Limited role for wife in HUF

Several landmark judgments have improved the woman's position in a Hindu Undivided Family (HUF), such as one that ruled the eldest daughter, even if married, can replace her father as karta in an HUF after his death. However, a karta's wife or daughter-in-law cannot replace him.

According to HUF laws, when a karta - or manager - of an HUF passes away, his eldest son automatically replaces him. But, cases where a karta only has daughter/s, or his children are minors, have been subjects of dispute.

WOMEN’S STATUS IN AN HUF

In 2005, the Hindu Succession Act gave equal rights to daughters in an HUF Daughters can become karta as they are coparceners Wives and daughters-in-law cannot becomekarta as they are not coparceners The wife will get husband’s share in an estate after his death The wife can only be the guardian of an HUF after husband’s death until the eldest child becomes a major

The position of a karta is a powerful one, for this person controls, and is also the custodian of, the finances of an HUF. "The karta borrows money on behalf of the family. He can spend money for the family without being accountable to the members, as all his actions are assumed to be carried out for the benefit of the family. The decisions of the karta are binding on other members," says Hitesh Jain, senior partner at ALMT Legal. But, the karta cannot divide the estate disproportionately, or use the assets for the benefit of one member, without the consent of others. In an HUF, an individual does not have a claim on any assets unless they are partitioned. The assets belong to everyone and everyone benefits from them.

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One platform, multiple benefits

The government and a digital think-tank called i-Spirit (comprising people who built the government's Aadhaar initiative) are working together on a technology called IndiaStack. This has the potential to bring down costs involved in financial transactions, make account opening with banks, mutual funds, etc, easy, and also make the process paperless and quicker. The technology platform also has the potential to bring down cash transactions in the economy.

• How it works

IndiaStack is structured as a four-layered pyramid, where all or a combination of these can work together.

Aadhaar-based digital identity: The first layer will provide a universal biometric digital identity, based on your Aadhaar details. This will enable online authentication through the fingerprint or iris......

• Makes your life easy

Consider the case of Saurabh Bhatia, a grocery store owner, who wants to open a bank account. He has been postponing this task, as he will need to visit a bank at a time when he is needed at his shop. He will also need to carry original and photocopies of documents to provide proof of identity and address, then wait for the bank to process his request. It will take him at least a couple of working days to get an operational account......

• Better financial products

However, it is not only Bhatia who will benefit from this open digital infrastructure called IndiaStack. The platform has the potential to transform the financial landscape by enabling product innovation, reducing customer acquisition and operating costs, and enabling larger sections to access financial products.....

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INDIASTACK TO REDUCE COSTS

• Send documents using DigiLocker for identity and address proof
   
• Get KYC done instantly online
   
• Documents can be signed online using digital signatures
   
• Once on-boarded, instantly transact using UPI
   
• Institutions pay a fraction of current cost they incur for customer acquisition
   
• Lower costs can be passed on to customers in form of lower commissions and processing fee

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Why boycott calls against China, India's largest trade partner will fail

The Export-Import Imbalance

Cellphones, laptops, solar cells, fertilisers, keyboards, displays and communication equipment — including earphones — these are India’s chief imports from China, according to our analysis of ministry of commerce data.

 

Why China bazars are popular

IndiaSpend visited Manish market, the hub of imported Chinese goods in Mumbai’s heart. Chinese products here are cheaper, available in bulk, neatly packaged and easy to buy.

“If the 50 different types of LED lamps that I sell were available from say, Surat, at a cheaper rate and at my doorstep, why would I go for Chinese lamps?” asked a lamp distributor and retailer, requesting anonymity. “If I had to buy these in India, this collection would cost me double.”

Market access is easier in China

Customers rarely have to waste time in China searching for markets and products, said Kasliwal. It took him less than a week to buy a three-month consignment that ranged from jewelry to fabric.

“Even small market-towns like Yiwu — comparable to Varanasi in terms of population — have a one-stop, dedicated market for all consumer durables, from fashion to home accessories, with cost and quality options,” he said. “In India, it would take us weeks.”

