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<ul><li><keyword id="6557529" type="General" weightage="80" keywordseo="kreditbee" source="Orion">KreditBee</keyword> currently offers multiple types of personal loans and a digital gold investment product. </li><li><keyword id="12085639" type="General" weightage="100" keywordseo="cashfree-payments" source="Orion">Cashfree Payments</keyword>’ merchants can offer this cardless <keyword id="6357050" type="General" weightage="50" keywordseo="emi" source="Orion">EMI</keyword> option to all eligible customers with the KreditBee app. </li><li>Recently, India’s largest lender, SBI invested an undisclosed amount in Cashfree Payments. </li></ul>Indian fintech platform KreditBee today partnered with banking solutions company Cashfree Payments. Together, they will offer an option to convert online purchases into EMIs, at the time of checkout. KreditBee’s six million customers can avail the online checkout finance facility from Cashfree Payments’ 1.5 lakh merchant partners. That includes brands like <keyword id="6376684" type="General" weightage="50" keywordseo="nykaa" source="Orion">Nykaa</keyword>, EaseMyTrip, Livspace, Gonoise and Wakefit . "The increased push for digitalization in the past few months has indeed accelerated the shift to digital commerce and payments, in some cases replacing the retail and merchant experience altogether. The idea behind this collaboration is to let customers convert their online purchases, especially where ticket value is high, into hassle-free easy EMIs,” Madhusudan Ekambaram, co-founder &amp; CEO, KreditBee said. Cashfree Payments’ merchants can offer this cardless EMI option to all eligible customers with the KreditBee app. The checkout finance loans range from ₹2,400 to ₹2 lakhs with a tenure of 3-18 months. KreditBee currently offers personal loans and a digital gold investment product. “We aim to give the best of payments infrastructure to businesses and a seamless payment experience for their customers,” said Reeju Datta, co-founder, Cashfree Payments. Cashfree Payments works closely with banks to build the core payments and banking infrastructure. It is also integrated with platforms like Shopify, Wix, <keyword id="6357940" type="General" weightage="50" keywordseo="paypal" source="Orion">Paypal</keyword>, Amazon Pay, Paytm, and Google Pay. Recently, India’s largest lender, SBI invested an undisclosed amount in Cashfree Payments. Apart from India, Cashfree Payments products are used in eight other countries, including the USA, Canada, and UAE.

KreditBee, Cashfree Payments offer option to convert online purchases into EMIs

<keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">Payments</keyword> and banking technology firm <keyword id="5908691" type="PERSON" weightage="20" keywordseo="Cashfree">Cashfree</keyword> on Tuesday announced a partnership with digital payments company <keyword id="6357940" type="LOCATION" weightage="20" keywordseo="paypal">PayPal</keyword> to enable international payments for merchants. <keyword id="6358610" type="UNKNOWN" weightage="20" keywordseo="businesses">Businesses</keyword> using Cashfree's payment gateway will be able to add the PayPal 'Express Checkout' option to their order pages and accept payments from over 350 million customers across 200 markets and in more than 28 currencies in a secure and seamless manner. "The new API integration allows merchants to enable payments using their existing PayPal business accounts and start accepting and collecting global payments in no time. Further, businesses benefit from the PayPal fraud prevention and seller protection tools," said Akash Sinha, CEO &amp; Co-founder of Cashfree. Cashfree said it does the foreign currency exchange automatically and the amount gets credited to businesses' accounts in Indian rupee. "Together with Cashfree, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>n small businesses will be able to tap into our 350 plus million consumer base across 200 markets," said Ashish Tandon, Director, Channel Partners, PayPal India. Businesses partnering with Cashfree can activate One Touch payments that would let their customers stay logged in and check out with a couple of clicks. Cashfree, as a payment platform, offers businesses with international payment methods like Mastercardand Visa cards, <keyword id="91294" type="COMPANY" weightage="20" keywordseo="American-Express">American Express</keyword>, Diners Club along with PayPal. Currently, Cashfree supports over 100 payment modes for accepting domestic and international payments. SEE ALSO: <a href="https://www.businessinsider.in/india/news/new-electricity-late-payment-surcharge-rules-announced-but-consumer-electricity-bills-may-not-decrease/articleshow/81286847.cms">New electricity late payment surcharge rules announced – but consumer electricity bills may not decrease</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-heranba-industries-ipo/articleshow/81286739.cms">Heranba Industries IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a>

PayPal and Cashfree join hands to enable international payments across 200 markets

<keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword> needs to help you shop with simply your smartphone. They've effectively done that. But in addition to revolutionizing online shopping, the tech giant is making moves in brick and mortar. 
 
Amazon has opened a corner store where customers can get their groceries and simply walk out without having to queue up and pay at the checkout. 
 Recently, the tech giant revealed <keyword id="3922715" type="UNKNOWN" weightage="20" keywordseo="Amazon-Go">Amazon Go</keyword>, its new initiative for in-store shopping. The main store opened in <keyword id="64863" type="COMPANY" weightage="20" keywordseo="Seattle">Seattle</keyword>, Amazon's central command and offers breakfast, lunch, dinner and snacks. 
 
At Amazon's stores, customers don't have to wait in line or checkout formally. There are no cashiers. Customers essentially utilize Amazon's new Go app. 
 
How does it work? 
 
The blog quoted, “Just Walk Out technology automatically detects when products are taken from or returned to the shelves and keeps track of them in a virtual cart. When you’re done shopping, you can just leave the store. Shortly after, we’ll charge your Amazon account and send you a receipt.” 
 
Where is it accessible? 
 
