Contributed By Sri Manoranjan Sahay on Facebook
Founders of Dynasties - India History General Knowledge Questions. (part 1 )
1. Who founded the Satavahana dynasty?
Answer: Simukha
2. The Rashtrakuta dynasty was founded by:
Answer: Dantidurga
3. Vijayalaya founded ...... dynasty.
Answer: Chola
4. The founder of Vakataka dynasty:
Answer: Vindyasakthi
5. The Solanki dynasty was founded by:
Answer: Mulraj
6. Toramana is founder of ........ rule in India.
Answer: Huna
7. Vardhana dynasty was founded by:
Answer: Pushyabhuti
8. The founder of Pallava dynasty:
Answer: Simhavishnu
9. The Slave dynasty was founded by:
Answer: Qutubbdin Aibek
10. Who founded the Maurya dynasty?
Answer: Chandragupta Maurya
11. Who founded the Gupta Empire?
Answer: Chandragupta I
12. Who founded the Sunga dynasty?
Answer: Pushyamitra
13. The founder of Kanva dynasty?
Answer: Vasudeva
14. Kadphises founded ....... dynasty.
Answer: Kushana
15. Jayasimha is the founder of ...... dynasty.
Answer: Chalukya
Saturday, March 29, 2014
Wednesday, March 26, 2014
Supreme Court Pulls Up Government On Black Money
Black money: Apex court pulls up Govt for inaction over last six decades-Hindu Business Line 26.03.2014
NEW DELHI, MAR 26:
The Supreme Court has pulled up the Centre for failure to take steps during last six decades to bring back black money deposited in foreign banks.
Economy, per capita income, would have gone up and the income-tax rate would have reduced if money in foreign banks had been brought to India, the apex court said.
The Supreme Court rejected the Centre’s plea against setting up a SIT to monitor and probe the issue of black money inside and outside the country.
Tuesday, December 17, 2013
Indian Deputy Consul General IN USA Given Humiliating Treatment
Khobragade's arrest: US says it acted appropriately; demands security for its diplomats-Zee news 18.12.2013
New Delhi: After the national capital on Tuesday took a host of measures to show Washington that business cannot be normal after the ill-treatment meted out to Indian Deputy Consul General Devyani Khobragade by New York police, the United States said it is reviewing the circumstances surrounding the arrest of the Indian diplomat.
According to reports, the State Department spokesperson Marie Harf said, "We understand that this is a sensitive issue for many in India. Accordingly, we are looking into the intake procedures surrounding this arrest to ensure that all appropriate procedures were followed and every opportunity for courtesy was extended."
Harf added, "An isolated incident should not be allowed to cloud a very important relationship."
Reacting to a slew of steps taken by India to pare down the privileges of American diplomats in New Delhi in a retaliatory measure, Harf insisted that the US had acted "appropriately" and instead asked New Delhi to meet its diplomatic obligations.
Earlier during the day, Khobragade was put through strip and cavity searches, procedures normally used for criminals.
According to reports, the State Department spokesperson Marie Harf said, "We understand that this is a sensitive issue for many in India. Accordingly, we are looking into the intake procedures surrounding this arrest to ensure that all appropriate procedures were followed and every opportunity for courtesy was extended."
Harf added, "An isolated incident should not be allowed to cloud a very important relationship."
Reacting to a slew of steps taken by India to pare down the privileges of American diplomats in New Delhi in a retaliatory measure, Harf insisted that the US had acted "appropriately" and instead asked New Delhi to meet its diplomatic obligations.
Earlier during the day, Khobragade was put through strip and cavity searches, procedures normally used for criminals.
The 39-year-old deputy Consul General in New York, after being arrested and handcuffed in public while dropping her daughter to school on Thursday, was detained with sex workers and drug addicts, sources said.
"As a diplomat, she is entitled to certain courtesies. Let alone the courtesies, she was subjected to strip and cavity searches like an ordinary criminal," a source said.
The US said it is reviewing the circumstances surrounding the arrest to ensure that all appropriate procedures were followed and every opportunity for courtesy was extended, adding this "isolated" episode is not indicative of the close and mutually respectful ties the two countries share.
When asked about the matter, US State Department deputy spokesperson Marie Harf did not deny that the diplomat was made to go through the searches but maintained "standard procedures" were followed during her arrest.
Evading a direct answer to questions on whether Khobragade was strip searched and confined with drug addicts after her detention, Harf said, "Diplomatic Security, which is under the State Department purview, followed standard procedures during her arrest."
However, she referred allegations regarding the inhuman treatment of Khobragade to US Marshalls, saying the diplomat was handed over to them by the Diplomatic Security.
"Our Diplomatic Security folks followed our standard procedures, which I'm assuming are standard for diplomats because that's who our Diplomatic Security deals with.
"We understand that this is a sensitive issue for many in India. Accordingly, we are looking into the intake procedures surrounding this arrest to ensure that all appropriate procedures were followed and every opportunity for courtesy was extended," she said in a statement, hours after India took a series of steps in retaliation of Khobragade's arrest.
