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<ul><li>The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> of India has deferred the hearing on the pleas seeking the moratorium extension and waiver of accruing interest during that period for a second time due to the unavailability of Solicitor General Tushar Mehta.</li><li>Meanwhile, the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) is caught in the crosshairs, unable to declare accounts as non-performing assets (NPAs) until the verdict comes out.</li><li>The case will now be heard on November 18. Meanwhile, parties are allowed to circulate short notes. </li></ul>The Supreme Court has deferred its hearing to take up pleas seeking an extension of the Reserve Bank of India’s (RBI) COVID-19 induced <keyword id="6840678" type="UNKNOWN" weightage="20" keywordseo="loan-moratorium">loan moratorium</keyword> and the waiver of accruing interest for a second time due to the unavailability of Solicitor General Tushar Mehta. The bench headed by Justice Ashok Bushan has adjourned the cases to November 18. It has, however, allowed the parties involved to circulate short notes. However, the RBI isn’t happy. The apex court’s interim order keeping banks from declaring accounts as non-performing assets (NPAs) until the final verdict is out is creating difficulties, according to India’s central bank. Senior Advocate V Giri, representing the RBI, argued that the bank and the Finance Ministry have already filed separate additional affidavits declaring that the banks, financial and non-banking financial institutions will credit the difference between compound and simple interest collected on loans of up to ₹2 crore during the moratorium scheme period into the accounts of eligible borrowers by November 5. But even with the new scheme, the interim order asserting that banks cannot declare accounts as NPA stands. Meanwhile, banks can make their claims by December 15 at the State Bank of India (SBI), and the government will render compensation for compound interest. Power producers are also waiting in queue The moratorium hearing was originally scheduled for November 2 but deferred with Mehta being tied up in the Central Vista case, which pertains to the proposed development of the iconic three kilometre from the Rashtrapati Bhavan to India Gate in New Delhi. However, lawyers representing the power producers of India are getting antsy. According to Senior Advocate Abhishek Manu Singhvi, one of the matters left to discuss is now the RBI’s circular on the moratorium has ‘discriminatory elements’ that need to be given priority. Today, Senior Advocate Manu Singhvi asked for five minutes to say his piece on behalf of the Association of Power Producers (APP) but was denied. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-share-price-rises-over-6-after-strong-earnings-with-analysts-pegging-it-to-be-the-first-to-recover-among-public-sector-banks/articleshow/79055329.cms">SBI rallies over 6% after strong earnings with analysts pegging it to be the first to recover among public sector banks</a> <a href="https://www.businessinsider.in/policy/foreign-policy/news/donald-trump-vs-joe-biden-us-election-result-and-relations-with-india-and-pm-modi/articleshow/79022098.cms">If Joe Biden wins, he’ll be the third US president to deal with Modi — Here’s how that could play out</a> <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-others-to-see-more-freshers-than-lateral-hires-in-the-next-six-months/articleshow/79014794.cms">TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months</a>

RBI and banks caught in the crosshairs as the Supreme Court adjourns loan moratorium hearing for a second time to November 18

Before the announcement of withdrawal of Rs 2,000 banknotes, petrol pump owners in Punjab used to receive just 10 per cent of the daily cash of this denomination. After the decision to withdraw the currency, almost 90 per cent of the cash received is of Rs 2,000 notes, the Punjab Petroleum Dealers Association said on Thursday. Asking the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) to issue guidelines to the banks for providing enough small denomination notes, the association said the decision to withdraw Rs 2,000 notes has again created the same difficult situation at petrol pumps as was during the 2016 demonetisation drive. "Majority of the customers are trying to use Rs 2,000 notes even for small purchases of Rs 100-200 and we are extremely facing shortage of change," said association secretary general Rajesh Kumar. "Since we receive and give change received from the customers only, we request and solicit card or digital payment or would request customer cooperation by tendering exact or reasonable note denomination as per their purchase amount at our outlets," he said. Cash payments at fuel bunks have surged in the wake of the decision to withdraw notes as more and more consumers are using the notes to buy petrol and diesel, Kumar said most of the petrol pump owners "are afraid that we would again face problems as after demonetization in 2016 most dealers received harassment by tax authorities". Pointing out further, he said the daily digital payments that used to be around 40 per cent have dipped to just 10 per cent and the cash sales have increased dramatically. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a> <a href="https://www.businessinsider.in/entertainment/news/jiocinemas-first-direct-to-ott-film-bloody-daddy-starring-shahid-kapoor-to-stream-on-june-9/articleshow/100476061.cms">JioCinema’s first direct-to-OTT film Bloody Daddy, starring Shahid Kapoor, to stream on June 9</a> <a href="https://www.businessinsider.in/business/auto/news/simple-one-electric-scooter-launched-with-212-km-range-check-out-price-specifications-and-other-details/articleshow/100449367.cms">Simple One electric scooter launched with 212 km range: Check out price, specifications and other details</a>

Not banks, petrol bunks see a flood of ₹2,000 notes with customers seeking 'change'