The organization, which has been offering its Fresh service in some thickly populated parts of the US since 2007, has been expanding the grocery delivery service quickly, as of late adding new urban communities over the US. It is currently accessible in Seattle, New York, Washington, Boston, northern New Jersey, Philadelphia, Connecticut, Baltimore and extensive parts of California. 
 
What do you need for Amazon Go? 
 
All you need is an Amazon account, a supported smartphone, and the free Amazon Go app.

Amazon launches Cash-free store, Just take the stuff and
walk out

Mumbai: Food delivery company <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> has completed the <keyword id="19901090" type="General" weightage="20" keywordseo="acquisition" source="keywords">acquisition</keyword> of <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> subsidiaries WEPL and OTPL for the <keyword id="19922574" type="General" weightage="20" keywordseo="entertainment" source="keywords">entertainment</keyword> <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business, the company said in its filing with the exchanges. On August 21, the Deepinder Goyal-led company entered into definitive agreements for the acquisition of Paytm's entertainment arms. In its stock exchange filing on August 21, Noida-based Paytm had also confirmed the development. The deal, valued at Rs 2,048 crores on a cash-free, debt-free basis, stands "as a testament to the value" Paytm has created through its entertainment ticketing business, bringing choice and convenience to millions of Indians with its services and scale, the company said in a release filed with exchanges. As part of this agreement, OCL will transfer its entertainment ticketing business to Zomato by transferring OCL's entertainment ticketing business to its 100 per cent subsidiaries, Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL) and selling a 100 per cent stake in its subsidiaries OTPL and WEPL, which operate the TicketNew and Insider platforms, respectively to Zomato. As per the information provided by the fintech, about 280 existing employees from the entertainment ticketing business will be part of Zomato. Paytm had said that the company wants to focus on the payments and financial services distribution segment. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. As per Paytm, the company built movie ticketing from the ground up and acquired TicketNew and Insider for a total consideration of Rs 268 crores from 2017 to 2018. Further, additional investments were also made to scale up the business. On Wednesday, after the announcement, the stocks of Zomato opened in green at Rs 256.20. The company in the past six months has delivered a 60 per cent reward to its shareholders. (ANI)

Zomato completes acquisition of Paytm's entertainment and ticketing business

<ul><li>Tokenisation is nothing but giving your sensitive information a secret identity. </li><li>When you <keyword id="14220192" type="General" weightage="20" keywordseo="tokenise" source="Orion">tokenise</keyword> something, like a debit or <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword>, you replace the actual details with a unique digital token. </li><li>To make it more convenient to the customers, <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> has recently announced card-on-file tokenisation or CoF.</li></ul>Many of us would have seen Amitabh Bacchan on television telling us that by tokenising our cards we can make our online transactions more secure and alo get freed from the hassle of entering our card details every time we make a purchase. In fact, many websites will ask you to save your card details which you may not be comfortable with. Tokenisaiton is the answer. “Tokenisation simply refers to the replacement of actual card details with an alternate code called the 'token'. It is used for recurring payments or in cases where merchants have stored the card details for providing faster checkout experience,” says Rahul Jain, CFO, NTT DATA Payment Services India. RBI’s initiative on tokenisation is targeted towards the disablement of card storage at the payment service providers' and merchants' end to ensure better security. “Simply put, tokenisation is nothing but giving your sensitive information a secret identity. When you tokenise something, like a debit or credit card, you replace the actual details with a unique digital token, which is further used while making online transactions, making it secure,” says Gaurav Chopra, founder and CEO of IndiaLends, a digital lending marketplace. Steps to tokenise your card We will look at the steps to tokenise your card. <ol><li>To purchase any products or services and to initiate a transaction, a customer visits e-commerce or a merchant's website. Then select the preferred card options as the payment method and enter all the card details</li><li>In case the website wants the customer to store the card details for a faster checkout experience, there will be an option 'secure your card as per RBI guidelines'. A customer must opt for this option to securely generate a token and have it stored as per RBI guidelines</li><li>To complete the transaction, a customer will receive a one-time password (OTP) on the mobile device or email from the card issuer company.</li><li>Once the OTP is entered on the bank page, the card details are sent for token generation as well as transaction authorization</li><li>Generated token is sent back to the merchant, who then stores the token against the customer identification data eg; mobile number or email address</li><li>When a customer visits the same e-commerce or merchant website, the last four digits of the saved card are shown which helps them to recognize during the transaction. This means that a customer’s card has been tokenised.</li><li>A new token is generated for every merchant website where the card details are required to be stored.The token is now ready for use in subsequent recurring or express checkout payment transactions by consumers on the merchant platform. </li></ol>Source: NTT DATA Payment Services India When you tokemise your card, your card information is not stored by the merchant website. “The genuine payment details of the customer are securely stored by their bank in a protected token vault. Upon receiving the token from the credit card issuer and confirming its match with the account number, the bank verifies the transaction,” says Akash Sinha, CEO and co-founder, Cashfree Payments, a payments and banking platform. Card on file tokenisation “Meanwhile, to make it more convenient to the customers, RBI has recently announced that card-on-file tokenisation (CoF) can now be generated directly at the issuer bank level,” says Jain. This will allow users to generate tokens through their bank’s app or website. Currently, it is not mandatory to tokenise the cards. A customer can choose whether to or not to tokenise his/her card. A customer can continue to transact as before by entering card details manually at the time of initiating the transaction if he/she does not wish to create a token.

