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India draws up LONDON, Nov 16: With the terror strikes in United States hitting hard the tourism and travel industry, India has drawn up a seven-point programme to ......more Large
value frauds NEW DELHI, Nov 16: Despite much talk and committee reports on preventing frauds, high value frauds in banks have increased to Rs 506.34....more Doha
declaration NEW DELHI, Nov 16: Commerce Minister Murasoli Maran today asserted that Doha declaration will not do any harm to the country, but admitted India .....more |
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Gold tumbles on overseas note NEW DELHI, Nov 16: Gold prices tumbled on the bullion market today in the absence of any buying.....more Allowing foreign NEW DELHI, Nov 16: A Parliamentary Committee, looking into the issue of Foreign Direct Invest.......more Grant of adjustment funds JALANDHAR, Nov 16: Former Union Minister and noted economist Prof Y S Alagh today advocated that States should be granted adjustment funds for encouraging crop diversification and for export promotion of agro-based products and foodgrains. ......more |
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Large value frauds in banks on the rise NEW DELHI, Nov 16: Despite much talk and committee reports on preventing frauds, high value frauds in banks have increased to Rs 506.34 crore in 2000-2001 from Rs 431.59 crore in the previous year, according to the Reserve Bank of India. The RBI’s ‘report on trend and progress of banking in India 2000-01’ says banks and financial institutions reported 50 cases of large value frauds (Rs one crore and above) in 2000-2001 as against 49 cases during the previous year. The report suggests implementation of the recommendations of the committee on legal aspects of bank frauds, which submitted its report in September this year to plug the loopholes. The major factors which facilitated the perpetration of frauds during the year included, among others, non-observance of laid down systems and procedures by the bank functionaries, nexus of bank staff with the borrowers and depositors, negligence on the part of the dealing officials and branch managers, commission of fraud by the bank staff themselves, failure of internal control system and inadequate appraisal of credit proposals and ineffective supervision over advances. Out of the 50 cases of large value frauds reported during the year, in five cases, bank officials themselves perpetrated the frauds. In as many as ten cases, nexus or collusion of bank officials was observed. In respect of a few cases of fraud involving pay orders reported by certain banks recently, nexus of a co-operative bank and the perpetrators of the fraud was also observed, the report says. The committee on legal aspects of bank frauds, set up under the chairmanship of Dr N L Mitra, was constituted by the Board for Financial Supervision. The terms of reference included charting procedural laws to deal with financial frauds, examining the process of investigation of bank frauds, providing suggestions to operationalise the recommendations relating to legal aspects of bank frauds and examining the role of the central bank with regard to frauds reported by banks. The report highlighted the limitations of the existing legal provisions to deal with such cases in an effective manner and emphasised that efforts should be made to prevent both frauds and deal firmly with the incidents of financial frauds. It recommended that serious financial frauds should be treated as criminal offence and the burden of proof should be shifted on the accused. The report also recommended establishment of a special bureau, court and prosecutors to deal with major frauds and provide certain operational guidelines for the bureau, court and the recovery of the defrauded amount. In order to facilitate the operation of the Bureau, it recommended the establishment of a Statutory Fraud Committee under the chairmanship of Reserve Bank nominee with representation from other financial supervision authorities. (UNI) |
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Doha declaration was positive for India, says Maran NEW DELHI, Nov 16: Commerce Minister Murasoli Maran today asserted that Doha declaration will not do any harm to the country, but admitted India yielded some ground on environment to gain substantially in agriculture on which European Union was very adamant. "Perhaps for the first time we have something positive to show (from trade negotiations)", Maran told reporters, adding "the fears that India would be isolated proved wrong and we found support and commonality of interests among many developing countries". On environment "the damage is limited and this is the price we have to pay for something in agriculture," Maran said claiming overall the Doha declaration was "positive" for india. "We have marginally agreed on environment, which to a large extent, is a political acknowledgment of its importance rather than rebalancing of rights and obligations," he said. Europe has always been fighting for negotiations on environment as they have coalition of green parties and they are against use of genetically