<ul><li>Social networking sites like Facebook and Twitter are already being called before the Indian government ahead of general elections in the country. </li><li>But they may be in more hot water with a local think tank sending a letter to the Indian government to look into Facebook — and other tech companies — lobbying efforts.</li><li>This development comes after the Guardian revealed documents exposing Facebook’s “global lobbying operation.”</li></ul>Not only are social networking companies <a href="https://www.businessinsider.in/facebook-twitter-questioned-by-indian-government-ahead-of-elections-2019/articleshow/68183865.cms">being questioned</a> by the Indian Parliamentary Committee to safeguard against the upcoming general elections in the country but it appears they may face pressure to be brought under the regulatory lens for lobbying as well. The Center for Accountability and Systemic Change (CASC) has <a href="https://www.business-standard.com/article/companies/think-tank-asks-panel-to-probe-facebook-s-lobbying-practices-in-india-119030400982_1.html">filed a letter</a> with the Indian Parliament’s standing committee to look into the influence that social media networks have on the government. The letter signed by the former Rashtriya Swayamsevak Sangh ideologue, KN Govindacharya, and CASC’s advocate states that a social media company’s financial statements may be called into question to estimate its turnover from India operations.”as well as the amount spent on lobbying to delay the data protection law”. This comes after The Guardian <a href="https://www.theguardian.com/technology/2019/mar/02/facebook-global-lobbying-campaign-against-data-privacy-laws-investment">revealed a report</a> about Facebook’s “secretive global lobbying operation” on Saturday — citing a list of countries that included India. Social networking companies versus India Facebook, Twitter Instagram and Whatsapp are <a href="https://www.businessinsider.in/google-facebook-twitter-reveal-political-ad-spending-ahead-of-the-lok-sabha-2019-polls/articleshow/67651472.cms">already</a> under the Indian government’s scanner for deterring foreign influence or political bias on their platforms. Twitter was recently called into question for being biased against right wing Twitterati. Facebook’s track record is already in question due to the Cambridge Analytica <a href="https://www.businessinsider.in/exclusive-eu-warns-that-facebooks-cambridge-analytica-crisis-is-the-tip-of-an-iceberg-of-data-scandals/articleshow/64270966.cms">scandal</a> and the role it played in the 2016 US Presidential election. Whatsapp, bought out by Facebook in 2014, is still <a href="https://www.businessinsider.in/what-india-needs-from-whatsapp-might-not-be-so-easily-attainable/articleshow/65497255.cms">battling it out </a>over end-to-end encryption with the Indian government after forwarded messages — accused of spreading misinformation — caused a series of lynchings in the country. Instagram, also owned by Facebook, has managed to stay out of mainstream trouble so far but there have been <a href="https://economictimes.indiatimes.com/tech/internet/on-instagram-in-india-its-sex-for-sale/articleshow/67968645.cms">reports</a> of the platform turning into a safe haven for sexual solicitation. That may not be political influence or foreign manipulation, but it does call the social networking site’s screening into questions. The letter by the CASC questioned data localisation laws have not been implemented despite the numerous examples of data breaches. While Twitter’s CEO, Jack Dorsey, didn’t show up for the Parliamentary meeting in front of the Indian government — he did sent Colin Crowell, Twitter’s Vice President and Global Policy Head. After the meeting, the company was issued a 10-day deadline to respond to the panel’s questions. Facebook is scheduled to appear before the same committee tomorrow but Mark Zuckerberg, the company CEO or Sheryl Sandberg, its COO will be able to make it to India. Instead, Joel Kaplan, Vice President and Head of Global Public Policy at Facebook, will be present at the meeting instead. Concerns have heightened since one of the memos disclosed by The Guardian exposed how Facebook encouraged Enda Kenny, the former Irish Prime Minister, to use his influence on the Data Protection Directive during Ireland’s presidency of the European Union — as it was a “threat to jobs, innovation and economic growth in Europe.” The Indian government hasn’t issued a response yet but it appears social networking sites may face pressure to be brought under the regulatory lens for lobbying as well. See also: <a href="https://www.businessinsider.in/facebook-twitter-questioned-by-indian-government-ahead-of-elections-2019/articleshow/68183865.cms">After Twitter, Facebook will face questions from the Indian Parliament</a> <a href="https://www.businessinsider.in/google-facebook-twitter-reveal-political-ad-spending-ahead-of-the-lok-sabha-2019-polls/articleshow/67651472.cms">Here's how global tech giants are tackling 'fake news' ahead of elections in the world's largest democracy</a> <a href="https://www.businessinsider.in/facebook-india-users-behind-growth-despite-hacking-data-breaches/articleshow/67770559.cms">Indians can't get enough of Facebook despite all controversies</a>

Social networking sites may have more to answer for ahead of the elections in India

Sebi on Monday ordered the attachment of bank and demat accounts of <keyword id="31906" type="General" weightage="50" keywordseo="sahara-group" source="Orion">Sahara Group</keyword> firm, its chief <keyword id="31933" type="General" weightage="100" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword> and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs). The recovery proceedings against five entities -- <keyword id="486078" type="General" weightage="50" keywordseo="sahara-india-real-estate-corporation" source="Orion">Sahara India Real Estate Corporation</keyword> (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="80" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker <keyword id="20551" type="General" weightage="80" keywordseo="dubey" source="Orion">Dubey</keyword> and Vandana <keyword id="15888278" type="General" weightage="80" keywordseo="bharrgava" source="Orion">Bharrgava</keyword> -- for Rs 6.42 crore, includes interest, all costs, charges and expenses, the Securities and Exchange Board of India (Sebi) said in the attachment order. In its notice, Sebi asked all banks, depositories and mutual funds not to allow any debit from accounts of Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. However, credits have been permitted. Further, the market watchdog has directed all banks to attach all accounts, including lockers, of the defaulters. The regulator, in its order in June, levied a fine totalling Rs 6 crore on Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. They raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms, as per Sebi order. According to Sebi, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the Sebi's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">Capital-intensive, cyclical and value stocks to continue their outperformance</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a> <a href="https://www.businessinsider.in/stock-market/news/sah-polymers-ipo-to-open-on-dec-30-price-band-set-at-61-65-a-share/articleshow/96514593.cms">Sah Polymers IPO to open on Dec 30, price band set at ₹61-65 a share</a>