Making online payments safer – Here’s how to tokenise your card

The Enforcement Directorate (ED) after conducting raids at multiple locations belonging to <keyword id="714947" type="General" weightage="50" keywordseo="payment-gateways" source="Orion">payment gateways</keyword> i.e <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> and PayU in connection with a case of Chinese Loan apps, asked Paytm to freeze certain amounts from a few Merchant IDs (MIDs). Sources said the raids were conducted in Mumbai, Delhi, Gurugram, Lucknow and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>. The ED has not given any official comment on the matter. On September 3, raids were conducted at the premises belonging to online payments gateways including <keyword id="14887233" type="General" weightage="50" keywordseo="razorpay-pvt-ltd" source="Orion">Razorpay Pvt Ltd</keyword>, Cashfree Payments and <keyword id="14887232" type="General" weightage="50" keywordseo="paytm-payment-services-ltd" source="Orion">Paytm Payment Services Ltd</keyword>. A Paytm spokesperson said that as part of the ongoing investigations of a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. "These merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the Paytm spokesperson. The ED has instructed Paytm to freeze certain amounts from the Merchant IDs of a specific set of merchant entities (as mentioned by the ED in its press release). "None of the funds which have been instructed to be frozen belong to Paytm or any of our group companies. As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, and we have shared the required information," the Paytm spokesperson said. What is the case? The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous persons for their involvement in extortion and harassment of the public who had availed small loans through the mobile apps being run by those entities. "During enquiries, it had emerged that these entities are operated by Chinese persons. The modus operandi of these entities is that by using forged documents of Indians and making them dummy directors of those entities, they are generating proceeds of crime," the ED said. The ED had said that it has come to its notice that the entities were conducting their suspected business through various Merchant IDs/Accounts held with Payment Gateways/banks. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were covered in the search operations. "During the search operations, it was noticed that the said entities were generating proceeds of crime through various Merchant IDs/Accounts held with Payment Gateways/banks and they are also not operating from the addresses given on the <keyword id="6355225" type="General" weightage="50" keywordseo="mca" source="Orion">MCA</keyword> website/registered address and having fake addresses. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities," the ED official had said. Meanwhile, a Razorpay spokesperson had said "Some of our merchants were being investigated by law enforcement about a year and a half back. As part of the ongoing investigation, the authorities requested additional information to help with the investigation. We have fully cooperated and shared <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> and other details. The authorities were satisfied by our due diligence process." The search operations are in progress. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-top-75-brands-are-worth-393-billion-thats-11-of-indias-gdp/articleshow/94203813.cms">TCS is India's most valuable brand worth $45.5 billion: Kantar</a>