"While this is a law enforcement issue and will need to be worked through standard procedures and official law enforcement channels, we will continue to work this issue with India in the spirit of partnership and cooperation that marks our broad bilateral relationship," Harf said as the US went into a damage control mode following the unexpected tough stand taken by India and the political leadership from both the parties.
The 1999-batch IFS officer was released on a USD 250,000 bond after pleading not guilty in court.
In New Delhi, India reacted sharply to the arrest and strip search of Khobragade and initiated several steps to downgrade privileges enjoyed by American diplomats and their families, including withdrawing of airport passes and stopping import clearances for the US Embassy. India also asked all US Consulate personnel and their families to turn in their ID cards immediately which will "now be downgraded on par with with what the US provides to our Consulates", sources said.
During her daily news conference, Harf said under the Vienna Convention on Consular Relations, the Indian Deputy Consul General enjoys immunity from the jurisdiction of US courts only for acts performed in the exercise of consular functions.
"There's different kinds of immunity.?This isn't just in the US; it's all around the world. So in this case, she fell under that specific kind of immunity, and would be liable to arrest pending trial pursuant a felony arrest warrant.
India earlier summoned US Ambassador to New Delhi Nancy Powell and issued a demarche over the arrest of Khobragade. National Security Adviser Shivshankar Menon described the incident as "despicable and barbaric".
His strong comments came as Indian leaders, including Congress Vice President Rahul Gandhi and Home Minister Sushilkumar Shinde, refused to meet a US Congressional delegation as a mark of protest over the treatment meted out to the diplomat.
Yesterday, Lok Sabha Speaker Meira Kumar and Menon had cancelled their meetings with the US delegation.
US authorities alleged that Khobragade made "false statements" in the visa application of an Indian national employed as a babysitter and housekeeper at her home in New York.
"As a diplomat, she is entitled to certain courtesies. Let alone the courtesies, she was subjected to strip and cavity searches like an ordinary criminal," a source said.
The US said it is reviewing the circumstances surrounding the arrest to ensure that all appropriate procedures were followed and every opportunity for courtesy was extended, adding this "isolated" episode is not indicative of the close and mutually respectful ties the two countries share.
When asked about the matter, US State Department deputy spokesperson Marie Harf did not deny that the diplomat was made to go through the searches but maintained "standard procedures" were followed during her arrest.
Evading a direct answer to questions on whether Khobragade was strip searched and confined with drug addicts after her detention, Harf said, "Diplomatic Security, which is under the State Department purview, followed standard procedures during her arrest."
However, she referred allegations regarding the inhuman treatment of Khobragade to US Marshalls, saying the diplomat was handed over to them by the Diplomatic Security.
"Our Diplomatic Security folks followed our standard procedures, which I'm assuming are standard for diplomats because that's who our Diplomatic Security deals with.
"We understand that this is a sensitive issue for many in India. Accordingly, we are looking into the intake procedures surrounding this arrest to ensure that all appropriate procedures were followed and every opportunity for courtesy was extended," she said in a statement, hours after India took a series of steps in retaliation of Khobragade's arrest.
"While this is a law enforcement issue and will need to be worked through standard procedures and official law enforcement channels, we will continue to work this issue with India in the spirit of partnership and cooperation that marks our broad bilateral relationship," Harf said as the US went into a damage control mode following the unexpected tough stand taken by India and the political leadership from both the parties.
The 1999-batch IFS officer was released on a USD 250,000 bond after pleading not guilty in court.
In New Delhi, India reacted sharply to the arrest and strip search of Khobragade and initiated several steps to downgrade privileges enjoyed by American diplomats and their families, including withdrawing of airport passes and stopping import clearances for the US Embassy. India also asked all US Consulate personnel and their families to turn in their ID cards immediately which will "now be downgraded on par with with what the US provides to our Consulates", sources said.
During her daily news conference, Harf said under the Vienna Convention on Consular Relations, the Indian Deputy Consul General enjoys immunity from the jurisdiction of US courts only for acts performed in the exercise of consular functions.
"There's different kinds of immunity.?This isn't just in the US; it's all around the world. So in this case, she fell under that specific kind of immunity, and would be liable to arrest pending trial pursuant a felony arrest warrant.
India earlier summoned US Ambassador to New Delhi Nancy Powell and issued a demarche over the arrest of Khobragade. National Security Adviser Shivshankar Menon described the incident as "despicable and barbaric".
His strong comments came as Indian leaders, including Congress Vice President Rahul Gandhi and Home Minister Sushilkumar Shinde, refused to meet a US Congressional delegation as a mark of protest over the treatment meted out to the diplomat.
Yesterday, Lok Sabha Speaker Meira Kumar and Menon had cancelled their meetings with the US delegation.
US authorities alleged that Khobragade made "false statements" in the visa application of an Indian national employed as a babysitter and housekeeper at her home in New York.
Wednesday, September 26, 2012
Most Corrupt Politicians
While everyone has been animatedly supportingAnna Hazare's fight against corruption, people seem to have forgotten who the people are who actually led to this situation.
