr><tr><td height="20">Andrea Galvis, Markets</td><td>Matteo Sardo, Markets</td></tr><tr><td height="20">Pranjal Gambhir, BCMA</td><td>Ganesh Sarpotdar, BCMA</td></tr><tr><td height="20">Chris Gartin, BCMA</td><td>Zoltán Schwardy, Global Commercial</td></tr><tr><td height="20">Serene Gay, APAC Consumer</td><td>Mauricio Schwartzmann, Mexico Consumer</td></tr><tr><td height="20">Leo Gazzo, TTS</td><td>Rafa Serrano, Markets</td></tr><tr><td height="20">Ryan Gilliam, Legal</td><td>Kashif Shabbir, ICRM</td></tr><tr><td height="20">Jason Gordon, Retail Services</td><td>Vaibhav Sharma, Private Bank</td></tr><tr><td height="20">Deborah Gowland, Markets</td><td>Scott Slavik, BCMA</td></tr><tr><td height="20">Paddy Green, Markets</td><td>Mohannad Sleiman, Private Bank</td></tr><tr><td height="20">Harpreet Grewal, APAC Consumer</td><td>Fabrizio Sommazzi, Internal Audit</td></tr><tr><td height="20">Peter Grinups, BCMA</td><td>Elissa Steinberg, Finance</td></tr><tr><td height="20">Daniel Gutierrez, Markets</td><td>Tim Stisser, Markets</td></tr><tr><td height="20">Onjada Haggard-Richardson, Private Bank</td><td>Lee Street, Markets</td></tr><tr><td height="20">Andreas Hamm, EIO&amp;T</td><td>Sunder Subramanian, ICG O&amp;T</td></tr><tr><td height="20">Adam Harper, Private Bank</td><td>Will Taing, Markets</td></tr><tr><td height="20">Mario Hernandez, Internal Audit</td><td>Wei Tang, Markets</td></tr><tr><td height="20">Justin Herrmann, Risk Management</td><td>Mayuri Tateishi, Markets</td></tr><tr><td height="20">Lorraine Hogan, Internal Audit</td><td>AlexTaylor, HR</td></tr><tr><td height="20">Niall Hornett, Markets</td><td>Prashant Thakker, BCMA</td></tr><tr><td height="20">John Hutcheson, BCMA</td><td>Alex Todd, Markets</td></tr><tr><td height="20">Tanaaz Irani, APAC Consumer</td><td>Nagib Touma, ICRM</td></tr><tr><td height="20">Rich Iseman, TTS</td><td>Neil Toy, Markets</td></tr><tr><td height="20">Yuka Izumi, BCMA</td><td>Matt Turnbull, Markets</td></tr><tr><td height="20">Andrew James, Private Bank</td><td>Jacob Turner, Legal</td></tr><tr><td height="20">Dawid Janas, TTS</td><td>Rudy Vela, BCMA</td></tr><tr><td height="20">Anurag Jodhawat, Markets</td><td>Mike Vondriska, BCMA</td></tr><tr><td height="20">Jessica Johnson, Finance</td><td>Martin Watson, Markets</td></tr><tr><td height="20">Alex Juricev, BCMA</td><td>Brad Wayman, U.S. Consumer</td></tr><tr><td height="20">Georgia Kaliora, Markets</td><td>Milly Webb, ICG O&amp;T</td></tr><tr><td height="20">Sietske Kalse, Markets</td><td>Chris Welland, EIO&amp;T</td></tr><tr><td height="20">Mayank Kaul, Risk Management</td><td>James West, ICG O&amp;T</td></tr><tr><td height="20">Kaan Kesedar, BCMA</td><td>Graham Westgarth, Finance</td></tr><tr><td height="20">Yoon Kim, BCMA</td><td>Chris Wetherbee, Markets</td></tr><tr><td height="20">Tokiya Kishie, Markets</td><td>Scott Wexler, BCMA</td></tr><tr><td height="20">Jasmin Koelbl-Vogt, Legal</td><td>Martin Wilkie, Markets</td></tr><tr><td height="20">Robert Kong, Markets</td><td>Dan Willett, Markets</td></tr><tr><td height="20">Patrick Kosiek, BCMA</td><td>Jeffrey Wool, Legal</td></tr><tr><td height="20">Neeraj Kumar, BCMA</td><td>Whitney Xun, Private Bank</td></tr><tr><td height="20">Sampath Kumar, Internal Audit</td><td>Ruo Yang, BCMA</td></tr><tr><td height="20">Anubhav Kunwar, ICG O&amp;T</td><td>Yuri Yermakov, Risk Management</td></tr><tr><td height="20">Marta LaRusso, Risk Management</td><td>Yi Yong, Markets</td></tr><tr><td height="20">Alfredo Lelo De Larrea, Private Bank</td><td>Tony Yuen, Markets</td></tr><tr><td height="20">Tammy Levine, U.S. Consumer</td><td>Sophia Zhu, ICRM</td></tr><tr><td height="20">Cori Lin, GCB</td><td>Matt Zimmerman, Markets</td></tr></tbody></table><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=wallstreet&amp;itm_campaign=banking-2"></a>

