Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
1. BlockChain........................................................................................................................................... 2
What is BlockChain?............................................................................................................................ 2
Short pitch:...................................................................................................................................... 2
Technical Definition: ....................................................................................................................... 2
Block Chain Advantages: ................................................................................................................. 2
Block Chain Disadvantages: ............................................................................................................ 3
BlockChain Types: ........................................................................................................................... 3
2. Sustainability ....................................................................................................................................... 3
Sustaibality .......................................................................................................................................... 3
What is Sustainability / sustainable development? ........................................................................ 3
Sustainable Development Goals ..................................................................................................... 3
Triple bottom line ........................................................................................................................... 4
Greenwashing ................................................................................................................................. 4
PNB Fraud ............................................................................................................................................... 4
What is the fraud allegation about? ................................................................................................... 5
How did the PNB fraud come to light? ............................................................................................... 5
1. BlockChain
What is BlockChain?
Short pitch:
You (a "node") have a file of transactions on your computer (a "ledger"). Two government
accountants (let's call them "miners") have the same file on theirs (so it’s "distributed"). As you
make a transaction, your computer sends an e-mail to each accountant to inform him or her.
Each accountant rushes to be the first to check whether you can afford it (and be paid their salary
"Bitcoins"). The first to check and validate hits “REPLY ALL”, attaching their logic for verifying the
transaction ("Proof of Work"). If the other accountant agrees, everyone updates their file…This
concept is enabled by "Blockchain" technology.
Technical Definition:
2. Sustainability
Sustaibality
What is Sustainability / sustainable development?
Sustainable development is the organizing principle for meeting human development goals while at
the same time sustaining the ability of natural systems to provide the natural resources and
ecosystem services upon which the economy and society depend.
The SDGs cover a broad range of social and economic development issues. These include
The SDGs are also known as "Transforming our World: the 2030 Agenda for Sustainable
Development" or 2030 Agenda in short.
The goals were developed to replace the Millennium Development Goals (MDGs) which
ended in 2015.
Unlike the MDGs, the SDG framework does not distinguish between "developed" and
"developing" nations. Instead, the goals apply to all countries.
Triple bottom line
Triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three
parts: social, environmental (or ecological) and financial.
For example, if a corporation shows a monetary profit, but their asbestos mine causes
thousands of deaths from asbestosis, and their copper mine pollutes a river, and the
government ends up spending taxpayer money on health care and river clean-up, how do
we perform a full societal cost benefit analysis? The triple bottom line adds two more
"bottom lines": social and environmental (ecological) concerns.
Greenwashing
a form of spin in which green PR or green marketing is deceptively used to promote the
perception that an organization's products, aims or policies are environmentally friendly
Example : the hotel industry's practice of placing placards in each room promoting reuse of
towels ostensibly to "save the environment." Westervelt noted that, in most cases, little or
no effort toward reducing energy waste was being made by these institutions—as evidenced
by the lack of cost reduction this practice effected.
3. PNB Fraud
India’s Punjab National Bank (PNB), the second-biggest public sector lender, stunned the country’s
financial sector when it announced this Feb 2018, it had discovered fraudulent transactions worth
$1.77 billion (about Rs11,400 crore) at a single branch in Mumbai.
This comes at a time when PSU banks are already facing Rs.10 trillion bad loans on their book
Despite tight fiscal conditions, the government recently gave Rs88,000 crore to ailing PSU banks as
part of a broader $32 billion bank recapitalisation plan.
The banking sector also faces higher capital requirements by next year to meet new global banking
rules known as Basel III.
On 29 January, a PNB official from Mumbai filed a criminal complaint with India’s CBI against 3
companies and 4 people, including billionaire jeweller Nirav Modi and Mehul Choksi, the MD of
Gitanjali Gems Ltd, saying they had defrauded the bank and caused a loss of Rs280 crore ($43.8
million).
The bank alleged two junior employees at the Mumbai branch had helped the companies and
people managing them get “letters of undertaking” (LoUs) from it without having a sanctioned
credit limit or maintaining funds “on margin”.
The LoUs were used to obtain short-term credit from overseas branches of other Indian banks, PNB
said.
PNB said in a regulatory filing it had discovered fraudulent and unauthorised transactions totalling
Rs11,400 crore at the Mumbai branch.
When the firms argued that they had used such facilities in the past without keeping any money on
margin, PNB scanned through records and found no trace of any transactions, according to the
bank’s account.