The peak of irony was when Anna was, allegedly, lodged in the same jail that housed the people who were responsible for two of the biggest scams in the country ever. How must the authorities have felt when they saw Raja and Kalmadi fill their plates while Anna was on a fast because of their misdeeds?
Corruption has become an unavoidable part of politics and every now and then, one or the other politician re-affirms this fact.
Here is our pick of the 10 most corrupt politicians of India.
Suresh Kalmadi
Suresh Kalmadi, almost single handedly caused a loss of hundreds of crores of rupees to the country. The Commonwealth Games, organized by Kalmadi was no less than a loot with numerous reports of the magnum opus event being soaked in corruption making headlines way before the Games had even started. Apparently, out of Rs. 70000 crores spent on the Games, only half of the amount was actually spent. Owing to his involvement in the scam, Kalmadi was charged with corruption and sent to Tihar jail.
A. Raja
A scam worth Rs. 176,000 crore had former Union Cabinet Minister for Communications and Information Technology, Andimuthu Raja at the centre. A. Raja as he is generally called, was the prime accused in the 2G spectrum scam, which was the largest that the country had seen in a long time. Following the shocking exposure, Raja was indicted and forced to resign. Presently, he is too has been lodged at the Tihar jail and is awaiting his trial.
Mayawati
Mayawati has always been criticized for ostentatious display of power in her state. She has allegedly used her status as chief minister to amass large amounts of personal wealth. She was charged with corruption when the Taj Heritage Corridor Case was uncovered. Mayawati's birthdays have always been media events, where she usually appears decked in diamond jewellery and also accepts public donations for which, she often comes under fire. Her assets are worth millions of dollars and in the year 2007-08, she had paid an income tax of Rs. 26 crores, which placed her amongst the top 20 taxpayers of the year.
Lalu Prasad Yadav
The fact that Lalu Prasad Yadav has been an accused in 63-odd cases serves for the fact that Lalu stands as one of the strongest competitor in the list. The biggest scam that rocked Lalu's political career was the fodder scam which involved the embezzlement of Rs. 950 crore approximately. The accusation of nepotism against him has come up time and again but hardly any action has been taken against him owing to his 'connections' in the government.
Madhu Koda
Former Jharkand Chief Minister, and only the third independent legislator to assume the office of chief minister in India, Madhu Koda was responsible for a scam worth over Rs. 4000 crore. The man exploited the state's natural resources by licensing illegal mining leases and stashing away the wealth amassed during the undertaking. Furthermore, the Maoists received a 30% share of the booty. Koda was arrested on charges of money laundering and is still in prison following the rejection of numerous bail applications.
Mulayam Singh Yadav
Mulayam Singh Yadav is also known as one of the most corrupt ministers in the country despite not being directly involved in any major scams. Apart from his name being involved in appointments of tainted officers and mishandling of his power as chief minister, Mulayam Singh had one major allegation levelled against him– accumulation of disproportionate assets. The case drew limelight on his sons and daughter-in-law as they too were holders of the assests that amounted to crores of rupees.
Karunanidhi
The corruptions charges against M. Karunanidhi are so many that he is often referred to as the king or emperor of corruption. He was accused of lending support to the LTTE and was indicted for abetting the LTTE in the interim report which oversaw the investigation into Rajiv Gandhi's assassination.
Karunanidhi reportedly institutionalized corruption in the South. He was a leading player in the cash for votes scams that are common in the southern region, as well as notorious foe extreme nepotism shown under his rule. Not so surprising, is the fact that the main accused in the 2G scam, A, Raja, considers him to be his mentor.
Sharad Pawar
Very few people can miss the cosy relationship that Sharad Pawar shares with power and money.Every now and then, Pawar draws flak for alleged investments made by him and his family in various illegal projects. He was named by Abdul Karim Telgi, during a narcoanalysis test, stating that it was Pawar's brainchild to print fake stamp papers across the country and mint money. He was also accused in a multi-crore scam involving wheat imports and institutions headed by him and his close associates were served notices by the Bombay High Court for showing favoritism to his family.
Jayalalithaa
The Chief Minister of Tamil Nadu has a staggering 46 corruption cases against her. Amongst the various scams were the Rs. 70 million coal import scam, Tansi land deal case, case of disproportionate assets and colour TV case, amongst many others. A raid in her residence and business establishments led to the seizure of some 28 kg of jewellery (worth Rs 51 crore), 91 wrist-watches, 41 air-conditioners, 10,500 sarees, 750 pairs of footwears, etc. She along with her former cabinet colleagues and senior bureaucrats who worked with her are still facing investigation with regard to corruption.
Kerala Chief Minister Oommen Chandy faces corruption charges
Thiruvananthapuram: Kerala Chief minister Oommen Chandy is facing the heat of corruption charge against him for a Rs. 256 crore pollution control project that resulted in loss to the government. Opposition Left Democratic Front has moved an adjournment motion in the Assembly.
The Left alleged that Chandy went out of his way to implement Rs. 256-crore pollution control project in state-run Travancore Titanium Products Ltd in 2005 that allegedly caused a loss of Rs. 62 crore to the exchequer.