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

With over 900 million believers and many faithful, and innumerable ‘holy’ places, Hindu <keyword id="56253" type="General" weightage="20" keywordseo="Temples" source="Orion">temples</keyword> are neither short of footfalls nor donations. So much so when <keyword id="419623" type="General" weightage="20" keywordseo="Tirumala-Tirupati" source="Orion">Tirumala Tirupati</keyword> Devasthanam declared that its land holdings are valued at ₹85,000 crore (modestly) across 960 properties all over India — few were surprised. After all, the <keyword id="721647" type="General" weightage="20" keywordseo="Lord-Venkateshwara-temple" source="Orion">Lord Venkateshwara temple</keyword> makes <a href="https://www.indiatoday.in/fyi/story/siddhivinayak-hundi-rich-temple-india-demonetisation-352322-2016-11-16">$11 million a year</a> selling its ladoos alone, in addition to the thousands who queue up every day and make generous donations. <div type="image" title="Venkateshwara temple makes $11 million a year selling ladoos alone" height="900" width="1200" msid="94550183" hostid="261" caption="&amp;lt;p&amp;gt;Venkateshwara temple makes $11 million a year selling ladoos alone&amp;lt;/p&amp;gt;"></div> From the gilded era Tirupati has a long history of generous donations. A 16th century king Krishnadevaraya who ruled over erstwhile Andhra and Karnataka is known to have performed an ‘abhishekham’ with 30,000 gold coins instead of the traditional bathing with milk — in addition to other gold ornaments he donated. <div type="image" title="Tirupati temple has a long history of generous donations" msid="94550258" hostid="261" caption="&amp;lt;p&amp;gt;Tirupati temple has a long history of generous donations&amp;lt;/p&amp;gt;"></div> Tirupati has been holding on to the richest temple tag for generations till it was displaced by Sri Padmanabhaswamy Temple in Kerala, with an estimated $20 billion lying in its vaults. <div type="image" title="Sri Padmanabhaswamy temple in Kerala has an estimated $20 billion lying in its vaults" height="900" width="1200" msid="94550303" hostid="261" caption="&amp;lt;p&amp;gt;Sri Padmanabhaswamy temple in Kerala has an estimated $20 billion lying in its vaults&amp;lt;/p&amp;gt;"></div> Some of the treasures uncovered include 1.2 metre solid gold statues studded with precious stones, crowns and countless artefacts. An <a href="https://economictimes.indiatimes.com/news/politics-and-nation/sree-padmanabhaswamy-temple-wealth-amicus-curiae-finds-serious-lapses-wants-audit/articleshow/33963351.cms?from=mdr">amicus curiae </a>petition was filed in the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/sree-padmanabhaswamy-temple-wealth-amicus-curiae-finds-serious-lapses-wants-audit/articleshow/33963351.cms?from=mdr">Supreme Court, </a>which wanted a scientific audit on the treasures. And a few vaults are still unopened, deepening the mystery of this temple’s wealth. The 12th century temple Shree Jagannath of Puri too is moving to digitise its land records and said that it possesses over <a href="https://www.businessinsider.in/india/news/land-records-of-lord-jagannaths-over-60000-acres-in-7-states-to-be-digitised/articleshow/94497919.cms">60,000 acres across seven states.</a> <div type="image" title="Jagannath temple in Puri" height="900" width="1200" msid="94550358" hostid="261" caption="&amp;lt;p&amp;gt;Jagannath temple in Puri&amp;lt;/p&amp;gt;"></div> Built by kings and patronised by their subjects, many Indian temples possess lands, mostly farm lands – to support their upkeep. Most old and large temples receive ample donations in cash and gold that have been filling their Hundis and coffers over the centuries. Endowment bodies are private entities and never had to reveal their wealth, few can guess the extent of cash and gold holdings. Apart from a few details that have become public, very few have ventured to estimate temple wealth. In 2016, the World Gold Council estimated that the gold lying in Indian<a href="https://www.business-standard.com/article/current-affairs/temples-hold-about-4-000-tonnes-of-gold-116032400306_1.html"> temples could be as high as 4,000 tonnes</a> — that’s over a fifth of the total gold holdings of the country. Cash, stocks or bonds? The cash that temples receive from Hundis remains enormous. Temples are known to employ large teams to sort and count them and some have even fashioned giant sieves that can sift coins. As the number of financial instruments increase, temple trusts too have expanded their ‘accounts’ to easily receive all sorts of donations. In 2015, Lord Balaji opened his own demat account to receive stocks and bonds. Following Him, are many temple trusts including Vaishno Devi temple, Swaminarayan Temple of Ahmedabad, Srinathji Temple of Nathdwara, Iskon Charities, Mahakaleshwar Jyotirlinga in Ujjain, to name a few. In addition to easing the process of ‘offerings’ in an increasingly cash-free society, this move also helps people turn Gods into their business partners with a small stake. Like in the case of gold, no information is proffered on how much stock trusts hold and if they are traded. What’s the wealth going to do? Legend has it that all that goes into Lord Balaji’s Hundi is used to pay off the interest for a loan that he took from Kubera, the God of wealth, and this payoff will continue till the end of Kali Yug. In reality, it’s the trustees who decide what is to be done with the wealth. And, what do temples do with the wealth? It takes a lot to maintain a temple. Large temples employ a range of staff – be it priests, security guards, cleaning staff and accountants, some temples even have a large administrative staff to manage the finances and more. Moreover, temples hold large events like Navratri festivals, pujas or annual processions like rath yatras. A few temples also cook and serve prasad like the Iskcon temple which offers an elaborate lunch-like prasad on a daily basis. <div type="image" title="Krishna Janmashtami at Iskon temple in Juhu, Mumbai" msid="94550472" hostid="261" caption="&amp;lt;p&amp;gt;Krishna Janmashtami at Iskon temple in Juhu, Mumbai&amp;lt;/p&amp;gt;"></div> A few temple trusts also run charitable organisations like schools, colleges, hospitals and even orphanages – so a lot of money goes into that too. During the Covid-19 pandemic, a few temple trusts like Puri’s Shree Jagannath Temple Administration donated in cash while many others provided facilities for quarantine facilities, beds and even Oxygen tanks. All in all – trusts also contribute towards welfare activities. The temples also reserve some of its wealth for a rainy day. During the lockdown, when temples shut doors, a lot of them which depended on daily cash donations <a href="https://www.telegraph.co.uk/news/2020/08/26/1200-hindu-temples-india-will-pawn-gold-maintain-running-costs/">had to pawn their gold to maintain</a> the running costs. The Travancore Devaswom Board, which manages Kerala’s temples, had deposited some of its gold with the Reserve Bank of India (RBI) for a loan after selling unused lamps and a few brass utensils. The temple and the state Temple priests, seers and Kings always maintained a healthy mutual relationship – some of the former also adorned the courts and were trusted advisors. Tensions however emerged after monarchy and the battle lines were drawn between the church and the state. The first clash occurred in the early 1800s when the East India Company (EIC) demanded a tribute from the Queen of Travancore – the royal family which is now the trustee of Sri Padmanabhaswamy Temple. As she failed to provide ‘protection money’, the company took over the temple trusts in the region. This passed onto the British crown who later drafted a Madras Religious and Charitable Endowment Act, which later became the The Hindu Religious and Charitable Endowments Act – that controls a few hundreds of thousands of temple trusts, mutts and endowments. It is to be noted that the Madras Presidency covered large parts of Tamil Nadu in addition to Andhra Pradesh, Karnataka and even Kerala — till date, a few hundreds of thousands of temples are directly under government control. In fact, some of the richest trusts including Tirupati, Meenakshi temple of Madurai, Shirdi Sai Baba temple and Siddhi Vinayak <a href="https://asiaconverge.com/2020/09/indian-governments-outdid-aurangzeb-they-emasculated-hindu-temples/">fall under the government control</a>. IAS officers act <a href="https://indianexpress.com/article/india/shirdi-saibaba-trust-ias-official-4560862/">as temple trustees in many temples</a> across states like Maharashtra and Uttar Pradesh, which appointed an IAS officer to the <a href="https://theprint.in/india/nripendra-misra-modis-trusted-former-ias-officer-will-head-ram-temple-construction-panel/368134/">Ayodhya’s Ram temple trust</a>. The trust with the government There have been multiple attempts to bring more trusts under the government’s purview and a few of them have been resisting in multiple ways. The most high profile case has been that of <a href="https://www.business-standard.com/article/pti-stories/nataraja-temple-to-be-managed-by-priest-not-by-tamil-nadu-govt-114010600610_1.html">Nataraja Temple at Chidambaram Trust and the state government</a> of Tamil Nadu where the court ruled in favour of the trust. The pre-Chola temple where the statue of Shiva itself remains elusive – known as the ‘secret’ – had resisted the state government attempt to take over the trust. A similar attempt at a takeover of the Sri Padmanabhaswamy Temple trust temple, with treasures that are worth hundreds of billions, by the state government — <a href="https://www.moneycontrol.com/news/india/supreme-court-sets-aside-kerala-hc-order-on-government-takeover-of-padmanabhaswamy-temple-5540371.html">was stalled by the Apex court</a>. Yet another case involves the <a href="https://www.barandbench.com/news/litigation/vaishno-devi-shrine-board-funds-were-used-for-iftaar-parties">Vaishno Devi temple, </a>where a petition was filed challenging the government control of the shrine. The Karnataka government however wants to do away <a href="https://www.timesnownews.com/india/karnataka-to-do-away-with-government-control-over-temples-says-cm-bommai-in-budget-speech-article-89990133">with its control over temple trusts</a>, said the chief minister Basavaraj Bommai in March this year. If they do so, they would create a precedent where more endowments would seek autonomy – leaving one of India’s high-profile asset owners with more control of their vaults and all that therein.

