Dear all,
Welcome & pl. read on app. mssg.
Anti-corruption: Israel's Ex-PM had been sentenced for six years of imprisonment in regard to corruption. He had become first ever Israeli PM, who had been charged for corruption related matter.
However, he had denied anything wrong in property related projects. The matter pertains to his tenure as Trade & Commerce minister. Later, he had become PM. He had to resign during the year 2008 following many corruption cases coming into light. It is to note that he was freed from various such cases. But he was found guilty during past March on charges of bribery by a Court.
Welcome & pl. read on app. mssg.
Anti-corruption: Israel's Ex-PM had been sentenced for six years of imprisonment in regard to corruption. He had become first ever Israeli PM, who had been charged for corruption related matter.
However, he had denied anything wrong in property related projects. The matter pertains to his tenure as Trade & Commerce minister. Later, he had become PM. He had to resign during the year 2008 following many corruption cases coming into light. It is to note that he was freed from various such cases. But he was found guilty during past March on charges of bribery by a Court.
Election Commission: Rural minister, J.Ramesh, had sent message to media personnel for sharing some information during lunch. But Election Commission had put stay on it citing Model Code of Conduct. It happened on the last polling day.
Court ruling:
1. Land acquisition: Allahabad HC had ruled that farmers who had got 64.7% additional compensation amount in lieu of their land won't be considered any further more. Their petition would be considered in Gajaraj & others case matter. Only those who had not been compensated would be considered along with Harkaran etc. It had thus provided relief to the Tribunal.
2. MNREGA: CBI inquiry was directed by Justice Bench of Allahabad HC upon petition for investigation into alleged irregularities at Gonda, Balrampur, Mahoba,Sant Kabir nagar, Mirzapur, & Kushinagar during the period from 2007 uptil 2010. It had been ordered by Supreme Court. The irregularities are as follow:
1. At Balrampur under 11 heads, 181,18602 INR worth scam for items being purchased at double price.
2. At Gonda, financial rules were not followed during purchases & safeguarding of accused.
3. At Mahoba, payment made to non-licensee firms for camera purchases.
4. At Kushinagar, prima facie negligent officials were safeguarded.
5. At Mirzapur, fake quotations & payment on record basis.
6. At Sant kabir nagar, non-registered institutes being paid.
7. At Sonabhadra, no investigation was done.
Court ruling:
1. Land acquisition: Allahabad HC had ruled that farmers who had got 64.7% additional compensation amount in lieu of their land won't be considered any further more. Their petition would be considered in Gajaraj & others case matter. Only those who had not been compensated would be considered along with Harkaran etc. It had thus provided relief to the Tribunal.
2. MNREGA: CBI inquiry was directed by Justice Bench of Allahabad HC upon petition for investigation into alleged irregularities at Gonda, Balrampur, Mahoba,Sant Kabir nagar, Mirzapur, & Kushinagar during the period from 2007 uptil 2010. It had been ordered by Supreme Court. The irregularities are as follow:
1. At Balrampur under 11 heads, 181,18602 INR worth scam for items being purchased at double price.
2. At Gonda, financial rules were not followed during purchases & safeguarding of accused.
3. At Mahoba, payment made to non-licensee firms for camera purchases.
4. At Kushinagar, prima facie negligent officials were safeguarded.
5. At Mirzapur, fake quotations & payment on record basis.
6. At Sant kabir nagar, non-registered institutes being paid.
7. At Sonabhadra, no investigation was done.
Times/Exit Poll: After exit poll results, it is predicted that Gujarat CM, Modi, led National Democratic Alliance govt. would come into power. Chinese newspapers hope that his govt. would make practical relations along with China despite border dispute & Tibet. However, Chinese Think Tanks had expressed hope & suspicion too.
It is expected that Modi would be having flexible stand on economic relations along with China.
It is expected that Modi would be having flexible stand on economic relations along with China.
CAG: CAG had stated that it would continue auditing of those private companies coming under PPP schemes. The apex Court had given historic decision thereby ending confusion in this regard. CAG holds the right to conduct auditing of those companies who have revenue sharing or utilize govt. resources. CAG could submit report in regard to utilization of natural resources. The auditing of telecom. companies is continuing.
PPP auditing is not new and it is recognized at international level. India is emerging as mature economy.
PPP auditing is not new and it is recognized at international level. India is emerging as mature economy.
With regards,
M.K.Pachraiya
Original_app_mssg(1) RBI
MUMBAI: The Reserve Bank of India has told the government that the banking regulator should have the final say when it comes to resolving financial crisis at banks, even if they are state-owned. The central bank has pointed out this in a discussion paper, Management and Governance Issue in Public-Sector Banks, prepared in March.
Public sector banks account for 70% of the nation's deposits and loan market. The government, being the majority shareholder, appoints the senior cadre — chairman and managing director as well as executive director — at these banks and often directs them on operational issues. "Regulation should prevail ownership," the RBI has written in the document prepared for debate and discussion.
This means the decision taken by the banking regulator should prevail even if the government has a different plan. The proposal comes at a time when the government has been infusing equity capital at a regular basis in state owned banks to improve their financial health.
An instance where the differences between the government and RBI have come out in the open was on how to deal with loss-making United Bank of India, a government owned bank.
After the Kolkata-based bank reported a sharp rise in bad loans leading to the exit of CMD Archana Bhargava in February, the RBI wrote to the finance ministry on the need to supersede the bank's board. Superseding here means the board would be dissolved and the RBI would have the right to appoint an administrator to run the bank. This suggestion, however, did not go down well with the government and status quo remained.
According to the RBI, the regulator, and not the government, should decide the fate of a financial institution. Since "regulation has to be ownership neutral", whatever rules apply to private banks should apply also to public sector banks, it said.
Since the government has a say in the appointment of the board members of a bank, corporate governance practices vary between public sector and private banks, despite both being regulated by the RBI.
For instance, unlike state-run banks, private lenders need to follow the Ganguly committee recommendations on corporate governance and their chief executives are appointed based on the principles of 'fit and proper'.
MUMBAI: The Reserve Bank of India has told the government that the banking regulator should have the final say when it comes to resolving financial crisis at banks, even if they are state-owned. The central bank has pointed out this in a discussion paper, Management and Governance Issue in Public-Sector Banks, prepared in March.
Public sector banks account for 70% of the nation's deposits and loan market. The government, being the majority shareholder, appoints the senior cadre — chairman and managing director as well as executive director — at these banks and often directs them on operational issues. "Regulation should prevail ownership," the RBI has written in the document prepared for debate and discussion.
This means the decision taken by the banking regulator should prevail even if the government has a different plan. The proposal comes at a time when the government has been infusing equity capital at a regular basis in state owned banks to improve their financial health.
An instance where the differences between the government and RBI have come out in the open was on how to deal with loss-making United Bank of India, a government owned bank.
After the Kolkata-based bank reported a sharp rise in bad loans leading to the exit of CMD Archana Bhargava in February, the RBI wrote to the finance ministry on the need to supersede the bank's board. Superseding here means the board would be dissolved and the RBI would have the right to appoint an administrator to run the bank. This suggestion, however, did not go down well with the government and status quo remained.
According to the RBI, the regulator, and not the government, should decide the fate of a financial institution. Since "regulation has to be ownership neutral", whatever rules apply to private banks should apply also to public sector banks, it said.
Since the government has a say in the appointment of the board members of a bank, corporate governance practices vary between public sector and private banks, despite both being regulated by the RBI.
For instance, unlike state-run banks, private lenders need to follow the Ganguly committee recommendations on corporate governance and their chief executives are appointed based on the principles of 'fit and proper'.
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