It then found that two junior employees had issued LoUs on the SWIFT interbank messaging
system without entering the transactions on the bank’s own system (Core Banking System –
Infosys’s Finacle Software). Such transactions went on for years without detection, PNB said.
1. Solar Exports,
2. Stellar Diamonds
3. Diamond R US
it said belong to Nirav Modi, a high-end jeweller who runs his eponymous Nirav Modi stores that
spread from New York to Hong Kong.
Modi’s companies colluded with the bank staff, PNB said, adding that it suspected some officials at
foreign branches of other Indian banks that extended credit were also involved.
It also named Gitanjali Gems, Gili India and Nakshatra — companies promoted by another jeweller,
Mehul Choksi, who is Modi’s uncle.
Gitanjali last week denied Choksi had any involvement with the alleged fraud, saying he would take
“necessary legal steps” to get his name removed from the CBI case.
Modi has not commented on the case. His flagship Firestar Diamond has said it had no involvement.
PNB said it has begun criminal action against two staff members and suspended some others.
Reuters was not immediately able to contact the two staff members.
Federal investigators swung into action on Thursday, conducting searches at PNB branches and also
at Nirav Modi’s home and offices, local media said.
The finance ministry has issued an advisory to all banks to review their large customer exposures,
according to media reports. The Enforcement Directorate, which investigates frauds involving
foreign exchange transactions, was also conducting a probe, Mint newspaper said.
Banking sources have said several other banks who have extended loans based on the PNB LoUs that
were later found to be fraudulent are at risk of losing money.
Some of the banks say PNB is liable to pay since it issued the LoUs, although PNB, in a 12 February
“caution notice” addressed to chief executives of 30 banks, including two foreign banks, said the
other banks also have a share in the blame as they “overlooked” certain Indian central bank rules.
It also said none of the overseas branches of India-based banks had shared with PNB any documents
or information at the time of extending buyers’ credit to the companies.
PNB said Nirav Modi had written to the bank but had yet to offer any formal proposal for a
repayment. Reuters
In a letter to the chiefs of several banks, a general manager of PNB said the letters of undertakings
(LoUs) are were opened in favour of branches of Indian banks for import of pearls for a period of
one year, for which the Reserve Bank of India (RBI) guidelines stipulate a total time period of 90
days from the date of shipment.“This stipulation was overlooked by overseas branches of Indian
banks that are also required to follow the RBI guidelines.
LoU fraud, the key
The latest fraud uses an age-old method employed to defraud the banking system. It involved LoUs
raised at the PNB’s Mumbai office by firms owned by Modi and his family. A LoU is issued by a bank
to an importer (in this case Modi). It works like a bank guarantee, which the importer can sell to
other banks at a discount. The importer receives the money, or letter of credit, and pays his client.
The issuer bank messages overseas branches of other banks through the SWIFT network, and that
bank immediately pays the client against the LoU. The bank that holds the LoU then goes back to the
issuer bank (PNB in this case) and gets its due.
The issuer bank (PNB) recovers its due against the LoU from its client (Modi). Since the LoUs are used
for importing goods and involve foreign currency, a vostro account (client’s overseas account) is
used to deposit the credit by the bank accepting the LoU. However, issuance of the LoU involves a
lot of process and to mitigate the risks of fraud, banks insist the client deposit an equivalent amount
of assets, mainly cash, in the local branch, to avail of the overseas facility.
How is Goods and service tax (GST) relevant for supply chains?
Supply chain costs consist of
o fiscal costs (central and state taxes)
o physical supply chain costs (transportation, warehousing costs, inventory, etc.).
Traditionally, the fiscal costs have predominantly determined the supply chain
configuration.
Hence, organisations tend to have a supply chain structure that is more distributed and
fragmented – a warehouse in each state, suppliers in same state as the manufacturing plant,
multiple but smaller manufacturing facilities.
However, under GST as locations will become tax neutral.
Under GST, largely the supply chain costs and efficiencies are set to drive companies’
supply chain configuration.
Existing supply chains may no longer be efficient or optimal post GST and therefore they
can adversely impact cash flows and operation costs if not addressed.
Accessing GST Impact
GST is likely to enable organised 3PL/4PL players to aim for a bigger play in the market
3PL/4PL value proposition through shared service model becomes relevant:
Inter-State indirect tax will be eliminated
Large warehouses become attractive.
Elimination of state boundaries
Creditable tax
Level playing field when evaluated against fleet owners.
reengineering as well as for providers of network optimisation tools such as Transportation
Management Systems (TMS).
We foresee the consolidation of primary hubs by 3PLs across core locations and evolution of hub
and spoke model.