SIMPLY PUT: Gods must be wealthy but how wealthy are they?

<ul class="summary-list"><li>The Trump Organization was found criminally liable of tax fraud on Tuesday after a six-week trial.</li><li>The conviction could ban Trump from doing business with the federal government.</li></ul>Donald Trump's real-estate and golf-resort empire was found guilty on Tuesday for tax crimes committed by the company's two top financial executives, a verdict that followed a six-week trial in state court in Manhattan.The Trump Organization now faces up to $1.6 million in penalities when it's sentenced on January 13. But there's another threatened cost, and it's something government spending watchdogs have been urging for years.The conviction could prompt the government to bar the Trump Organization from doing business as a federal contractor, including cutting off the spigot of Trump's lucrative — and <a href="https://www.businessinsider.com/trump-organization-charged-secret-service-exorbitant-rates-for-hotel-2022-10">critics say exorbitant</a> — billing of Secret Service agents who stay at his properties while protecting the former president and his family.Trump is hardly the ideal government contractor as it is, watchdogs say, after his many brushes with fraud allegations and given <a href="https://www.acquisition.gov/far/part-9#FAR_9_406">federal regulations requiring</a> "an impeccable standard of conduct."Those regulations also recommend "debarment," or blacklisting, of any company convicted of such business-related crimes as "forgery, bribery, falsification or destruction of records, making false statements [and] tax evasion."The conviction from this payroll tax-fraud trial could only increase calls to blacklist Trump, according to Steven L. Schooner, who teaches government procurement law at George Washington University Law School.<a href="https://www.govexec.com/management/2020/01/viewpoint-suspend-trump-organization-doing-business-government/162672/">Schooner has complained stridently</a> over the years as the feds continued to do business with Trump despite two impeachments, <a href="https://www.businessinsider.com/trump-to-pay-750k-penalty-for-2017-inaugural-funds-corruption-2022-5">an inauguration scandal</a>, questions over <a href="https://www.businessinsider.com/top-democrats-ask-government-to-terminate-trump-dc-hotel-lease-2022-2">his Trump International Hotel in DC</a>, and the forced dissolution of <a href="https://www.businessinsider.com/25-million-settlement-reached-in-fraud-lawsuit-against-trump-university-2018-4">Trump University</a> and the <a href="https://www.businessinsider.com/trump-dissolves-trump-foundation-charity-amid-new-york-lawsuit-2018-12">Trump Foundation</a> by the same New York attorney general's office now alleging <a href="https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4">he pocketed $250 million</a> through financial fraud.Add to that <a href="https://www.businessinsider.com/trump-organization-charged-secret-service-exorbitant-rates-for-hotel-2022-10">the recent news</a> that the Trump Organization had billed the Secret Service more than $ 1.4 million to stay at Trump properties during the former president's time in office.The Secret Service paid Trump as much as $1,185 per night for a single room at his DC hotel, and once signed <a href="https://www.businessinsider.com/secret-service-paying-to-rent-golf-carts-trump-course-summer-2020-5">a $179,000 contract for golf cart rentals </a>at his golf resort in Bedminster, New Jersey."The rules that apply to typical government contractors have never applied to Trump Organization, and frankly, that's the most depressing and pernicious aspect of this pathetic saga," Schooner said."It's as mind-boggling as it is heart-breaking," he said of the government's apparent unwillingness to stop stuffing taxpayer dollars into Trump's pocket.<h2>His-and-hers Mercedes</h2>Within 10 hours of deliberation, a jury determined that the Trump Organization defrauded tax authorities by paying executives some of their compensation off the tax books, in the form of perks like free apartments and cars.Former Trump CFO Allen Weisselberg was a key prosecution witness against the company <a href="https://www.businessinsider.com/donald-trumps-cfo-pleads-guilty-thursday-in-trump-org-payroll-scheme-2022-8">after pleading guilty</a> to the tax-dodge scheme in August.Weisselberg admitted pocketing $1.7 million in tax-free perks over 15 years, including Mercedes-Benz luxury cars for him and his wife, free use of Trump-branded apartments on Manhattan's Hudson River and tuition for his grandkids' private schools.At the Trump Organization headquarters in Trump Tower on Fifth Avenue, the cars, apartments, and tuition were considered part of Weisselberg's $940,000-a-year income, prosecutors said.The Trump Organization was charged with and convicted of repeatedly filing inaccurate tax documents to avoid payroll taxes on that extra compensation, saving money for the company and its executives.As part of his plea, Weisselberg, who remains on paid leave as an advisor — <a href="https://www.businessinsider.com/trump-orgs-ex-cfo-testifies-eric-trump-bonus-2022-11">making more than a million dollars this year on Trump's payroll</a> — must pay back $2 million and serve five months jail. The Trump Organization could face stiff tax penalties plus up to $1.6 million in fines, with the conviction of the three tax-fraud counts and six other counts in their indictment — all of them low-level felonies. Trump Org. lawyers previously countered that the Manhattan District Attorney's office — for decades run by Democrats — is pursuing a penny-ante fringe benefits case out of political bias against Trump, an argument the trial judge, state Supreme Court Justice Juan Merchan, has barred the defense from raising at trial.