Citigroup CEO Michael Corbat sent out an internal memo congratulating the bank's new class of managing directors - we got the entire list of 220 names

Ahead of the <keyword id="437961" type="ORGANIZATION" weightage="20" keywordseo="Bihar-legislative-assembly">Bihar Legislative Assembly</keyword> polls, the state has turned into a political warzone. Political analysts are having a field day, predicting the trends and possible alliances that would come by in the state. One year since the <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> (<keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword>) formed its NDA government, Bihar will serve as an important indicator for what is to come by as an imminent reaction to <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword>’s government in the country. For starters, the most important indicator that has emerged is the fact that the BJP will have to wage a different sort of war in this state. The <keyword id="460702" type="UNKNOWN" weightage="20" keywordseo="Janata-Parivar">Janata Parivar</keyword> merger will prove to be a tough nut for the masterminds who engineered the 2014 general elections victory. BJP still hasn’t lost the plot. After all, Amit Shah now has 11 strong candidates from the NDA to choose. But, that isn’t going to be easy after the face-smacking debacle that the BJP suffered in Delhi elections. The <keyword id="6354944" type="ORGANIZATION" weightage="20" keywordseo="Aam-Aadmi-Party">Aam Aadmi Party</keyword> (AAP) has all plans to become a national party sooner than later. But, with Bihar, AAP would not like to test the choppy waters. 

	The regional parties, which saw being badly decimated and reduced to rubble in last year’s general elections, have come together; much to the discomfort of NDA. This would mean a tougher path ahead. Whether the alliance of Janata Parivar will make sense to people or not, is never the question. It is all about who has better reach and communication mechanism with the voters; and who can influence the voters to choose them over the others. The elections come at a time when the BJP’s popularity is seen declining in most crucial quarters. The large gap between promises and performance is seen as the most important reason for this. Though there was political unrest in Bihar in the recent times; there has also been an increasing anger among farmers about the least support they have got from the central government.
 The hurried return of <keyword id="6358190" type="PERSON" weightage="20" keywordseo="Nitish-Kumar">Nitish Kumar</keyword> after unseating Jiten Ram Manjhi is bound to have its repercussions on the current results. Nitish suffered a humiliating defeat in the last polls despite having delivered on ‘progress’. This was seen as voters’ reaction to his snapping of ties with his longstanding association with the BJP. 

	With the 2010 elections, political analysts had concluded that the heavily-castetist Bihar is finally moving away from being a society that voted a particular caste to power, and not for better standard of lives. The BJP-JD(U) alliance was some sort of a rainbow of hope for the state that had somewhat tread the path of scams during the time of Lalu Prasad Yadav.
 

	JD(U) – BJP had won 206 seats out of 243 total seats. Rashtriya Janta Dal (RJD) and Lok Janshakti Party (LJP) alliance was reduced to nothing with a loss of face, facing complete rejection at 25 seats only. But this was in 2010, even before the rest of India had begun to even speak the language of development. Did caste get a boot in these elections? Did Bihar show the tendency right then? The victory in this election is crucial for the Centre for various reasons. It will provide some kind of reassurance to the central government to keep the tempo up about Modi magic still being alive. Else, a lot of things can change at the Centre.
 

	The BJP desperately needs this victory to up its numbers in Rajya Sabha where its developmental agenda alone is not cutting the ice. Since the party has no big numbers, its bills are taking the ordinance route and this can be perceived as a serious setback for the BJP’s assurance to keep up the values of democracy.
 

	Bihar polls would also ensure the atmosphere is set for the UP polls that are due to take place in 2017. Would this mean the greatest political indicator of our times has already been perceived political analysts? The vital signs are all over the place to affirm this indicator.
 

	What’s with the Janata Parivar merger? Though secular forces all over the country desire the coming together of secular forces, the NDA victory of 2014 bagging 31 out of 40 seats actually acted like a glue for Lalu and Nitish to come together. An unholy alliance, as it may be termed, the coming together of two contradictory and different forces should be tested against time depending on whether the voter places trust in them or not. Bihar, right now, is a cauldron. Only, we will know what's cooking in a few months. 
	(Image: The Times of India)

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Here’s how Crores of old notes are getting exchanged without queuing up in banks

BI India Bureau

'Data Protection bill to be tabled in Parliament in current session'

PTI

Citigroup CEO Michael Corbat sent out an internal memo congratulating the bank's new class of managing directors - we got the entire list of 220 names

Alex Morrell

Bihar is going to tip India’s political scale

Preetam Kaushik

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