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

<keyword id="9265079" type="COMPANY" weightage="20" keywordseo="the-serum-institute-of-india">The Serum Institute of India</keyword> on Sunday became the first indigenous company to apply to the Drugs Controller General of India (DCGI) seeking emergency use authorisation for the Oxford COVID-19 vaccine in the country citing unmet medical needs due to the pandemic and in the interest of the public at large, official sources said. A day earlier, the Indian arm of US pharmaceutical giant Pfizer became the first to seek a similar approval from India's drug regulator for its own COVID-19 vaccine in the country, after securing such clearance in the UK and Bahrain. The phase-three clinical trial of the Oxford COVID-19 vaccine, Covishield, is being conducted by the Pune-based Serum Institute of India on Sunday (SII), co-sponsored by <keyword id="6364555" type="COMPANY" weightage="20" keywordseo="Indian-Council-of-Medical-Research">Indian Council of Medical Research</keyword> (ICMR), in various parts of the country in addition to clinical studies being carried out by <keyword id="9605255" type="COMPANY" weightage="20" keywordseo="oxford-astrazeneca">Oxford-AstraZeneca</keyword> in the UK and Brazil. Based on phase two and three clinical trial results, the SII with the help of the ICMR will pursue early availability of the vaccine for India, the country's apex health research body had said last month. According to the ICMR, the SII has already manufactured 40 million doses of the vaccine under the at-risk manufacturing and stockpiling license it obtained from the DCGI. Official sources, citing the SII application, said the firm has stated that data from four clinical studies, two in the UK and one each in Brazil and India, shows that Covishield is highly efficacious against symptomatic and most importantly against severe COVID-19 infections. The results are in line with other anti-coronavirus vaccines and because of the huge disease burden, Covishield is predicted to alleviate substantial COVID-19 mortality and morbidity, the firm is learnt to have said. "In terms of safety, Covishield was well tolerated with respect to solicited adverse events and was not associated with an increased number of SAEs and deaths. A majority of solicited reactions were mild in severity and resolved without any sequelae. "Therefore, Covishield is safe and well-tolerated and can be used effectively for prevention of COVID-19 in the targeted population. Thus, the benefit to risk ratio strongly supports the widespread use of Covishield," a source said quoting the application. In order to introduce an urgently needed vaccine against COVID-19 in India, SII, the world's largest vaccine manufacturer, has entered into a collaboration with the University of Oxford and AstraZeneca to manufacture the vaccine. The SII has also submitted 12 batches of the vaccine to <keyword id="9576145" type="COMPANY" weightage="20" keywordseo="the-central-drugs-laboratory">the Central Drugs Laboratory</keyword> (CDL) in Kasauli for testing, a source said. "In line with our philosophy we assure you that for COVID-19 vaccines also, we are committed to make our country 'aatmanirbhar' (self-reliant) and fulfil our prime minister's clarion call of 'vocal for local' and 'making in India' for the world," stated the application signed by Prakash Kumar Singh, Additional Director, <keyword id="2344259" type="COMPANY" weightage="20" keywordseo="Government-and-Regulatory-Affairs">Government and Regulatory Affairs</keyword> at Serum Institute of India (SII). In view of all these facts and unmet medical needs in the interest of the public at large to save millions of people in the country and across the globe, early availability of a vaccine against COVID-19 is a necessity, it stated. "So, in the national interest, we request you to grant us emergency use authorisation of Covishield based on our application and in view of immediate need for a safe, effective, programmatically suitable and affordable vaccine for our country," the application read. According to sources, this vaccine is logistically feasible for distribution in the country's both urban and rural parts as it can be stored at two to eight degrees Celsius, which is an ideal temperature for being kept in cold storages in the country. As a rapid regulatory response, the DCGI on August 2 had given nod to SII for conducting the combined phase two and three human clinical trials of the Oxford COVID-19 vaccine in the country. PLB BJ NSD NSD NSD

Oxford COVID-19 vaccine: Serum Institute seeks emergency use nod for Covishield vaccine in India