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Digital signature can make life easier

With the Reserve Bank of India permitting payments banks and small finance banks to rely upon electronic authentication while opening accounts and for other transactions, there is an incentive for more people to get digital signatures.

It will help reduce costs and bridge the gap between the customer and service provider, says Paytm Payments Bank chief executive Shinjini Kumar.

One way of electronic authentication is through digital signatures, which can be obtained from certifying authorities. Individuals use them for electronic filing of income tax returns.

A digital signature eliminates the need for exchange of documents to complete any transaction. It is also used by heads of companies while applying for loans, among other things. But there is a cost involved. It can range from Rs 1,000 to Rs 2,000, depending on the kind of signature and the validity. It is valid for one or two years and has to be renewed after that.

The kind of signatures varies depending on the security. For instance, Class-I signature will confirm the user's name and email address. Class-II will confirm that the information provided by the subscriber does not conflict with information in consumer databases. Class-III will be issued only if the individual appears before the certifying authorities. To get a digital signature, customers need documents to show proof of identity and proof of address.

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Why men are scared to take paternity leave

One would think that if given the paid time off to care for their newborns, men would take it. But even at the rarified companies that offer paternity or parental leave, new dads don't often take advantage of the benefit. Why not? Sure, there's the cultural stigma and the (legitimate) fear of losing out on job opportunities. But giving men less time off than women might also have something to do with it.

Most organisations don't offer time off for new dads, and those that do give them about half of what new moms get, according to a new survey of more than 300 organisations from the Society of Human Resource Management (SHRM). New moms receive an average of 41 paid days off, compared with 22 days for dads. When given the benefit, many men take some time off, but usually not more than 10 days. That's just half the time they're offered, on average, according to a survey by Boston College.

"We say that it's important, but we're going to give you half the number of days," said Evren

Esen, the director of workforce analytics at SHRM. "It's not really equal, and that gives a message to fathers." The message is: Your time off is less important than time off for mothers.

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Ashwin takes six as India inch closer towards 'Whitewash'

A splendid six-wicket effort from premier strike bowler Ravichandran Ashwin saw India maintain their stranglehold on New Zealand and remain firmly on course for a 3-0 series whitewash at the end of third day's play in the final Test match in Indore.

Riding on Ashwin's brilliant figures of 6/81, India bowled out New Zealand for 299 thereby taking a healthy first-innings lead of 258 runs.

Virat Kohli, however, did not enforce the follow-on and India were 18/0 at stumps increasing their overall lead to 276 runs.

Veteran opener Gautam Gambhir was retired hurt on six after sustaining a shoulder injury going for a second run. At stumps, Cheteshwar Pujara (1) and M Vijay (11) were at the crease for the home team.

Related: India presented with ICC Test Championship mace

The day belonged to Ashwin, who used the bowlers' rough brilliantly by operating from the pavilion end to get his 20th five-wicket haul in his 39th Test.

The off-spinner, who grabbed 10 wickets in the series opener at Kanpur and four in the second match at Kolkata, also ran out two batsmen off his own bowling.

His spin partner Ravindra Jadeja accounted for the other two wickets in the visitors' innings.

With two days left in the game, India, who won the first two Tests by huge margins, looked well-poised to score another victory for a clean sweep of the series.

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MATCH DETAILS

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Toss - India
Series - India won the 3-match series 3-0

Player of the match - R Ashwin (India)
Player of the series - R Ashwin (India)

Umpires - HDPK Dharmasena (Sri Lanka) and BNJ Oxenford (Australia)
TV umpire - C Shamshuddin
Match referee - DC Boon (Australia)
Reserve umpire - Nitin Menon

Close of play

• Sat, 8 Oct - day 1 - India 1st innings 267/3 (V Kohli 103*, AM Rahane 79*, 90 ov)
• Sun, 9 Oct - day 2 - New Zealand 1st innings 28/0 (MJ Guptill 17*, TWM Latham 6*, 9 ov)
• Mon, 10 Oct - day 3 - India 2nd innings 18/0 (M Vijay 11*, CA Pujara 1*, 6 ov)
• Tue, 11 Oct - day 4 - New Zealand 2nd innings 153 (44.5 ov) - end of match

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Pizza Hut, KFC back on growth path

After eleven consecutive quarters of decline in sales growth, fast-food chains KFC and Pizza Hut, both part of US-based Yum! Brands had reason to cheer in the July-September period. Earnings for the quarter show Pizza Hut and KFC reported a six per cent and 13 per cent sales growth respectively in India.

