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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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Former MGM executive Roma Khanna named Revolt TV’s next CEO

Former MGM executive Roma Khanna named Revolt TV’s next CEO

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Roma Khanna

Sean Combs Announces Roma Khanna CEO of Revolt TV

LOS ANGELES (Diya TV) — Sean Combs has announced Roma Khanna the CEO of Revolt TV.

“As Revolt continues to grow as a brand and expand globally, I knew we needed a seasoned executive with a proven track record to keep the momentum going and help me lead the network into the future,” said Combs. “Roma is that person. She has the experience and tenacity to build on Revolt’s success and as we continue to influence content and culture around the world.”

“After decades of building large-scale businesses in TV and media, I am excited to have the opportunity to work alongside visionary Sean Combs to get hands-on and redefine content models with a view to building a modern, relevant, global cultural brand,” said Khanna. “Revolt is ready to create and curate content and super-serve its audience on its own TV platform and beyond, living and breathing with its audience wherever they might be.”

Revolt says the company’s mission is to build on its platform to offer long- and short-form content revolving around hip-hop music and culture. According to Revolt’s website, “REVOLT is focused on expertly curating the best of the best in music and engaging youth in social conversation – on-air, on-line, on-demand. The multi-genre, multi-platform network offers breaking music news, videos, artist interviews, exclusive performances, and original programming.”

Revolt claims to have over 50 million young adult consumers through television, digital properties, social and mobile. REVOLT is accessible 24/7 – anytime, anywhere, any screen.

Khanna left MGM, where she served as president, in late 2015. She helped launch FX’s “Fargo” and History’s “Vikings.” She spent three years as president of global networks for NBC Universal’s international networks wing. She also oversaw the development of Hulu hit “Handmaid’s Tale.”

Revolt had been without a CEO for a year, since Keith Clinkscales left the company last August. Revolt launched as a linear channel in the U.S. in October 2013 and has since expanded to Africa and the Caribbean.

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Indian American Physician Vas Narasimhan Named CEO of Novartis

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Vas Narasimhan

Indian American Physician Vas Narasimhan Named CEO of Novartis

WASHINGTON (Diya TV) — Switzerland-based biotech giant Novartis says Indian American physician Vas Narasimhan will take reins as CEO on Feb. 1.

The 41-year-old Narasimhan joined Novartis in 2005. He currently serves as the company’s Global Head of Drug Development and Chief Medical Officer. He is also a member of Novartis’ Executive Committee.

“Both from a professional and a personal perspective, this is the right moment to hand the leadership reins of the company to Vas,” said current Novartis CEO Joseph Jimenez. “Our strong pipeline and the strategic moves we have taken to focus the company have put Novartis on a strong path for the future. On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the U.S. I’m confident that Vas will be an excellent successor.”

Joerg Reinhardt, chairman of the Novartis board of directors, said the company anticipates “a smooth transition, as Joe built a strong leadership team and mentored his successor.”

Narasimhan graduated from Harvard Medical School. He also has a master’s in public policy from the university’s John F. Kennedy School of Government. He earned undergraduate degree in biological sciences from the University of Chicago.

Prior to joining Novartis, he worked at McKinsey & Company, first as a consultant and then as an engagement manager.

An elected member of the U.S. National Academy of Medicine, Narasimhan has held a number of positions at Novartis.

Reinhardt expressed confidence in Narasimhan’s ability to lead the company to “expected next growth phase … The strength of Novartis is our ability to drive science-based innovation. Vas is deeply anchored in medical science, has significant experience in managing the interfaces between Research and Development and commercial units and has strong business acumen with a track record of outstanding achievements. As a physician, he has a strong patient focus and a genuine humane perspective and care for the mission and values of Novartis. As a result, the Board of Directors is confident that Vas is the right choice to lead Novartis on our expected next growth phase, driving innovation and further strengthening our competitive position.”

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Former Facebook executive Chamath Palihapitiya to raise $500M for a large fund

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Charmath Palihapitiya

Chamath Palihapitiya, a former Facebook executive and a minority owner of the Golden State Warriors is attempting to raise $500 million as he builds a large investment firm.

WASHINGTON (Diya TV) — Chamath Palihapitiya, a former Facebook executive and a minority owner of the Golden State Warriors is attempting to raise $500 million as he builds a large investment firm.

According to a filing with the Securities and Exchange Commission, Palihapitiya is listed as CEO of “blank check company,” Social Capital Hedosophia Holdings. The company plans to raise $500 million in its IPO and subsequently acquire emerging private businesses that have little incentive to go public.

“Our mission is to create an alternative path to a traditional IPO for disruptive and agile technology companies to achieve their long-term objectives and overcome key deterrents to becoming public,” the filing said.

Palihapitiya has often condemned the traditional venture model and expressed his admiration for billionaire Warren Buffett, who erected Berkshire Hathaway into one of the World’s largest publicly-traded holding companies over a half century.

Social Capital is going to be more like a “bastard stepchild of Berkshire Hathaway and Blackstone and BlackRock” than a traditional venture firm, Palihapitiya said at an event in 2015.

One of Palihapitiya’s goals in the venture is bringing together “technologists, entrepreneurs, and technology-oriented investors,” the filing said.

The Wall Street Journal reported Palihapitiya’s team is planning to meet with investors soon, then initiating the IPO shortly thereafter on the New York Stock Exchange.

Hedosophia has offices in Hong Kong and London. Ian Osborne, CEO of Hedosophia, will be president of the new holding company. Former Skype CEO Tony Bates and former Twitter executive Adam Bain are among the Board members.

Palihapitiya spoke to Diya TV moments after the Warriors championship win in 2017

 

 

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