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Wolfgang RattayIndia's Prime Minister Narendra Modi is seen at the G20 summit in Hamburg, Germany July 7, 2017.</div></div></div>China and India have been locked in a military standoff in a remote section of the Himalayas for a couple of months. At first it appeared to be the latest of the minor clashes that have flared between the countries for decades. But this time it has lasted longer than usual. There are two questions to be answered. The first is what is the geopolitical interest, if any, that is driving the standoff? The second is why is it happening now?The geopolitical issue is that China and India are both heavily populated countries with substantial military forces, including nuclear weapons. They are both industrializing rapidly, and they can both theoretically challenge each other on multiple levels - militarily, politically and economically. In fact, these challenges are all merely theoretical, but geopolitics operates at the level of possibility, and the possibility of a challenge is present, however remote. But before their rivalry can turn into full-fledged war, there's one massive obstacle that would need to be overcome.<h2>The moderating power of mountains</h2>China and India are next to each other, but in a certain sense they don't really share a border. The Himalayas separate them almost as much as an ocean would. Getting over the mountains is difficult; roads are sparse and generally in poor condition. It is easier to trade with each other by sea than land. Sending and supplying major military forces into and across the Himalayas is almost impossible. The roads and passes won't permit the passage of enough supplies to sustain large numbers of troops in intense combat. In that sense, China and India are secure from each otherBoth countries have nuclear weapons, and obviously, anything is possible. But neither side has anything to gain from a nuclear exchange. The Soviets and Americans avoided a nuclear exchange during the Cold War, and the Indians and Chinese have far less to gain from an exchange than they did.China and India aren't exactly equals - they're close economically, but even that is a stretch. But the Himalayas are the equalizer, and the Himalayas aren't going away.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Geopolitical Futures</div></div></div><h2>Conflict by other means</h2>Their militaries may not be able to easily cross the Himalayas, but it takes little effort for them to attack each other politically. On the north side of the Himalayas lies Tibet. It is a plateau, consisting of a non-Chinese population, that was temporarily independent until it was reoccupied by China in the 1950s. In the chaos that followed the Chinese invasion, Tibet's leader, the Dalai Lama, fled to India, where he was welcomed. The Dalai Lama continues to symbolize Tibetan independence, and Tibet continues to be restive under Chinese rule.What is most important about Tibet is that it lies on the other side of the Himalayas from India. If Tibet became independent by some means and allied with India, then theoretically an Indian force could be based there and, in time, could build up a logistical system that could support an attack into China itself. This is all far-fetched, but given history, a prudent state must take the preposterous into account. History is filled with examples of the inconceivable becoming reality.This, then, explains China's obsession with Tibet and its anger at India's support for the Dalai Lama. The Chinese core, Han China, is protected by buffers: Tibet, Xinjiang, Inner Mongolia and Manchuria. The last two are not a problem. Xinjiang has a significant Islamist movement. But Tibet is hostile and has a foreign patron. Beijing is therefore, if not obsessed, extremely concerned about Tibet and India.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Geopolitical Futures</div></div></div>That is the Chinese issue. India's concern is the same in reverse. There are two other states on the southern side of the Himalayas: Bhutan and Nepal. Both are on plateaus. If China gained control of or a presence in either, it could also mass forces and logistical supplies and potentially threaten India with military force.Nepal in particular concerns India, because it has been politically unstable and has a Maoist movement. Nepal also values its independence and resents India's intrusions in its affairs. The Chinese have been solicitous of the independence of both countries, and just this week, China's vice premier visited Nepal for four days. Before that visit, India's foreign minister was in Nepal, and Nepal's prime minister will visit India on Aug. 25. Suspicion abounds. The Indians are as suspicious of China's intentions south of the Himalayas as China is of India's north of them.<h2>A political "solution"</h2>A large-scale invasion would be a logistical nightmare for either country to orchestrate, but technically not impossible. The two did conduct a war in Tibet in 1962 for about month. Yet the brevity of the war speaks to the high cost and complexity of waging battle at 14,000 feet, so much so that it strongly discourages war. But a political evolution in Tibet or Nepal could change the balance. If Tibet threw out the Chinese and invited the Indians in, China would actually be in danger. If Nepal created a pro-Chinese government and invited in the Chinese while the Indians weren't looking, the same could happen in reverse. And India is poking at Tibet and China at Nepal, the latter with some possibility of success.The likelihood of either Tibet or Nepal moving out of China's or India's sphere of influence is doubtful. It's hard to imagine that either could foment a sustainable uprising. If it were to happen, though, it could only be taken advantage of by one or the other having secured a road through the Himalayas that could support the movement of troops and supplies.It is the Chinese now who are trying half-heartedly to build such a road into Bhutan. But there is a long way to go, and India will resist all the way. If the road even made it through, it would be met with a blocking force. Of course, a pro-Chinese government installed in Nepal or Bhutan would complicate the matter. If the Chinese could rapidly insert some troops, causing the Indians to have to initiate combat against Chinese forces, there is an outside chance that it could work, just as under even more trying circumstances it might work for India in Tibet.India and China are separated by terrain. There is no military solution to that, but in this case, there might be a political solution. If that were to happen, then we could speak of a China-India rivalry in real terms, rather than in the vague, notional ways we speak now. And both sides are prepared to devote minor military force and major political power to prevent it from happening.It is unlikely in the extreme that any of this will come to bear. But in a world where the impossible is not an absolute, neither country is prepared to gamble. And so they skirmish in altitudes at the limits of human endurance for a far-fetched possibility. Nations do not take their national security lightly merely because the threat is preposterous.<h2><a href="https://geopoliticalfutures.com/">Check out more from Geopolitical Futures</a></h2> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/annoying-resume-mistakes-buzzwords-grammar-typos-experience-careers-strategy-jobs-interview-application-employer-2017-7">A former HR exec who reviewed over 40,000 résumés says these 7 résumé mistakes annoy her</a></h3> <div> </div> </div>

