Rajan
panel suggests Financial
Development
Council under FM
NEW DELHI, Apr 6: Making a strong
pitch for expediting reforms in financial
sector, a high-level committee has
suggested setting up of the Financial
Development Council (FDC) under the
chairmanship of the Finance Minister.
"The
main focus of this council (FDC) would be
macro risk assessment and development
issues," said the draft report of
the Committee on Financial Sector Reforms
(CFSR), set up by the Planning
Commission. The panel is headed by former
IMF Chief Economist Raghuram G Rajan who
is now a professor at Chicago University
.
The panel
which was set up last year has also
suggested that the discussion at the
high-level council should be made public
after a reasonable interval of time.
Suggesting
that the Government should withdraw from
financing and direct control of banking
and financial institutions, the committee
has noted that "populism and
direction intervention, that
unfortunately seems to be making a come
back, should be relegated firmly to the
past".
The Rajan
panel has also suggested setting up of
the Financial Ombudsman (OFO)
incorporating all similar offices in
existing regulators to resolve the
grievances of customers relating to
financial sector.
Favouring
the establishment of Financial Sector
Oversight Agency (FSOA), the CFSR said,
it could help in monitoring the
functioning of large financial
conglomerates and diffuse
inter-regulatory conflicts.
Pointing
out that the intention of the committee
is not to create a super regulator
displacing existing regulators, it said,
FSOA could fulfil the need of
coordination among regulators.
The Rajan
Committee said that FSOA should comprise
chiefs of regulatory bodies and should
include Finance Secretary as a permanent
invitee.
"All
issues of regulatory coordination and
supervision of systemically important
financial conglomerates and financial
institutions will be taken up by the
FOSS," it added.
CFSR also
recommended strengthening of the Deposit
Insurance and Credit Guarantee
Corporation (DICGC) to monitor risk and
resolve problems concerning insolvency of
banks.
Suggesting
creation of unique national ID number
with biometric identification, it said,
the system could be used to build
individual records payment and improve
access to credit.
Pointing
out that land is often pledged as
collateral for securing bank loans, the
committee said computerisation of land
records and tenancy reform could help in
removing ambiguity over land titles and
increasing flow of credit to the farm
sector.
In this
regard, the it also underlined the need
for setting up special courts to clear
the backlog of land disputes, which takes
years to get resolved.
The ambit
of the Securitisation and Reconstruction
of Financial assets and Enforcement of
Security Interest Act (SRFAESI Act), CFSR
said, needs to be extended to all
institutions to help the lenders to
recover the money.
While
making a case for strengthening of the
Asset Reconstruction Companies, it said
the Government should consider allowing
foreign investment in ARCs. "There
is really no sensible case to keep
foreign direct investment out of
ARCs," it said.
The
members high profile panel included SBI
Chairman O P Bhatt, ICICI Bank Managing
Director K V Kamath, Crisil Chief R
Ravimohan, NCAER Director General Suman
Bery and Kotak Mahindra Bank CEO Uday
Kotak. (PTI)
Protest
contradicts Chinese propaganda
on
Tibet: Dalai Lama
DHARAMSHALA, Apr 6: Tibetan
spiritual leader, the Dalai Lama today
said that protests in Tibet contradict
the Chinese "propaganda" about
people there enjoying a prosperous and
contended life and made it clear that the
issue "can no longer be
neglected".
"The
Chinese authorities have been making
false allegations against myself and the
Central Tibetan Administration for
instigating and orchestrating the recent
events in Tibet. These allegations are
totally untrue," he said in a
statement.
"The
recent protests all over Tibet have not
only contradicted but also shattered the
People Republic of Chinas propaganda that
except for a few
reactionaries, the majority
of Tibetans enjoy a prosperous and
contented life," the spiritual
leader said.
The
protests have made it clear that Tibetans
in the three provinces of Tibet, U-tsang,
Kham and Amdo, harbor the same
aspirations and hopes, he said in a
statement.
"These
protests have also conveyed to the world
that the Tibet issue can no longer be
neglected," he said.
Demanding
a probe into the unrest in Tibet by an
"independent and respected
international body", he said "I
am sure this independent body will
uncover the truth. If the Peoples
Republic of China has any basis and proof
of evidence to back their allegations,
they need to disclose these to the world.
Just making allegations is not
enough."
The Dalai
Lama also talked about the "mutually
beneficial Middle-Way Approach" to
find a solution for the future of Tibet.