The Opposition's main weapon: Three letters written by Mr Chandy as Chief Minister in 2005 to the head of the Supreme Court-appointed pollution monitoring panel.
The Left alleged that Chandy went out of his way to implement Rs. 256-crore pollution control project in state-run Travancore Titanium Products Ltd in 2005 that allegedly caused a loss of Rs. 62 crore to the exchequer.
The Opposition's main weapon: Three letters written by Mr Chandy as Chief Minister in 2005 to the head of the Supreme Court-appointed pollution monitoring panel.
Delhi CM slapped with Rs 3,000 fine by HC
Chief minister Sheila Dikshit was on Friday slapped with a fine of Rs 3,000 by the Delhi high court for failing to file a reply in a defamation suit filed by her against BJP leader Vijender Gupta.
Justice Kailash Gambhir imposed the fine as Dikshit’s counsel sought adjournment of the case
Justice Kailash Gambhir imposed the fine as Dikshit’s counsel sought adjournment of the case
saying they needed more time to file the reply to Gupta’s contention questioning the high court’s power to hear her defamation suit against him.
Giving last opportunity to Dikshit’s counsel, justice Kailash Gambhir posted the matter for March 15.
Gupta’s counsel Ajay Digpaul opposed Dikshi’s plea saying for the last four hearings, her counsel had only sought adjournment without filing the reply to Gupta’s plea challenging her defamation suit against him on the ground that it was “not maintainable” in the high court.
The chief minister has filed the suit against Gupta for allegedly erecting hoardings across the city accusing her government of corruption in determination of new power tariff and conniving with the private discoms.
Dikshit has demanded a token Re 1 as damages in her suit. She has alleged that the BJP under Gupta’s leadership erected hoardings in June 2010, which said her government had “openly looted thousands of crores of rupees”.
The suit says Gupta got hoardings put up, accusing Delhi Congress government of misrepresenting facts before the people of Delhi on power tariff.
The advertisements also claimed that the Delhi Electricity Regulatory Commission (DERC) was going to recommend reduction in power tariff, but the “chief minister came in the way”.
Dikshit moved court after Gupta refused to tender a “public apology for the slander” as demanded by her. Gupta had maintained that he would reply in court and is represented by counsel Aman Lekhi.
As per the allegations, the hoardings were erected at Pusa Road, Karol Bagh, Shankar Road, Hari Nagar, Jhandewalan, Delhi Gate, Rani Jhansi Road, Najafgarh Road, Rajendra Nagar Road, New Rohtak Road, Filmistan and Subzi Mandi.
UPA govt is corrupt: Mamata Banerjee
"It is stable [but] of the corruption, by the corruption, for the corruption," said Banerjee in an interview to CNN IBN channel aired on Wednesday.
She called the FDI (Foreign Direct Investment) in retail as "FDIgate" likening it to another corrupt move of the UPA fuelled by money power.
She money power, muscle power and mafia power are the strengths of the UPA.
Mamata said she is self sufficient to contest the elections in West Bengal, when asked if the Congress decision in the state to walk out of her government would harm her.
She slammed the UPA on FDI decision.
"No one had consulted me on FDI," she said, rubbishing reports that there was an effort to consult her before the FDI in retail was pushed.
She said she rather had requested Sonia Gandhi to save the alliance but ruling out any support to the Congress on FDI.
On future support to Congress after elections, she said she cannot say it at the moment but "I am fed up with them."
"I cannot give my individual opinion. I have to consult my party," she told the channel on future alliance with Congress, not ruling it out completely.
But Banerjee slammed the Congress on the issues of corruption and anti-people decisions.
Mamata, the biggest in ally Prime Minister Manmohan Singh’s government, walked out of the ruling coalition on Sept 18 over the string of long-awaited economic reforms announced last week.
She said that since the government was not rolling back the moves on diesel, LPG and FDI, widely considered as critical to revive India’s economy but criticised by others as detrimental, TMC was withdrawing its support.
PM Singh, criticized for running a government of policy paralysis, announced the big bang reforms and so far has decided to stay on course with his policies.
She called the FDI (Foreign Direct Investment) in retail as "FDIgate" likening it to another corrupt move of the UPA fuelled by money power.
She money power, muscle power and mafia power are the strengths of the UPA.
Mamata said she is self sufficient to contest the elections in West Bengal, when asked if the Congress decision in the state to walk out of her government would harm her.
She slammed the UPA on FDI decision.
"No one had consulted me on FDI," she said, rubbishing reports that there was an effort to consult her before the FDI in retail was pushed.
She said she rather had requested Sonia Gandhi to save the alliance but ruling out any support to the Congress on FDI.
On future support to Congress after elections, she said she cannot say it at the moment but "I am fed up with them."
"I cannot give my individual opinion. I have to consult my party," she told the channel on future alliance with Congress, not ruling it out completely.
But Banerjee slammed the Congress on the issues of corruption and anti-people decisions.
Mamata, the biggest in ally Prime Minister Manmohan Singh’s government, walked out of the ruling coalition on Sept 18 over the string of long-awaited economic reforms announced last week.