China and India are guarding against the preposterous

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business Insider</div></div></div><ul class="summary-list"><li>Facebook's blood donation feature in India risks being abused by black market blood peddlers.</li><li>Local blood donation experts told Business Insider the product can be used to illegally sell blood in the country.</li><li>Facebook says it has only seen one report through its platform, though one expert said victims were unlikely to report the issue and that he has heard reports of blood selling.</li><li>"The Facebook blood donation tool is not only trying to save lives but also indirectly helping to create a very disastrous and illegal blood donation activities," said one blood donor organisation founder.</li><li>This black market pre-dates Facebook's time in the country, but there are fears that the way Facebook connects donors and recipients could exacerbate it.</li></ul> Several public health officials in India are calling for <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> to make changes to its blood donation tool, warning that the tech project - although well-meaning - risks fueling a dangerous black market for blood and harming the country's fragile blood collection system. Facebook's one-year-old blood donation feature has already helped facilitate tens of thousands of donations since it was launched, saving lives by making it easier for people in need of transfusions to find willing donors with matching blood types.But the tool's person-to-person format is ringing alarm bells among experts and professionals in the field, who say that it's too easy for unscrupulous characters to latch onto, leaving vulnerable people at risk of paying exorbitant prices and receiving tainted blood, among other issues.Facebook said that it has only had one report of forbidden behavior on the tool - but the head of one Indian blood donor organization said he has been told about incidents of black market blood selling on Facebook and suggested victims of black marketers were unlikely to report them to the social media firm."These types of products ... definitely bring in black marketing, and it's definitely promoting it unknowingly, because it was not the intent of Facebook to promote black marketing," said Biswaroop Biswas, the National Secretary of the Federation of Indian Blood Donor Organisations (FIBDO), a coalition of 126 blood donation groups across India.The issue, which has not been previously been reported, illustrates the ongoing challenges Facebook faces in its efforts to ensure that its 2-billion member social network is not exploited for nefarious ends, whether that be interfering in US elections or promoting ethnic cleansing in Myanmar. The company is walking a delicate tightrope with the India blood donation tool, as it tries balance the unprecedented power, and undeniable benefits, that its technology brings with the potential for it to exacerbate thorny and endemic problems within the country.In an interview, Facebook health product manager Hema Budaraju said: "What I would like to emphasize is our role is to get more and more blood banks to adopt our features, and to actually build up the culture of blood donation. And as you're already well aware, this system doesn't exist in the US, right? It's because donors are motivated [to give blood regularly].""That's the world we are trying to get to, and we are working constantly with NGOs and blood banks."<h2>India has a worrying black market in blood</h2>India quite simply doesn't have enough blood to go around.There is <a href="https://newsroom.fb.com/news/2017/09/blood-donations-in-india/">an annual deficit of more than one million units of blood</a> in the country - meaning patients can sometimes be forced to search for their own sources of blood, asking their social circle for donations or even paying illegal black marketers extortionate sums.As Facebook grew in the country, it became an avenue for people to request blood donations from others in their network. In response, Facebook launched a tool in 2017 to try and facilitate donations more formally.Initially available in India and now also live in Pakistan, Bangladesh, and Brazil, Facebook's blood donation tool allows organisations and individuals to put out requests for blood donors on the social network at short-notice. Users can voluntarily register themselves on Facebook as blood donors, and then, when a request is put out nearby, they may be notified (or view them in a centralized hub).These requests may be sent by medical institutions like hospitals and blood banks as part of broad donation drives, or individuals who require blood on behalf on themselves or a family member imminently, and who may or may not be in a medical institution.<a href="https://newsroom.fb.com/news/2018/06/making-it-easier-to-donate-blood/">More than 11 million people have now signed up for the service</a> across the four countries it operates in, and it has facilitated tens of thousands of donations. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://newsroom.fb.com/news/2017/09/blood-donations-in-india/">Facebook</a>A publicity photo from Facebook showing a request on the blood donation tool.</div></div></div>There is an existing black market for blood in India, preying on desperate sufferers amid blood shortages. FIBDO expressed concerns that Facebook's product may help fuel this. Black market agents can register on the platform as donors, Biswas said. Then, when notifications and requests go out, the agents can contact the requester directly, offering them blood for a fee.He said he has spoken to people who have been approached by black market blood sellers on Facebook. Budaraju said the company has multiple safeguards in place to protect users. New accounts aren't sent notifications about requests, and "the registrations we receive are doubly checked against fake and spammy accounts." Users are also able to report other users if they ask for money in return for blood, and she said there has only been one instance of a report through the platform to date - a post that was soliciting blood in exchange for money, in Bangladesh. (The user was subsequently made unable to use the blood donation tool.)However, Biswas, who also sits on the governing body of the National Blood Transfusion Council, was skeptical that users would report black market issues to Facebook, suggesting they would simply pay up in a time of need instead. "If you need blood and people ask for money ... Will [you] report or just go with the donor [and] pay him?"Chethan Gowda, student founder of blood donor organisation Khoon, said unscrupulous middlemen could also potentially use the platform to sell blood at extortionate rates: "The racket personnel can also request for blood, arrange for a donor through Facebook and on the other hand charge huge amount from the patient family, wherein the blood donor who turned up to donate blood will have no idea of what's going on on the other end."And black market blood that hasn't been vetted carries a risk of being misclassified, tainted or otherwise dangerous, health experts say.Gowda added: "The Facebook blood donation tool is not only trying to save lives but also indirectly helping to create a very disastrous and illegal blood donation activities."