modified seeds to protect the interests of small and marginal farmers, Maran said, implying this augured well for India. Also negotiations on environment is "two track" which initially will be limited to applicability of existing WTO rules and reduction of tariff and non-tariff barriers to environmental goods and services. But the gains in other areas were "significant", especially on trips and public health, implementation issues, besides agriculture and services, he said, adding India scored a major victory by keeping away from negotiations of four contentious issues of investment, competition, transparency in government procurement and trade facilitation. Elaborating on Singapore issues, Maran said negotiations could start only if there was consensus and that too after getting reports of the study group in the next ministerial to be held two years later. After the tough fight put up by India, Maran said, the Government now had the "Veto" to block any proposal for negotiations on these four issues if the country was not prepared for it by then. "I would say that nothing will happen immediately and the negotiations will take their time during which we have to be watchful," Maran said adding if there was on lesson from Doha, it was to push up economic reforms with renewed vigour. Apart from enlarging the scope of agriculture negotiations to address developing countries’ concerns, Maran said a major gain on services was on the issue of movement of natural personnel. Now India has secured the right for a trade off on services. For example opening of a branch of a foreign bank could be made conditional to their allowing specified number of Indian personnel to work there. On contentious core labour standards, Maran said "we have kept the labour issue out of the trade negotiations and we saw to it that European Union did not have its way in the launch of a comprehensive round of trade negotiations. The first victory of Doha declaration was on implementation issues — the unimplemented portions of the previous uruguay round agreements. "First our cries were ignored by the industrialised world, later they started denying them by saying that they would reopen the entire Uruguay round understandings," he said adding "we got the major players of international trade and the world to accept India’s point of view on implementation issue as correct." On as many as 50 of the 100 implementation items "we got immediate relief at Doha," he said. The balance has now been put on negotiation track for finding a solution. The only area in which "we did not derive comfort was in textiles." But analysts say any gain in textiles might not have been crucial as quota system under multi-fibre agreement will be totally phased out by January 2005 when textiles will be fully liberalised. (PTI) |
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NEW DELHI, Nov 16: Gold prices tumbled on the bullion market today in the absence of any buying support influenced by a weak trend in overseas markets and lost Rs 50 at Rs 4580 per ten gram. Silver also reeled under a bearish trend and surrendered a notable ground on stockists offering. Marketmen said a weak trend in overseas markets as gold touched around 275 US dollar an ounce level, pulled down the prices in domestic markets here. They said the market in the process of ignoring risk premium factor as fear of any bad outcome of US-Afghanistan war seemed to be over. An upsurge in equity markets worldwide also discouraged any investment in precious metals, they added. Market expert said a firm US dollar also dampened the trading sentiment in other Asian bullion markets as dollar denominated commodity becomes more expensive in local terms. Standard gold and ornaments lost Rs 50 each at Rs 4580 and Rs 4430 per ten gram respectively. Sovereign held unchanged at Rs 3825 per piece of eight gram. Silver was lower by another Rs 45 at Rs 6980 per kilo and weekly-based delivery by Rs 55 at Rs 6970 per kilo. Silver coins were down by Rs 100 at Rs 11,500/11,600 per 100 pieces as demand was over after the Diwali festival. The following were today’s quotations: Silver ready 6980 an delivery 6970. Silver coins buyer 11,500 and seller 11,600. Standard gold 4580, ornaments 4430 and sovereign 3825. (PTI) |
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Allowing foreign newspapers dealing with news opposed NEW DELHI, Nov 16: A Parliamentary Committee, looking into the issue of Foreign Direct Investment (FDI) in print media, in its draft report, is understood to have opposed allowing foreign newspapers and periodicals dealing with news and current affairs to bring out Indian editions or foreign shareholding in any form in the sector. However, a final decision on the report is yet to be taken by the Parliamentary Standing Committee on Information Technology headed by Somnath Chatterjee. "Nothing has been finalised yet. It is at the stage of a draft," Chatterjee told PTI adding that at present it was not correct to say whether FDI in print media has been rejected or accepted by the committee. He said that the next meeting of the committee is scheduled on November 19, the opening day of winter session of Parliament, to discuss