<h2>A case for 'debarment' </h2>The recent Secret Service billing revelations and the trial starting in Manhattan have upped the ante for those calling for an end to Trump's government contracts."The Trump Organization was essentially gouging the federal government and federal taxpayers" said Noah Bookbinder, president of Citizens for Responsibility and Ethics in Washington."If there's a criminal conviction, it's hard to imagine how the federal government could at that point not debar them," he told Insider.Bookbinder and Schooner, the procurement law professor, formally wrote the government asking it to cut ties with Trump's company and its senior officers in <a href="https://www.citizensforethics.org/wp-content/uploads/2021/10/2021-10-12-Trump-Organization-Suspension-Referral.pdf">October 2021.</a>Their letter was addressed to the federal General Services Administration, which oversees contracts, and government agencies that that have done business with Trump, including the Department of Homeland Security, which oversees the Secret Service."Our position hasn't changed," said Sean Moultin, senior policy analyst for the Project on Government Oversight, another ethics and accountability watchdog group that signed on to the letter."A conviction of the organization on any of the charges would make debarment a foregone conclusion," he told Insider.Reps for the Trump Organization and the GSA did not respond to Insider's requests for comment when this article was originally published before a verdict was rendered.A spokesperson for the Secret Service also would not speculate on a potential Trump Organization debarment, saying only that the agency would be responding directly to the congressional investigation into Trump's billing.<h2>Secret Service a tough target</h2>Watchdogs concede that Trump's Secret Service billing is a tough target.Under federal acquisition regulations, an agency can continue to use a blacklisted company by saying they have "compelling reasons justifying continued business dealings between that agency and the contractor."In the case of the Secret Service, that compelling reason would be the difficulty in protecting Trump and his family without staying at whichever of his resorts he's currently living at — including his winter favorite, Mar-a-Lago in Palm Beach, Florida, and his summer favorite, the Trump National Golf Club in Bedminster, New Jersey."The agency can simply say they need the contractor," explained Schooner. Barring the unlikelihood of a cash-free solution — Trump letting the Secret Service "stay at our properties for free," as Eric Trump once promised, or forgoing Secret Service protection voluntarily, as Richard Nixon did — Trump's Secret Service spigot may well remain open, watchdogs acknowledge.Still, blacklisting Trump could tamp down on such extravagances as that $179,000 golf cart rental contract. And it would prevent future self-dealing in other types of contracts.The Secret Service "may be able to make some sort of claim that they are in a unique situation," in needing to be close to the former president, said POGO's Moultin."But I still remember when Trump was pitching holding a G-7 conference at one of his properties, Moultin said. In 2019, acting White House chief of staff Mick Mulvaney announced the US would host the 2020 G-7 summit at the Trump National Doral golf resort in Miami, <a href="https://www.businessinsider.com/trump-hosting-g7-miami-doral-could-violate-constitution-2019-10">an idea quickly abandoned</a> after critics accused the then-president of self-dealing and other ethics violations. That same year, then-Vice President Mike Pence stayed at a Trump hotel during a trip to Ireland that was <a href="https://www.businessinsider.com/mike-pence-booked-trump-hotel-because-security-detail-2019-9">located 180 miles</a> from any of his official engagements, and Air Force crews were revealed to be enjoying lodging <a href="https://www.businessinsider.com/air-force-trump-turnberry-stopover-closest-least-expensive-2019-9">at Trump's luxury golf resort</a> in Scotland. "If there was a future Trump administration, or just a future Republican administration, that could raise this idea of holding official events at his properties," Moultin said."That's where I think a debarment would still come into play."

How Trump Org's tax fraud conviction could bar Trump from federal contracts, even for Secret Service

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/san-francisco">San Francisco's</a> "<a href="https://www.businessinsider.com/category/cashless">cashless</a>" stores are cashless no more.</li><li><a href="https://sf.curbed.com/2019/5/8/18536575/san-francisco-cashless-store-ban-vallie-brown-amazon">The city recently placed a ban </a>on cashless businesses after it decided that only accepting electronic payment methods and not cash discriminates against customers, including lower-income residents, who do not have bank accounts or credit cards.</li><li>Now cashless stores, like <a href="https://www.businessinsider.com/category/amazon">Amazon's</a> high-tech Go stores, are required to accept payment in the form of cash in San Francisco.</li><li>Shopping at an <a href="https://www.businessinsider.com/category/amazon-go">Amazon Go</a> promises a cash-free, in-and-out experience with minimal human interaction by entering and paying through an app on a smartphone.</li><li>You can still use the app to shop at an Amazon Go in San Francisco, but now the company has rolled out a way for customers to pay in cash, even though the stores aren't outfitted with checkout counters or dedicated cashiers.</li><li>We visited an Amazon Go in San Francisco to see how smoothly the process would go and ended up spending 10 minutes trying to pay for a $1 can of Sprite with cash.</li><li>An Amazon spokesperson told Business Insider in an email that "we're new at accepting cash, and since our stores weren't designed around this payment method, we're learning and testing as we go."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019-3"></a>