"Since
1974, I have sincerely remained steadfast
to the mutually beneficial Middle-Way
Approach. The Middle-Way Approach means
that all Tibetans must be governed by
similar administration that enjoys
meaningful National Regional Autonomy and
all the provisions in it, self-rule and
full decision-making, except for matters
concerning foreign relations and national
defense," the Dalai Lama said.
The
Tibetans in Tibet have the right to make
the final decision for the future of
Tibet, he said.
He asked
all the Tibetans to keep away from
violence.
"I
know you are being provoked at every
level but it is important to stick to our
non-violent practice. We should not
engage in any action that could be even
remotely interpreted as violent,"
the spiritual leader said.
He said
that nobody should create any hindrance
in the holding of Olympic games in China.
"The
hosting of the Olympic games this year is
a matter of great pride to the 1.2
billion Chinese people. I have from the
very beginning supported the holding of
these Games in Beijing. My position on
this remains unchanged," he said.
"It
is the legitimate right of every Tibetan
to struggle for their freedoms and
rights. On the other hand, it will be
futile and not helpful to anyone if we do
something that will create hatred in the
minds of the Chinese people," he
said. (PTI)
Lord
Paul arrives, heading CPA delegation from
UK
KOLKATA, Apr 6: Heading a 4-member
high-level Commonwealth Parliamentary
Association delegation UK, Lord Swraj
Paul arrived here today from London on a
6-day visit.
The visit,
mainly aimed at exploring investment
possibilities and boosting bilateral
trade relations, was at the invitation of
the CPA Chairman and West Bengal Assembly
Speaker Hasim Abdul Halim, a source close
to Lord Paul said.
Delighted
to be in the City of Joy,
Lord Paul said "my first visit will
be to the Mother House (the global
headquarters of Mother Teresas
Missionaries of Charity) this
afternoon."
During its
stay in the state, the delegation would
meet Chief Minister Buddhadev
Bhattacharjee, the Speaker and CPA
Chairman H A Halim.
Besides it
would hold discussions with the Standing
Committee on Commerce and Industries of
the assembly on April seven.
Lord Paul
and his team would also visit the Tata
Motors small car project at Singur in
Hooghly district on April eight.
He would
attend an interactive session with FICCI
(Eastern Regional Council) members the
next day and visit Santiniketan on April
10, the source said.
The CPA
delegation will visit the British Deputy
High Commission and the British Council
tomorrow.
The
delegation would leave on April 12. (PTI)
Person
can be convicted for murder
through
a single blow: SC
NEW DELHI, Apr 6: The Supreme Court
has rejected the view that a person
cannot be convicted for a pre-meditated
murder if the victim had died due to a
"single" injury inflicted by
the accused.
"The
nature of the offence would certainly
depend upon the other attendant
circumstances which would help the court
to find definitely about the intention on
the part of the accused," a bench of
Justices S B Sinha and V S Sirpurkar
said.
The
attendant circumstances would include
pre-mediation, nature of the weapon used
and the nature of assault on the victim,
it said.
The apex
court passed the judgement while
dismissing an appeal filed by the accused
Bavisetti Kameswara Rao alias Babai
challenging the life imprisonment imposed
by a sessions court for the murder
committed by him.
The Andhra
Pradesh High Court had confirmed the
sentence upon which he appealed in the
apex court.
Rao was
convicted for murdering Samudrala Pandu
Ranga Rao alias Rayalam Rangaduon on July
30, 2000, with a screw driver due to
previous enmity.
It was
stated that the accused committed the
murder by taking the assistance of seven
others.
The murder
was said to be a sequel to an incident
wherein the deceased assaulted the
accused after the latter refused to allow
him consume liquor in the mini lorry
supply office owned by the accused.
Noting
that the accused had formed into an
unlawful assembly for carrying out the
attack, the apex court rejected the plea
that incident occured on the spur of the
moment.
Nursing a
grudge against the deceased, the accused
is stated to have taken the help of his
friends and carried out the attack with a
screw driver.
Rao is
said to have stabbed the deceased on the
left side of his chest causing deep
bleeding injury resulting in his death.
The apex
court noted that in this case the accused
had hatched a plan to commit the murder
and hence the accused cannot be treated
for the lesser offence under 304 IPC
(Part II) (Culpable homicide not
amounting to murder).
"Therefore,
under the circumstances, even if there
was a single injury caused, it was with
such a force and on such vital part of
the body that it cause almost
instantaneous death," the apex court
observed.
Accordingly
the bench dismissed the appeal. (PTI)
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