<h2>These problems all pre-date Facebook - but now it has to deal with them</h2>These kinds of problems long pre-date Facebook's entry into the blood donation space, and also take place on other online platforms, Biswas said. Facebook also continues to work with NGOs and blood donor organisations in India to encourage donations, including NTR Trust, the National Blood Transfusion Council, and Giants <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">International</keyword>. "There are known issues of scams/exploitation or bad actors in blood donation in some of the countries where our feature is available," Budaraju said in an email. "We've worked closely with partner organizations and NGOs to understand those concerns and the challenges they deal with in order to build a product that helps makes it easier for people to sign-up to be blood donors and find opportunities to donate nearby while also mitigating these risks. While there may be a few bad actors, we see a lot more good happening as a result of this feature."She said that partners "highlighted a few concerns about potential ... scam[s] or abuse that could happen on Facebook, which is why we've designed the product with a number of safeguards in place. No partners have raised issues since we launched the product in each country, but we continue to work closely with them to ensure the feature is as safe and useful as possible."But the concerns of the Indian organizations who spoke to Business Insider point to how as Facebook moves into new markets and experiments with new tools designed to do good, it has been forced to grapple with unprecedented new challenges that would have been unimaginable when it was founded as a simple network for college students in 2004.Facebook has stumbled in India before, with Free Basics - a program to provide a free, limited internet service to users in emerging markets. <a href="https://www.theguardian.com/technology/2017/jul/27/facebook-free-basics-developing-markets">Facebook promoted it as a magnanimous project, but it was met with protests</a>, and the company was accused of "digital colonialism" and violating net neutrality principles.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Christopher Furlong/Getty ImagesA nurse takes blood from a volunteer on April 17, 2007, Manchester, England.</div></div></div><h2>India wants to move away from 'replacement' blood donations</h2>India has set itself a goal: By 2020, it wants to hit 100% voluntary blood donation.This means 100% of the blood used in the country will come from volunteers proactively going to hospitals, blood banks, and donation drives to donate, which will then be distributed as necessary. At present, a portion of India's blood donations come from what is known as "replacement blood donations" - when a donor agrees to give blood specifically for someone in their network, rather than to the general blood bank.This system can be problematic, with donors sometimes feeling pressured to donate blood to those in their community, and the lack of anonymity sometimes causing issues with donors attempting to extract favors (if not outright payment) from the recipients. FIBDO is concerned that Facebook's mechanism for connecting donors and recipients directly can encourage replacement blood donation. "When they got in touch with us, we told them this is not the way you people will be able to help the society," Biswas said. He believes that Facebook's one-to-one model effectively violates India's National Blood Policy, which calls for a movement away from replacement donors, and he would like to see Facebook remove one-to-one donation options.Facebook disagrees, arguing that its one-to-one model is a step forward from the status quo, and that it too wants to see a 100% voluntary blood donation model implemented as soon as possible. Without Facebook's tools, people needing donations might ask people in real life for a donation, applying significant pressure, Budaraju said. In contrast, Facebook's notifications will also go to people outside a recipient's existing social circle, to people who have already registered and signaled their willingness to donate. The recipient is also unaware of the potential donors' identities unless they choose to respond and share information about themselves."In some ways I fundamentally believe the current system that we built on Facebook, even when used in the person-to-person, is a step towards voluntary, because people are under no coercion, do not have social pressures, are choosing to respond of their own volition and going in to donate," Facebook's Budaraju said. "So it's actually the opposite of the replacement system."<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Charles PlatiauFacebook's founder and CEO Mark Zuckerberg.</div></div></div><h2>There are worries around blood wastage</h2>Another area of concern is around potential blood wastage.Srijan Pal Singh, the CEO of developmental NGO The Kalam Centre, said that Facebook's focus on increasing blood donations, without building out further blood storage infrastructure, could result in some of the blood drawn being wasted. "The time we worked with them, it seemed all about creating more units, but that's not the idea. It's not about creating more units, it's about helping more lives, and there's a difference between the two," he said."It's a well-known fact, three million units of blood was wasted in five years [in India] so unless you have the mechanism to store this blood it doesn't make sense."Facebook responded that it believes that other organisations in the blood donation ecosystem are better placed to work on these problems than it. "We are still a relatively young product, we are focusing on .. Facebook's strengths in terms of education, communication, context, and in bringing awareness, and to build simple tools for blood banks and hospitals,"Budaraju said."I don't know that we would be the most effective people to think about storage and infrastructure."<h2>'People will try to abuse those services in every way possible'</h2>It's difficult to assess to what extent some of these concerns might actually be happening on Facebook.Khoon's Chethan Gowda conceded that it's hard to measure whether the illegal behavior he has seen elsewhere is taking place on Facebook. "Concrete example[s] of a similar scenario happening through the Facebook blood donation tool is tough," he said. "As there's no track on the request."Singh urged Facebook to get ahead of the problem. "When you have so much outreach and access, a lot of these touts and brokers may emerge, this is a possibility that I also hope Facebook sees will come up," he said. "When they are implementing this platform with all this good intent they should not end up becoming a victim of encouraging a whole black market brokerage."Biswas said he is confident that black market selling is already taking place on Facebook, and has spoken to people who have been approached by blood sellers on the platform: "These things are happening. And as you can see when the people are in need of blood, they won't come out to say to the donor organisations afterwards that people are coming and asking for money." Despite these alleged flaws, Facebook believes it has built a significant improvement on the previous status quo - desperate patients and their families posting unregulated and unmonitored requests for blood directly onto Facebook and other platforms across the web. Both Facebook and FIBDO agree that a priority is education and promoting a cultural shift towards voluntary blood donation; Facebook plans to roll out educational resources for donors in the product soon. The company also continues to work with NGOs and blood donation organisations, who have heralded its work to drive blood donations and save lives. "Facebook has long been a positive platform for people in India to connect with Blood Donors and help those in need. NTR Trust welcomes Facebook's efforts to help make it even easier for people to donate blood in India," Vishnu Vardhan, CEO of non-profit organisation NTR Trust, said in a statement when the feature first launched. "We look forward to working together to raise awareness of the importance of donating blood and collectively catalyze sustainable access to safe blood in India. What Facebook is doing has the potential to bring tectonic shifts in Blood Banking in India."On Friday, <a href="https://www.facebook.com/zuck/posts/10105224999156601?__tn__=-R">Facebook CEO Mark Zuckerberg published a post on the social network</a> reflecting on Facebook's efforts to fix its platform over the last year."What I've learned so far is that when you build services that are used by billions of people across countries and cultures, you will see all of the good humanity is capable of, and people will try to abuse those services in every way possible," he wrote."It is our responsibility to amplify the good and mitigate the bad." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/kaman-kmax-helicopter-intermeshing-dual-crossing-rotors-2018-8">An aerospace company reintroduced its precision helicopter with two crossing motors</a></h3> <div> </div> </div>