She said that since the government was not rolling back the moves on diesel, LPG and FDI, widely considered as critical to revive India’s economy but criticised by others as detrimental, TMC was withdrawing its support.
PM Singh, criticized for running a government of policy paralysis, announced the big bang reforms and so far has decided to stay on course with his policies.
Arvind Kejriwal demands sacking of NCP minister Tatkare
Published: Wednesday, Sep 26, 2012, 20:56 IST | Updated: Wednesday, Sep 26, 2012, 20:57 IST
Place: Mumbai | Agency: PTI
Place: Mumbai | Agency: PTI
Appealing Maharashtra Chief Minister Prithviraj Chavan to accept the resignation of Deputy Chief Minister Ajit Pawar, anti-corruption activist Arvind Kejriwal on Wednesday also demanded sacking of state Water Resource Minister Sunil Tatkare.
He also said that India Against Corruption would take to the streets if Vijay Pandhare, Chief Engineer in state irrigation department, who blew whistle on the alleged irrigation scam, was harassed.
"Chavan is going through a test at the moment. He is facing a lot of pressure. The question is will he succumb to pressure and save his government by not accepting Ajit Pawar's resignation, or will he accept the resignation and pass the test," Kejriwal said, addressing a press conference here.
"His (Pawar's) resignation should be accepted, even if the Chief Minister is facing pressure from (Congress) High Command (not to accept it).
"Even Tatkare should be asked to resign as his name has surfaced in the irrigation scam," said Kejriwal, the former Team Anna member. Both Pawar and Tatkare belong to NCP.
Kejriwal also said that resigning was not equivalent to undergoing a punishment. "They are exerting pressure by submitting resignations...they are blackmailing the people in the country. Resignation is not a punishment," he said.
Kejriwal alleged that both CBI and state Anti-Corruption Bureau (ACB) were controlled by the government.
"Scams take place but nobody goes to jail. Instead they are granted bail. Even in this current scam of Rs 70,000 crore, who will investigate? Both CBI and ACB are in the hands of the government."
In a surprise move, Deputy Chief Minister Ajit Pawar resigned yesterday following media reports of his alleged involvement in a scam when he headed the irrigation ministry between 1999 and 2009.
Kejriwal said a special investigation team headed by retired Supreme Court/ High Court judge should probe the scam.
About Pandhare, the whistle-blower officer, he said, "Pandhare has done a good job for the country. He exposed this big scam. We are with him."
Pandhare had written to Governor K Sankaranarayanan and Chief Minister Prithviraj Chavan, drawing attention to the poor quality of irrigation projects, inflated budgets and irregularities in purchase of materials.
"India Against Corruption (IAC) members will take to the streets if Pandhare is harassed," said Kejriwal.
"Lokayukta in Maharashtra does not have much teeth," he said. "Does the Lokayukta have powers to probe criminal matters? It has no powers and resources. The Maharashtra Lokayukta is an independent sh---------
When Head is Mad , Body Will Act Like Mad, When Corrupt Is Head , Corrupt Will Be The Body
News one speaks PRIME MINISTER OF THE country , MR Manmohan Singh is Fraud
News Two says delhi chief minister . Mrs Shieila Dikshit is involved in CWG scam and case Is being willingly delayed
News Three Coal Minister is trapped in coal scam and Mumbai Court rejects his plea
CVC is of doubtful integrity and can be questioned for his role in coal scam
After team anna movement and ramdeo's relentless cry against black money , at least some people have become courageous to speak spade a spade
congrats to those who speak boldly against fraud COMMITTED by top ranked officials and ministers
KOLKATA: Comparing the UPA government with the one run by Margaret Thatcher in Britain, CPI MPGurudas Dasgupta today criticised Prime MinisterManmohan Singh alleging that he perpetrated 'fraud' on the nation by allowing FDI in retail.
Mining fraud case: Bombay high court
News Two says delhi chief minister . Mrs Shieila Dikshit is involved in CWG scam and case Is being willingly delayed
News Three Coal Minister is trapped in coal scam and Mumbai Court rejects his plea
CVC is of doubtful integrity and can be questioned for his role in coal scam
After team anna movement and ramdeo's relentless cry against black money , at least some people have become courageous to speak spade a spade
congrats to those who speak boldly against fraud COMMITTED by top ranked officials and ministers
Manmohan Singh perpetrating fraud on country, says Gurudas Dasgupta
KOLKATA: Comparing the UPA government with the one run by Margaret Thatcher in Britain, CPI MPGurudas Dasgupta today criticised Prime MinisterManmohan Singh alleging that he perpetrated 'fraud' on the nation by allowing FDI in retail.
"I am sorry to say this, but the PM is playing fraud on the country," Dasgupta, the AITUC General Secretary, told reporters here.
The Lok Sabha MP questioned what provoked the Prime Minister to defend his economic policies in a televised address to the nation recently.
"The address is made by the PM on August 15 each year or when there is any external aggression against the country. But he used it to ask people to accept FDI and hike in diesel prices," Dasgupta said.