We tried to pay $1 in cash for a soda at Amazon's cashier-less convenience store of the future, and it took way longer than expected

<ul class="summary-list"><li>A new lawsuit claims that <keyword id="319716" type="COMPANY" weightage="60" keywordseo="Chipotle">Chipotle</keyword> is refusing to offer some customers proper change, resulting in the "loss of hundreds of thousands, if not millions of dollars." </li><li>Chipotle recently rolled out a new policy "to only accept exact change or other non-cash forms of payment" in locations that are low on change due to the national <keyword id="821061" type="PERSON" weightage="60" keywordseo="Coin-shortage">coin shortage</keyword>. </li><li>"While the pandemic is affecting all of us, that doesn't give Chipotle the license to line its own pockets at the expense of its customers," said attorney Frank Salpietro, who is representing the plaintiffs in the case. </li></ul>Chipotle is facing a lawsuit after rolling out a new exact change policy due to a coin shortage that has hit the US. The policy asks customers to pay with exact change or via non-cash methods at affected restaurants.But a class action lawsuit filed on Thursday in a Pennsylvania court alleges Chipotle has been refusing and failing to provide proper change to customers paying with cash. In one instance listed in the complaint, a customer paid for a $15.51 meal using a $20 bill. The customer only received $4 in change, with the employee not offering any change in coins."The 'company policy' and refusal of Defendant Chipotle to provide either change or a credit to consumers is believed and therefore averred to have resulted in the loss of hundreds of thousands, if not millions of dollars, to the detriment of Pennsylvania consumers and to the benefit of Defendant Chipotle," the complaint reads. Chipotle's Chief Corporate Affairs and Food Safety Officer Laurie Schalow said in a statement to Business Insider that the company encourages "customers to contact us immediately with any concerns so we can investigate and respond quickly to make things right." "If a restaurant is low on change as a result of the nationwide coin shortage, our policy is to only accept exact change or other non-cash forms of payment," Schalow said. "Restaurants that are impacted have signage posted on the door as well as inside, and employees have been instructed to alert guests prior to ordering." However, attorney Frank Salpietro — who is representing the plaintiffs in the case — said that Chipotle's explanation "does not reflect what is actually happening in Pennsylvania.""While the pandemic is affecting all of us, that doesn't give Chipotle the license to line its own pockets at the expense of its customers," Salpietro said in an email to Business Insider. "Telling someone you are going to steal their money doesn't get you off the hook for actually stealing it." A number of restaurants have shifted to a cash-free model during the pandemic, both to promote safety and as locations experience coin shortages. Some locations are even <a href="https://www.businessinsider.com/chick-fil-a-asks-for-coins-exchange-for-free-food-2020-7">offering customers free food in exchange for coins. </a>Some customers have complained about Chipotle's new policy on social media. This isn't the first time Chipotle has faced backlash over its change policies. Up until 2012, the chain would <a href="https://www.businessinsider.com/personal-finance/chipotle-will-not-be-secretly-adding-pennies-to-customers-orders-anymore-2012-8">round up orders to the nearest five-cent figure,</a> to avoid making cashiers dole out pennies. The practice was intended to speed up Chipotle's lines. However, after backlash, the chain began rounding down — saving customers a few pennies.

A new lawsuit says Chipotle's exact change policy has led to customers losing 'hundreds of thousands, if not millions of dollars' amid a national coin shortage