Health officials in India warn that Facebook's blood donation tool risks fueling a black market in blood

<ul class="summary-list"><li>Prosecutors allege New York City Mayor Eric Adams solicited travel from foreign businesspeople.</li><li>Adams faces five criminal counts related to a federal corruption investigation.</li></ul>A grand jury indicted New York City Mayor Eric Adams on <a target="_blank" class="" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-charges-indicted-2024-9">five criminal counts</a> related to a federal corruption investigation this week.Federal prosecutors on Thursday <a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-indictment-unsealed-read-the-charges-2024-9">unveiled a 57-page indictment against Adams</a>, who is the first sitting mayor of New York to be indicited while in office. Officials allege the Democratic politician solicited $100,000 worth of luxury travel from foreign businesspeople, including a Turkish official who spent nearly 10 years trying to "gain influence" over Adams.Prosecutors alleged Adams repaid the favors by approving paperwork for the Turkish House, a skyscraper in Manhattan that is home to Turkey's consulate. The then-Borough President of Brooklyn also agreed to refrain from commenting about the Armenian genocide, prosecutors alleged in the indictment.In a defiant Thursday press conference, Adams denied the charges against him and vowed to continue in his role as mayor, rebuking calls for his resignation.He is <a target="_blank" class="" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-indictment-timeline-corruption-investigation-2024-9">expected to be arraigned on Friday</a>, according to court records. If convicted, he could face up to 45 years in prison.Adams faces one count of conspiracy to commit wire fraud, federal program bribery, and to receive campaign contributions from foreign nationals; one count of wire fraud; one count of bribery; and <a target="_blank" class="" href="https://www.businessinsider.com/nyc-mayor-eric-adams-indicted-2024-9">two counts of solicitation</a> of a contribution by a foreign national."These upgrades and freebies were not part of some frequent flyer or loyalty program available to the general public," Damian Williams, the US attorney in Manhattan, said during a Thursday press conference. "As we allege, this was a multi-year scheme to buy favor with a single New York politician on the rise."As a city official, Adams should have disclosed the gifts and travel benefits, Williams said.These are the travel benefits and luxury perks federal prosecutors allege Adams has solicited since 2016.<h2 id="4d9034e1-1fc0-4f6b-a11d-2a2f28f3d2f8">Flight to India via Turkey</h2>In 2016, Adams flew from New York to India by way of Turkey and received two free round-trip upgrades for business class seats, prosecutors allege. Business is the <a target="_blank" class="" href="https://www.businessinsider.com/flying-turkish-airlines-business-class-lounge-istanbul-review-2024">highest class on Turkey's national airline</a>, Williams said.The benefits were worth more than $12,000, according to the indictment. Adams failed to publicly disclose the perks, prosecutors said.<h2 id="b11a7c5e-42b9-48bc-a35d-84fd795d2c41">Flights to France, Turkey, and China</h2>In 2017, Adams accepted free business class tickets for himself and travel companions to France, Turkey, and China, per the indictment. While in Istanbul, Adams was put up in the Bentley Suite at the St. Regis Hotel, Williams said.These benefits were worth more than $41,000, prosecutors alleged in the indictment. Adams failed to publicly disclose them, according to prosecutors.<h2 id="76834ede-7f88-4f68-8045-9dbb25241401">Flight to China via Turkey</h2>Prosecutors allege Adams flew to China by way of Turkey in 2017. On the trip, he accepted two free business class tickets for himself and a companion worth more than $16,000, according to the indictment.Adams did not disclose the benefits, per prosecutors.<h2 id="9e00ebd5-bea5-4bd6-abbb-88be2cc59223">Flight to Hungary via Turkey</h2>In 2018, Adams flew to Hungary by way of Turkey and accepted two free roundtrip upgrades for business class seats worth more than $12,000, prosecutors allege.Adams did not disclose the benefits, according to officials.<h2 id="32658347-18e1-43d4-a7b0-6d66e705dc95">Flight to and accommodations in Turkey</h2>Prosecutors alleged in the indictment that Adams flew to Turkey in 2019 and accepted business class upgrades for himself and his companion, as well as a free stay in the St. Regis Hotel in Istanbul. Adams also enjoyed free meals, transportation, and entertainment while in Istanbul, according to the indictment.The travel benefits were worth more than $9,000 and Adams failed to disclose them, prosecutors said.<h2 id="d89c3f05-81c2-45db-9f73-f83d2d3c3170">Canceled trip to Turkey</h2>In 2021, Adams solicited and accepted a trip to Turkey worth more than $21,000 before canceling the travel at the last minute, prosecutors said.The canceled benefits included <a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-indicted-corruption-turkey-airline-flight-tickets-2024-9">two business-class tickets to Istanbul</a>, free or steeply discounted luxury hotel and resort stays, transportation, including a yacht, and tours and meals, Williams said during the press conference.Adams did not disclose the travel, per the indictment.<h2 id="249eab4c-bede-45fc-a098-466e80ad27f0">Flight to Ghana via Turkey</h2>Prosecutors allege Adams flew to Ghana by way of Turkey in 2021 and accepted free business-class ticket upgrades and other gifts while on his layover in Istanbul.The perks were worth more than $12,000, and none of them were disclosed, according to the indictment.