"After a long time a rightist government has taken over the country. By increasing the prices of petrol, diesel, LPG and allowing FDI in retail, they have passed the burden of economic slowdown and inflation to the common man. This is just like the Thatcher government," he said.
Stating that even New York and Washington have not allowed FDI in retail so that local businessman could survive, he said that the PM owed an explanation to the nation on how the reforms would help India's growth.
"In Western countries these reforms were introduced 20 years ago. Now they are facing second recession in the last three years," Dasgupta said.
On the opposition by BJP against FDI in retail, he said, "Congress and BJP are made for each other when it comes to economic policies."
Stating that the economic crisis was much more deep than what the government was claiming it to be, he said the Centre was ending subsidies in the power sector and also preparing a law to acquire land forcibly.
To protest these policies, trade unions including AITUC, CITU, INTUC, BMS and HMS would stage a countrywide satyagraha on December 18-19.
A nationwide two-day strike would also be called from February 20 next year.
On the resignation of Trinamool Congress ministers, he said, "We welcome the step. There are differences between us. But their stand on FDI in retail and hike in diesel prices will strengthen the opposition," he said
Cops asked to work with CBI in CWG case against Sheila
New Delhi, Thu Sep 27 2012, 00:30 hrs Indian Express
Delhi Police had told court that CBI was handling all cases related to CWG.
Irked by the delay in receiving a “proper” status report in a complaint levelling corruption charges against Chief Minister Sheila Dikshit and others in connection with the 2010 Commonwealth Games, a court has told the Delhi Police to coordinate with the CBI and file a status report by October 30.
Additional Chief Metropolitan Magistrate Manish Yaduvanshi on Wednesday directed Economic Offences Wing (EOW) and the Deputy Commissioner of Police K K Vyas to coordinate with the CBI on filing a status report into the complaint of RTI activist Vivek Garg.
Garg, in his complaint, had levelled corruption charges against Dikshit, PWD Minister Raj Kumar Chauhan and former CWG OC chairman Suresh Kalmadi.
In an order on August 31, the court had asked the police to file a status report in the matter, after the Delhi Police informed it that the EOW had referred the complaint to the CBI in December last year.
Vyas and the Additional DCP (EOW) appeared in court on Wednesday with “proper reports” as sought by the court.
The court had also sought query-wise reply on whether the complaint disclosed any cognizable offence and, if so, what action has been taken on it.
The court had also asked if the complainant had been informed about the reason for not taking any action on the complaint.
The EOW told the court that all investigation in the case had been done by the CBI and it was not possible for the Delhi Police to file a report without receiving the necessary information from the CBI.
“The complaint had not been inquired into by EOW and all complaints had been transferred to the CBI at the initial stage itself as allegations related to Commonwealth Games were being looked into/investigated by the CBI,” the DCP told the court on Wednesday.
“It was thought proper to transfer these complaints to the CBI for further necessary action to avoid investigation by various agencies into the same issue,” he said.
http://www.indianexpress.com/news/cops-asked-to-work-with-cbi-in-cwg-case-against-sheila/1008372/0
Mining fraud case: Bombay high court
throws out Jayaswal's plea
Saturday, June 30, 2012
Bank Should Not Extend any Service Free of Charge
Free electronic fund transfer not viable, says Chakrabarty
MUMBAI, JUNE 28:
The Reserve Bank of India’s Deputy Governor, Dr K.C. Chakrabarty, has ruled out the possibility of providing e-transactions free of cost given the viability issues.
Earlier this month, the Finance Ministry had asked the banking regulator to work out a framework under which funds could be transferred electronically free of charge from one account to the other.
“Anything (product and services) that is offered free of charges can never be scaled up…It cannot be commercially viable and viability is the key,” Dr Chakrabarty said at a Banking Tech summit organised by the Confederation of Indian Industry here on Thursday.. He added that with greater use of technology the cost of transactions come down and customers should bear just the incremental cost.
At present, banks charge between Rs 5 and Rs 55 for electronic transfer of funds up to Rs 1 lakh from an account of one bank to another through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).
CUSTOMER IS THE KEY
According to Dr Chakrabarty, there is no standardisation amongst banks even with regard to account numbers and customers have to learn, unlearn and re-learn banking operations with each bank.
Dr Chakrabarty called for greater customer focus by providing suitable cost-effective technology and efficient multi-channel delivery model; standardisation of systems, customised products and services to reach out to small and marginalised customers; efficient business models that are viable but not exploitative; data integrity with cost and speed; comprehensive MIS and increased information literacy for everyone while also making the quality of information better.
On a lighter note, he said, “Innovation is about providing risk-free returns but technology today has collapsed and is providing return free risks.”
Amid some criticism levelled upon the RBI, Dr Chakrabarty observed that, “There is a thin line of demarcation between what can be called an ‘innovation’ and a ‘violation’. Our purpose is to stop the latter.” He further said it was the RBI’s job to reduce negative outcomes of technology and innovation while retaining the benefits.
‘I do not go to an ATM’
The RBI Deputy Governor, Dr K.C. Chakrabarty, brought the house down saying that he never used ATMs after hearing the number of complaints made by customers.
