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Indians will have a multitude of ways to wash their black money after demonetization

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SAN FRANCISCO (Diya TV) — An Indian family was recently denied service to one of their ill children by a hospital because the ambulance wouldn’t accept Rs 500 or 1,000 notes.

By the time the family found someone to convert the notes for them, which were recently outlawed, the infant had died. This is only one account of such a story since the government de-legalized the notes.

All recorded deaths have been of people belonging to middle class and poor families. There have been no reports of black money hoarders committing suicide or dying of heart attacks due to the sudden shock of realizing their cash had become worthless paper overnight.

The main reason for this is because those who keep black money keep very little of it in cash, they instead find ways of converting it into white and holding on to it in a variety of assets. The most obvious and best known asset is real estate, but there’s also gold, foreign currency, foreign banks, benami accounts in Indian banks, the stock market and regular commercial enterprise.

A recent analysis of illegal wealth in India showed that only about 6 percent possess black money. Most of them will be able to save even this cash, it seems, given how frantically India is Googling for “How to convert black money into white” and the top searches are from Gujarat. Here are a few other ways such people are succeeding:

Temple donations: There are reports of people giving their black money to temple ‘hundis’ or donation boxes. Those who manage the temples will record the donations as anonymous, exchange it for currency notes, keep some of the cash as a commission, and simply return the rest to the owner. The Indian government has already said that temple hundis will not be asked questions. ABP news showed a sting operation in which the priest of Govardhan temple in Mathura was willing to convert Rs 50 lakh of black money into white for a 20 percent commission. There have been such reports from different parts of the country.

Using the poverty-stricken as money mules: As the country’s poor stand in lines at banks to exchange their currency notes, there have also been reports of those same people using the banks to convert their black money. That meaning the actual possessors of the black money are finding poor people to deposit Rs 2.5 lakh in cash, since the government has said deposits up to that amount won’t be questioned. After a short period of time, the poor will return and withdraw the money for a small commission.

Giving loans to poor people: Those who hold black money have also reportedly been funneling their cash through the bank accounts of poor people, whose account activity will not cause suspicion. There have also been reports of people offering loans to the poor with zero interest.

Money laundering firms: Ran by licensed accountants, money laundering companies exist, most famously in Kolkata, which specialize is the washing of black money while evading the taxman. Known as ‘jama-kharchi’ firms in Kolkata and Mumbai launder money by using businesses such as highway transport which run completely on cash. These firms match the needs of companies which need short-term funds with those who have excess black money to park.

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Harvard to host 17th annual India Conference this February

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CAMBRIDGE, Mass. (Diya TV) — For the 17th year in a row, the graduate students at Harvard University will host an India Conference. It will take place during the weekend of February 15-16, 2020. Two days of exciting discussions through panels, mixers and networking will fill the halls of the Harvard Business School and Kennedy School of Government.

The theme for this year’s conference is Foresight 20/20 – a look at what to expect from India in 2020 and beyond. As one of the largest student led conferences in the USA, the Harvard India conference attracts the biggest headliners from every field – from politics, business, entertainment & the arts. And this year is no different.

India Conference
India Conference at Harvard

With more than 100 speakers and 1000 attendees, the conference promises to have something for everyone. This year’s biggest draw from the entertainment genre is veteran Bollywood actor and self proclaimed ambassador to India, Anupam Kher. Kher has a long standing list of accolades within the film industry. In addition to his acting roles, he has been a producer, director and teacher at his own acting school. Most recently he played the role of Dr. Vijay Kapur on NBC’s primetime drama ‘New Amsterdam‘.

Some other notable speakers this year include founder of the India Today Group, Aroon Purie, Indian Olympic athelete Dutee Chand, comedian and actor, Vir Das, partner at Softbanks’ Vision Fund Lydia Jett & politician and India’s ruling party (BJP)’s sherpa to the G20, Suresh Prabhu.

The harsh winter in Harvard doesn’t seem slow down or dull these brilliant minds in any way. The India Conference at Harvard continues to retain its standing as the conference of choice for deliberating issues ranging from technology, media, politics and eduction to creating solutions for India’s path towards global leadership. The event features brainstorming sessions and sincere discussions on the very real and large scale problems that are uniquely Indian.

Diya TV is a media sponsor to the event and will be on-site covering conference. To receive a 20% discount use code RDAY20 here and to know more about the conference or speakers, head to the IndiaConference.com

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Indian Ambassador, Shringla speaks to U.S. Congress about Kashmir

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AMB. Shringla speaks to congress about Kashmir | Diya TV News

WASHINGTON (Diya TV)  — Indian Ambassador to the U.S. Harsh Shringla met with members of Congress at a private roundtable briefing, hosted by Southern California Congressman Brad Sherman. Sherman, who has been a supporter of India, took to Twitter recently to share his concerns about Kashmir and said serious questions about Kashmir were asked at the briefing.

President Trump is being urged to fix the H1-B visa process and do away with country-specific limits, with the latest effort for reform being spearheaded by 60 U.S. business school deans and CEO’s.

In an earthquake, seconds matter. So on the anniversary of the deadly 1989 Loma Prieta earthquake that rocked Northern California, state officials announced the launch of America’s first statewide earthquake early warning system.

Tabla Maestro Zakir Hussain will be coming to Boston next month to perform at the Berklee India Exchange, where he will also be conferred with an honorary doctorate by the esteemed music school. A Zakir Hussain Scholarship at Berklee is also being established.

And we have incredible video of three kids from India rescuing their dog from a snake that’s equal parts courageous and nuts.

Ravi Kapur contributed to this report.

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Federal Court rules Trump must turn over tax returns | Diya TV News

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Trump Tax Returns

NEW YORK (Diya TV) — A federal judge ruled President Trump must turn over eight years of his personal and corporate tax returns to Manhattan prosecutors, striking down the President’s argument that a sitting president cannot be criminally investigated. The ruling was quickly appealed and this case could end up in the Supreme Court to answer the constitutional question of whether presidents can be charged with a crime.

Meanwhile, the President celebrated a victory by FCC Chairman Ajit Pai, as a federal appellate court upheld most of the FCC’s repeal of net neutrality. It also ruled the FCC cannot preempt state net neutrality laws, meaning the rules of the road in states like California remain in place.

The U.S. House Foreign Affairs Committee announced their Asia-Pacific and Non-Proliferation Subcommittee will be holding a hearing asking State Department officials and human rights activists to chime in on Human Rights in Kashmir, the Tamils of Sri Lanka, Muslims in Assam and the human rights situation in Pakistan, which includes the Sindh Province.

Lockheed Martin announced they will build F-16 wings exclusively in India, helping in integrating Indian industry into the $165 billion fighter aircraft market.

Ravi Kapur contributed to this report.

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