Eric Adams indictment: All the travel benefits the New York City mayor is alleged by prosecutors to have accepted 

Markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="Sebi" source="Orion">SEBI</keyword> on Tuesday said it has recovered pending dues worth Rs 6.57 crore from Sahara India Real Estate Corporation, its chief <keyword id="31933" type="General" weightage="80" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword>, and others in the case pertaining to flouting norms in issuance of optionally fully convertible debentures. "In view of the payment of the amount of Rs 6.57 crore due under the certificate, the said certificate is hereby completed," the Securities and Exchange Board of India (SEBI) said in its recovery order. The amount included interest and other charges. The regulator in December ordered the attachment of bank and demat accounts of Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="50" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker Dubey and <keyword id="15891249" type="General" weightage="50" keywordseo="vandana-bharrgava" source="Orion">Vandana Bharrgava</keyword> to recover Rs 6.42 crore for violating regulatory norms in the issuance of OFCDs (Optionally Fully Convertible Debentures). This amount included interest, all costs, charges and expenses. The recovery proceedings were initiated against these entities after they failed to pay Rs 6 crore fine imposed on them by SEBI in June 2022. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. The companies raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms. According to SEBI, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the SEBI's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/sky-gazers-in-for-celestial-treat-tonight-with-5-planets-forming-an-arc/articleshow/99063586.cms">Sky gazers in for celestial treat tonight with 5 planets forming an arc</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronic-manufacturing-services-firm-avalon-technologies-865-crore-ipo-to-open-on-april-3/articleshow/99063995.cms">Electronic manufacturing services firm Avalon Technologies’ ₹865 crore IPO to open on April 3</a>

SEBI recovers dues worth ₹6.57 crore from Sahara Group firms, Subrata Roy & others

US-based <keyword id="10027285" type="UNKNOWN" weightage="20" keywordseo="biotech-company-moderna">biotech company Moderna</keyword>'s Covid-19 vaccine candidate has shown signs of working in older adults, new results from an early stage trial have revealed. This study evaluated a two-dose vaccination schedule of <keyword id="4912868" type="PERSON" weightage="20" keywordseo="moderna">Moderna</keyword>'s Covid-19 vaccine candidate mRNA-1273 given 28 days apart in 40 healthy adult participants across two dose levels -- 25 and 100 microgram -- in two age cohorts --ages 56-70 and ages 71+. These results, published in the <keyword id="299045" type="LOCATION" weightage="20" keywordseo="New-England">New England</keyword> Journal of Medicine, showed that both the 25 microgram and 100 microgram dose levels were generally well-tolerated in both age cohorts, with no serious adverse events reported one month after the second dose. "These interim Phase 1 data suggests that mRNA-1273, our vaccine candidate for the prevention of Covid-19, can generate neutralizing antibodies in older and elderly adults at levels comparable to those in younger adults," Tal Zaks, Chief Medical Officer of Moderna, said in a statement. "Given the increased morbidity and mortality of Covid-19 in older and elderly adults, these data give us optimism in demonstrating mRNA-1273's protection in this population, which is being evaluated in the Phase 3 COVE study." Immune responses were dose-dependent with the 100 microgram dose eliciting higher binding and neutralising antibody titers, supporting the selection of the 100 microgram dose for further study in the Phase-3 trial. The study was led by the National Institute of Allergy and Infectious Diseases (NIAID), part of the US National Institutes of Health (NIH). The most common solicited adverse events were headache, fatigue, myalgia, chills, and pain at the injection site, the majority of which were mild-to-moderate in severity and of self-limited duration, Moderna said. The US government has agreed to purchase 100 million doses of mRNA-1273, with an option to purchase an additional 400 million doses. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/lee-fixel-india-comeback-former-tiger-global-head-leads-a-35-million-round-in-inshorts-for-its-social-media-app-public/articleshow/78402503.cms">Lee Fixel’s India comeback – former Tiger Global head leads a $35 million round in Inshorts for its social media app Public</a>

You Searched For "soliciter general india" and got 13 results

RBI and banks caught in the crosshairs as the Supreme Court adjourns loan moratorium hearing for a second time to November 18

Prabhjote Gill

Not banks, petrol bunks see a flood of ₹2,000 notes with customers seeking 'change'

IANS

Social networking sites may have more to answer for ahead of the elections in India

Prabhjote Gill

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

PTI

Oxford COVID-19 vaccine: Serum Institute seeks emergency use nod for Covishield vaccine in India

PTI

China and India are guarding against the preposterous

George Friedman, Geopolitical…

Health officials in India warn that Facebook's blood donation tool risks fueling a black market in blood

Rob Price

Eric Adams indictment: All the travel benefits the New York City mayor is alleged by prosecutors to have accepted

Erin Snodgrass

SEBI recovers dues worth ₹6.57 crore from Sahara Group firms, Subrata Roy & others

PTI

Moderna's COVID-19 vaccine shows promise in protecting older adults

IANS

2 fringe doctors created the myth that ivermectin is a 'miracle cure' for COVID-19 - whipping up false hope that could have deadly consequences

Hilary Brueck

Herbalife Shares Are Surging Again After Two Big Announcements

Julia La Roche

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