While the ATM machine was one of the greatest innovations in the last 50 years in terms of technology products, it did have drawbacks. “It facilitates faster dispensation of cash provided the transaction is successful. Though there have been 98 per cent successful ATM transactions, there have been no failed transactions at a branch. So where is the evolution?” he exclaimed.
“The problem faced by the aam aadmi today is ‘terrorisation of ATMs’. Some (ATM machines) will swallow your cards, some require only swiping; some require keys and some do not, some provide cash on the tray while some do not, and some do not return money…,” he quipped.
Govt asks RBI to work on making electronic fund transfers free
PTI New Delhi Last Updated: June 13, 2012 | 17:06 IST
The government has asked the Reserve Bank of India (RBI) to work out a framework under which funds could be transferredelectronically free of charge from one account to the other.
The suggestion was made by Finance Minister Pranab Mukherjee in his address at a meeting with chief executives of the public sector banks, which among others, was also attended by RBI Deputy Governor K C Chakrabarty.
At present, banks charge between Rs 5 to Rs 55 for electronic transfer of funds from account of one bank to another through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).
"I would also urge upon Reserve Bank of India (RBI) to proactively work on this front and to see that all electronic banking transactions should be possible without any charges being levied," Mukherjee said.
Cost free electronic transaction would encourage customers to use this medium for inter-bank as well as intra-bank fund transfer across the country.
SPECIAL: How to best manage your savings
The move would also help reduce cash movement and cash transaction, a senior official of a public sector bank said.
For outward transactions under RTGS mechanism, banks charge Rs 30 for electronic transfer of Rs 2 lakh to Rs 5 lakh and Rs 55 for amounts above Rs 5 lakh.
On the other hand, under NEFT the charges range between Rs 5 and Rs 25.
Citing example of Oriental Bank of Commerce, which has waived all charges for electronic transactions up to Rs 1 lakh, Mukherjee had said, "I am confident that all the public sector banks would follow this excellent initiative."
The suggestion was made by Finance Minister Pranab Mukherjee in his address at a meeting with chief executives of the public sector banks, which among others, was also attended by RBI Deputy Governor K C Chakrabarty.
At present, banks charge between Rs 5 to Rs 55 for electronic transfer of funds from account of one bank to another through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).
"I would also urge upon Reserve Bank of India (RBI) to proactively work on this front and to see that all electronic banking transactions should be possible without any charges being levied," Mukherjee said.
Cost free electronic transaction would encourage customers to use this medium for inter-bank as well as intra-bank fund transfer across the country.
SPECIAL: How to best manage your savings
The move would also help reduce cash movement and cash transaction, a senior official of a public sector bank said.
For outward transactions under RTGS mechanism, banks charge Rs 30 for electronic transfer of Rs 2 lakh to Rs 5 lakh and Rs 55 for amounts above Rs 5 lakh.
On the other hand, under NEFT the charges range between Rs 5 and Rs 25.
Citing example of Oriental Bank of Commerce, which has waived all charges for electronic transactions up to Rs 1 lakh, Mukherjee had said, "I am confident that all the public sector banks would follow this excellent initiative."
Friday, June 29, 2012
Financial System Stability Report
Financial system risk rising: RBI
Stress tests show banking crisis unlikely; deteriorating asset quality is the most critical concern
Risks to the Indian financial system have increased over the past six months, the Reserve Bank of India (RBI) said in its fifth Financial Stability Report released on Friday. It said, however, that stress tests showed a banking crisis was unlikely.
While the financial system “remains robust”, there are threats to financial stability from issues such as the global sovereign debt crisis as well as domestic issues such as the growing fiscal deficit, the widening current account deficit, and structurally high food inflation. Falling global oil prices and the prospects of a good monsoon are positives.
While the call on the monsoon may be a bit premature, the message in RBI’s report is one that has been aired with increasing consistency in recent times: India’s financial institutions look solid, but its macroeconomy doesn’t.
Indeed, RBI governor D. Subbarao said the report “is being released against a backdrop of worrisome global and domestic macroeconomic developments” and added that “despite some negative indicators, particularly on asset quality, the Indian financial sector has remained sound and resilient.
Banks continue to be well capitalized with leverage at healthy levels”.
Stress tests that measure the ability of domestic banks to withstand economic shocks show that while asset quality may deteriorate under extreme conditions—including economic growth at 3.5% by March 2013, inflation at 12.2%, and a fiscal deficit of 7.9% of gross domestic product—the capital held by Indian banks will still be above the regulatory minimum. The stress tests essentially suggest that India is not likely to see a domestic banking crisis even if economic conditions deteriorate sharply.
RBI sounded a note of caution on the risks to the financial system because of the rapid growth in algorithmic high-frequency trading. “There have been many instances of extreme volatility and disruptions witnessed in Indian stock markets, resulting from various causes which can be directly or indirectly attributed to the increasing use of algorithmic high-frequency trading,” the central bank said. However, it pointed out that these types of trades accounted for only 17% and 11% of the cash market turnover on the National Stock Exchange (NSE) and BSE, respectively, which is relatively modest compared to developed markets in the US and Europe.