the issue. "The committee is not in favour of allowing foreign newspapers and periodicals which deal mainly with news and current affairs to bring out Indian editions or foreign share holding in any form in the print media sector", the report said. Even in the case of foreign scientific and technical journals, the committee was of the view that though it can be allowed for the benefit of students, it should be in collaboration with well known or competent Indian publishers dealing with the subject. The 45-member committee recommended that Government consider suitable measures to deal with the problems of shortage of capital being faced by small and medium newspapers in the country. "In particular, the Government should consider putting in place an institutional arrangement for concessional finance for these categories of newspapers." It also suggested the need for a comprehensive print media policy saying the Cabinet resolution of 1955 barring foreign ownership of Indian print media remained an "inadequate basis" for such a policy in the new situation. Making a strong plea for such a policy for a "healthy growth" in the media sector, it said it would take care of information needs of the society in the new millennium as well as protect the essentially pluralistic cultural traditions of India and its ethos. Though the committee’s recommendations are not binding on the Government, Information and Broadcasting Minister Sushma Swaraj has said it would take a view in the matter only after receipt of the report. Swaraj last year had started a debate on the issue of FDI in print media but a month later she brought the curtain down saying that the concerns of 1955 were still valid as print media was "not just another product". The debate had witnessed several political parties including Congress and the Left, some newspaper owners as also journalist unions strongly opposing any change in the 1955 policy. A group of prominent editors had sometime back approached the I and B Minister to consider allowing FII, OCB and NRI investment in the print media. (PTI) |
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Grant of adjustment funds sought
to make JALANDHAR, Nov 16: Former Union Minister and noted economist Prof Y S Alagh today advocated that States should be granted adjustment funds for encouraging crop diversification and for export promotion of agro-based products and foodgrains. Delivering his keynote addressed in a seminar ‘Impact of WTO on agriculture and agro-based industries of Punjab’, organised by the Punjab State Federation of Cooperative Sugar Mills Ltd (Sugarfed) here, he said that such a fund should be utilised for preparing the farmer for global competition and taking on the new challenges to be faced as a result of the World Trade Organisation (WTO). He, however, opined that subsidies to the agriculture sector would have to be done away with and if at all any subsidy should be provided it should be for boosting exports. Dr Alagh, who is the chairman of the committee set-up by the Punjab Government to recommend strategies for the States farming sector in view of the WTO, said that he had in his preliminary report recommended that Punjab should be given an adjustment fund of Rs 500 crore by the Centre to be used for helping and preparing the farmers to take on the global trade market. He pointed out that he would submit the final report next month. Dr Alagh, who is also a member of the Rajya Sabha, said the farming community would have to get out of the Food Corporation of India (FCI) syndrome and the subsidy culture if he has to survive in the WTO scenario. The vision of the farmer should be developed towards global competition and in this the Government, the economists and technocrats could play a vital role, he said while pointing to the green revolution in Punjab. About Punjab, he said the cost of production of various agricultural commodities would have to be lowered and quality grain would have to be produced if the farming community here wanted to survive. It was the linkage between the technocrats and the farmers that brought about the green revolution and a similar tie-up was needed now in the era of WTO, he added. About the sugar industry in Punjab, he pointed out that despite leading in sugar production, the sugar produced here would lose in the global market because of its high production cost. The production cost would have to be lowered to make Punjab sugar globally competitive, he added. Prof Alagh argued in favour of contra-cyclical policy including that of an optimal stocking policy. He also advocated lifting of trade barriers which tend to shoot-up the cost of sugar in the world market. Prof Alagh advised the sugar cooperatives in the State to set-up companies for trading and technology support for producing by-products. Information and bio-technologies could play a vital role in boosting sugar export of Punjab, he suggested. Sugarfed Managing Director Jagjit Puri also spoke on the occasion. The seminar was jointly organised by Sugarfed and Centre for international trade and agriculture and agro-based industry (CITA) of New Delhi. (UNI) |
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