Analysts are interpreting this as early signs of the emergence of green shoots in domestic quick-service restaurants (QSRs), given Yum! Brands are the first to report its results every quarter. The company is not listed on Indian stock exchanges.

Arvind Singhal, chairman, Technopak, said that in the last few months, QSRs have been focusing hard on driving footfalls by pushing offers, discounts and innovations. Yum!, in particular, has been pushing Buy One Get One Free (BOGO) offers on its pizzas, marketing longer chicken burgers and KFC duo buckets aggressively in the past few months.

Price points have also dropped to as low as Rs 30 for a burger at KFC, said an Edelweiss report, lower compared with McDonald's (Rs 32), Burger King (Rs 35) and Wendy's (Rs 39).

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Snapchat planning $25 billion IPO: Report

Snap Inc - the parent company of popular photo-sharing messaging service Snapchat - is considering an initial public offering (IPO) that can value the company at $25 billion or more, media reported on Friday.

According to Wall Street Journal, Snap Inc is looking to sell shares as early as late March 2017.

The IPO would be the largest by any technology company after Chinese e-commerce giant Alibaba Group that went public in 2014 and raised $21.8 billion for the company and investors.

Snap Inc's worth reached nearly $18 billion in May.

"Last month (September), Snapchat rolled out three new targeting options, such as a feature where marketers can take their existing list of email addresses and anonymously match that with Snapchat's own data. Marketers can also push ads to people who watch certain types of videos, like sports," WSJ reported.

Snapchat is also reportedly set to enter the augmented reality (AR) field.

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Millions in US told to flee hurricane, Haiti toll over 250

Some 3 million people on the US southeast coast faced urgent evacuation as monstrous Hurricane Matthew -- now blamed for more than 250 deaths in Haiti alone -- bore down for a direct hit on Florida.

Highways in Florida and neighboring states clogged up with people streaming inland to escape the storm.

President Barack Obama on Thursday declared a federal state of emergency in Florida as it braced for the ferocious Category Four hurricane.

Poor and vulnerable Haiti remained essentially cut in half two days after Matthew hit. Interior Minister Francois Anick Joseph said at least 108 Haitians have died, with 50 killed in a single town and reports of "complete destruction" in the island's south.

In its latest target, the storm slammed the Bahamas on Thursday.

According to the forecast track, the hurricane could make landfall on Friday in the United States near Cape Canaveral, where NASA's Kennedy Space Center is located.

As US gas stations ran dry, frantic shoppers flocked to stores for essentials.

Matthew regained power as it swirled toward the US coast, upgraded a notch to Category Four on Thursday by the National Hurricane Center on its 1-5 scale.

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Suresh Raina, Hardik Pandya recalled in ODIs

Star batsman Suresh Raina and all-rounder Hardik Pandya have been recalled to the national squad for the first three matches of the five-match One Day International (ODI) series against New Zealand, starting on October 16.

This was the first assignment for the newly-appointed selection committee of the Board of Control for Cricket in India (BCCI) headed by MSK Prasad.

The 15-member squad led by limited overs skipper Mahendra Singh Dhoni, who last played the ODI and T20 International series in Zimbabwe in June, however, left out regulars like off-spinner Ravichandran Ashwin and left-arm spinner Ravindra Jadeja.

The batting department has been bolstered by the return of Test skipper Virat Kohli, Ajinkya Rahane and Rohit Sharma while Manish Pandey is likely to fill in for injured Lokesh Rahul as opener.

Maharashtra stumper Kedar Jadhav and Punjab batsman Mandeep Singh also retained their places in the squad.

FOR  Venue &  Squad

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