India’s stock market regulator, the Securities and Exchange Board of India (Sebi), too, has raised concerns over such trading. On 20 April, futures contracts of the Nifty, the 50-share index of NSE, crashed about 300 points in a few seconds, after an algorithmic trade without any specified sell price got triggered. NSE later said it was investigating the matter and will submit a report to the markets regulator.
The RBI report said risk that the failure of a large bank could ripple through all parts of the financial system has increased because of greater interconnections between diverse financial intermediaries such as banks, insurance companies and mutual funds. The largest net lenders in the system were the insurance companies and asset management companies, while the banks were the largest borrowers.
“The random failure of a bank which has large borrowings from the insurance and mutual funds segments of the financial system may have significant implications for the entire system,” the report said.
Risks arising from relationships or transactions between banks are also on the rise. The RBI analysis showed that the maximum potential loss to the banking system due to the failure of the “most connected” bank has risen during 2011.
“These trends would need to be carefully monitored, through rigorous microprudential supervision of the ‘more connected’ banks,” the central bank said.
“The concerns raised by the Reserve Bank are important, particularly with regard to the interconnectedness between financial institutions and worsening asset quality,” said Gaurav Kapur, India economist at Royal Bank of Scotland NV (RBS).
“RBI has been cautious in assessing the rising dependency between systemically important financial institutions in India in the aftermath of the 2008 global financial crisis. In times of stress, this can have adverse impacts on the system in the form of severe liquidity pressure,” Kapur said.
However, stress is rising in the banking system owing to bad asset quality as well as the lack of liquidity.
Not only have Indian banks been borrowing an average of close to Rs.1 trillion in the last few days, indicating a lack of domestic liquidity, but overseas liquidity is also constrained as European banks are tightening their pursestrings, making availability of money a problem.
However, the most critical worry right now in the banking system continues to be the deteriorating asset quality.
“An increase in slippage ratios, a rise in the quantum of restructured assets, and a high rate of growth in non-performing assets (NPAs) relative to credit growth implied that the concerns on asset quality of banks remain elevated,” the report noted.
S. Raman, chairman, Canara Bank, said, “The bad debt problem is a nagging issue, but banks do restructuring keeping in view the future cash flow of companies. In that sense, even if bad debts pile up for now, we are hopeful that they will be made good given that Indian companies are largely domestic demand driven.”
The gross NPA ratio for scheduled commercial banks rose to 2.9% end March against 2.4% a year ago. The growth in NPAs continued to outpace credit growth by a wide margin. While NPAs grew 43.9% in the year to March, credit growth was only 16.3%, according to the report.
The divergence in the growth rates has widened recently, which could put further pressure on asset quality in the near term.
The slippage ratio, or fresh bad debt accretion, increased to 2.1% at the end of March from 1.6% in March 2011 and 1.9% in September 2011.
Power, especially state electricity boards, and airlines were stressed sectors posing a threat to banks’ asset quality. Banks’ exposure to the power sector was close to Rs.5 trillion at the end of March, RBI said. Nearly three quarters of the more than Rs.1 trillion of exposure to the airline sector was either impaired or restructured, it said.
“The central bank is clearly concerned with the fact that the quality of assets of Indian banks may not be in good shape,” Madan Sabnavis, chief economist at CARE Ratings. “This, if not checked, could develop into a major concern for the overall stability of the banking system. In a way, RBI is cautioning the banks as it doesn’t expect the economy to do well in the near term.”
Rating agency Crisil Ltd has estimated that restructured loans in the banking system may cross Rs.2 trillion by the end of this fiscal year. Bad debts in the banking system crossed Rs.1 trillion in September. RBI officials have repeatedly warned about the risk of asset quality deterioration.
Bad loan concerns have been stoked by economic uncertainty in the euro zone resulting from the continent’s debt crisis, slumping demand for Indian goods overseas, and companies putting off investments in new projects amid slowing economic growth.
Morgan Stanley said on Wednesday after a meeting with the management of State Bank of India (SBI), the nation’s largest lender, that the bank’s “asset quality pressures will intensify” in the fiscal year ending 31 March 2013, while the “flow of bad loans will be lumpy”.
SBI reported a fall in its bad debt in the quarter ended 31 March. The bank’s gross NPAs had peaked at Rs.40,098 crore at the end of December, but fell in the following three months to Rs.39676crores or 4.4% of assets
Banks are also getting increasingly dependent on high-cost deposits to make good their shortfall in retail deposits.
The deleveraging by European banks is having some impact on the cost of borrowing of Indian firms and banks.
“The problem in Europe is a bad news for the Indian banking system only to the extent that the European banks will not subscribe to bond issuances of Indian banks,” said Raman of Canara Bank. “They are major buyers of our bonds and the shrinkage in their balance sheet spells trouble for our overseas funding requirement.”
The RBI report said any change in India’s external rating could have “cliff effects”, impacting both the availability and the cost of foreign currency borrowing for Indian banks and firms.
The effect will not have any impact on domestic credit availability even as specialized types of financing such as structured long-term finance, project finance and trade finance could be impacted, the central bank said.
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