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP/Elaine ThompsonAmazon Go</div></div></div><ul><li>Companies like <a href="http://markets.businessinsider.com/stock/SBUX-Quote" target="_blank" rel="noopener">Starbucks</a> and <a href="http://markets.businessinsider.com/stock/AMZN-Quote" target="_blank" rel="noopener">Amazon</a> are testing stores that do not accept cash. </li><li>Going cashless can provide key advantages for retailers, such as boosting efficiency and preventing robberies. </li><li>However, for the 7% of Americans without a bank account, a cashless society would mean complete exclusion. </li></ul> The US could be on its way to a cash-free economy.And, while going cashless has some distinct upsides in the tech-obsessed world of <keyword id="6354851" type="ORGANIZATION" weightage="100" keywordseo="Retail">retail</keyword>, it could be a dangerous development for some of the country's most vulnerable people. This week, Amazon finally opened the doors of its futuristic grocery store, <a href="http://www.businessinsider.com/amazon-go-store-opens-no-checkout-lines-photos-2018-1">Amazon Go</a>, in Seattle. The cash-free store allows customers to simply walk out without paying at a cash register, with the proper money simply being charged to their Amazon account. Amazon isn't the only company experimenting with cashless. The popular salad chain <a href="http://www.businessinsider.com/sweetgreen-goes-cashless-2016-12">Sweetgreen</a> announced it was going completely cash-free in late 2016, and Starbucks recently opened a cashless store in Seattle. "Mobile payment in the U.S. has grown to over 30% of total tender," Starbucks CEO Kevin Johnson said in a call with investors on Thursday. "The ubiquity of mobile and credit card payment is enabling us to begin an exploration of cashless stores in the US."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.fool.com/investing/general/2015/11/02/chipotle-mexican-grill-inc-just-made-a-game-changi.aspx">Starbucks, via The Motley Fool</a>Starbucks mobile order and pay.</div></div></div>Maya Mikhailov, the CMO of retail app developer GPShopper, told Business Insider that quick-service restaurants and other chains, such as Sweetgreen and Starbucks, are set to lead the way in the revolution against cash. Going cashless can speed up service, dissuade theft, and allow companies to gather more information on shoppers by linking them to digital loyalty programs. <a href="https://retail.emarketer.com/article/consumers-ready-go-cashless/5a66516cebd40008bc79120f?ecid=NL1014">Roughly 75% of respondents </a>in an online poll conducted by CivicScience in January said that a restaurant going cashless would either not impact how often they visited, or convince them to visit more. Only 15% said they would stop going to the restaurant if it no longer accepted cash. However, part of that 15% is a proportion of Americans who simply can't shop somewhere if it stops accepting cash. As of 2015,<a href="https://www.wsj.com/articles/ranks-of-the-unbanked-decline-fdic-survey-finds-1473307140"> 7% of Americans were "unbanked,"</a> or did not have a bank account. That's roughly 22 million people that companies that go cashless completely exclude as customers. Most people who don't have bank accounts don't do so by choice. It's because they lack the funds to do so, resulting in a vicious cycle in which not having a bank account has consequences - such as not being able to build credit - that result in making life more expensive. The implications what going cashless could mean for the poor is emerging as an international conundrum, as the movement against cash catches on across the globe. "Billions of poor people in the developing world depend on cash to buy goods for very small amounts, often mere cents," Srinivasan Sivabalan <a href="https://www.bloomberg.com/news/articles/2017-07-17/going-cashless-bad-for-tax-cheats-privacy-poor-quicktake-q-a">wrote in Bloomberg.</a> "It may be too costly to host those transactions on a network. That could create a second-class citizenry of people who don't have equal access to banking services.""The beauty of cash is that it's a direct and simple transaction between all kinds of different people, no matter how rich or poor," financial writer Dominic Frisby <a href="https://www.theguardian.com/cities/2017/jan/09/rise-cashless-city-contactless-payments-exclusion-cashfree-society">told The Guardian.</a> "If you begin to insist on cashlessness, it does put pressure on you to be banked and signed up to financial system, and many of the poorest are likely to remain outside of that system. So there is this real danger of exclusion."Mikhailov is more optimistic, pointing out that the percentage of the US that is unbanked is declining. What's more, she said that the rise of cashlessness will force companies to find solutions for the unbanked.Fintech startups are already attempting to address unbanked communities in developing countries. With cashless retailers on the rise, the opportunity to find fixes for unbanked Americans also grows.In fact, it could be a necessity if the US wants to protect its most vulnerable residents. If someone doesn't address the needs of unbanked Americans as retailers experiment with cash-free locations, millions could be left behind in a second-class shadow economy, using cash as the rest of the country goes digital. <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/retail-2018"></a>EXCLUSIVE FREE SLIDE DECK: The Future of Retail 2018 by the BI Intelligence Research Team. <a href="http://read.bi/retail-2018">Get the Slide Deck Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/amazon-go-grocery-walk-out-technology-store-phone-app-no-lines-cashiers-2016-12">Take a look inside Amazon's grocery store of the future - there are no cashiers, registers or lines</a></h3> <div> </div> </div>

Companies like Amazon and Starbucks want to kill cash - and it could be a huge blow to the most vulnerable Americans

New Delhi, Jan 31 () Vedanta Ltd on Friday reported a 49.1 per cent rise in its consolidated profit at Rs 2,348 crore for the December 2019 quarter, on the back of lower expenses.
 The company had posted the profit of Rs 1,574 crore in the October-December period of the previous financial year, Vedanta Ltd said in a filing to the BSE.
 The profit is "attributable to owners of Vedanta Ltd", the filing said.
 In a statement, the company said "attributable PAT (was) at Rs 2,348 crore, up 49 per cent y-o-y (year-on-year)".
 However, the company had posted a decline in consolidated income at Rs 22,007 crore in the October-December period, over Rs 25,067 crore in the year-ago period.
 The company's consolidated expenses, however, declined to Rs 18,369 crore as against Rs 21,589 crore in the year-ago period.
 "We remain on track to become the world's largest long-life integrated zinc-lead-silver producer in two years while maintaining our cost leadership. Our aluminium business continues to benefit from improved integration and systemic cost improvements," Vedanta Ltd Chief Executive Officer Srinivasan Venkatakrishnan said.
 The company said revenue was 3 per cent lower on a quarter-on-quarter basis, primarily due to lower volumes in the oil and gas business.
 "Revenue was three per cent lower on Q-o-Q basis, primarily due to lower volumes in oil and gas business, partially offset by higher volumes in iron ore and steel, zinc India and aluminium business coupled with past exploration cost recovery in oil and gas business," the statement said.
 The company's net debt stood at Rs 23,384 crore in the quarter, higher by Rs 3,303 crore as compared to that in the September 2019 quarter.
 Vedanta on Friday announced the acquisition of Ferro Alloys Corporation Ltd (FACOR) for a total consideration of Rs 280 crore.
 FACOR is in the business of producing ferro alloys and owns a ferrochrome plant with a capacity of 72,000 tonnes per annum, two operational chrome mines and 100 megawatts of captive power plant through its subsidiary, FACOR Power Ltd.
 The consideration will be payable under the approved resolution plan on a debt and cash-free basis.
 The portion of payable cash is Rs 10 crore and the rest Rs 270 crore face value in the form of zero coupon, secured and unlisted non-convertible debentures payable to the financial creditors payable equally over four years commencing March 2021. SID HRS

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