The Central Vigilance Commission has also expressed its concern over the delay in appointing chief vigilance officers in various key organisations
The Central Vigilance Commission (CVC) has reconstituted its advisory board on bank, commercial and financial frauds, reports PTI.
The six-member board will be headed by former chief vigilance commissioner Janki Ballabh.
Vittaldas Leeladhar, ex-deputy governor, RBI; Ravi Kamal Bhargava, IAS (retired); R Srikumar, IPS (retired); Mukand Chitale, chartered accountant and V Santhanaraman, ex-executive director, Bank of Baroda, will be the members of the board for a period of two years, according to the Commission’s performance report for February this year.
The tenure of the previous Board ended in 2009.
The Commission also expressed its concern over continuing delay in filling the post of chief vigilance officers (CVOs) in Delhi Transport Corporation and other key organisations.
The CVC is deeply concerned over continuing delays in filling the post of CVOs in organisations like Delhi Transport Corporation, Hindustan Shipyard Ltd, Power Grid Corporation India Ltd, Steel Authority of India Ltd and State Trading Corporation, the report said. “The government is being regularly reminded,” the report said.
The CVC disposed of 545 cases related to alleged corruption and effected recoveries to the tune of Rs19 crore in different ministries and government-run departments.
The Commission imposed a major penalty on 76 officers besides advising prosecution against nine officers—five from the ministry of personnel, PG and pensions and one each from the Central Board of Direct Taxes, Oil and Natural Gas Corporation, Government of NCT of Delhi and the railway ministry.
The CVC has also advised imposition of major penalty in 170 cases—47 in the railway ministry, 20 from the Municipal Corporation of Delhi, 16 from Bharat Petroleum Corporation Ltd and 10 from Bharat Coking Coal Ltd among others, the report said.
In a bid to drop prices in the domestic market, an export duty may also be imposed
The government may soon withdraw the 4% incentive on cotton yarn exports aimed at cooling its prices in the domestic market.
“The 4% duty benefit to yarn exporters under the duty drawback scheme is likely to be withdrawn soon,” a source told PTI, adding that the government was also considering to impose export duty on cotton yarn.
On 21st April, another export sop on yarn known as the Duty Entitlement Pass Book (DEPB) scheme was withdrawn.
Besides, yarn exporters have been asked to register their dispatches with the textile commissioner. Exporters can avail incentives either under the DEPB or the duty drawback scheme.
With cotton and yarn prices moving upwards, textiles minister Dayanidhi Maran is understood to have met finance minister Pranab Mukherjee on 21st April.
On 6th April, an inter-ministerial meeting chaired by the finance minister had discussed ways to check cotton and yarn prices.
Cotton yarn prices have jumped by over 30% in the past three months.
Unexpected increase in US crude & product stocks weighed down markets
Oil prices were mixed in Asian trade today as sagging demand in the United States, the world’s largest energy-consuming nation, limited the market’s gains, analysts said, reports PTI.
New York’s main contract, light sweet crude for delivery in June, was up five cents to $83.75 a barrel. Brent North Sea crude for June fell two cents to $85.65.
The market was weighed down by a report on Wednesday from the US Department of Energy (DoE) which showed an unexpected increase in crude and product stocks, analysts said.
The rise indicates weaker demand as the world’s biggest economy struggles to recover from its worst economic downturn since the 1930s.
“It does put some doubt on the fact that the market won’t move back into balance,” said Ben Westmore, minerals and energy economist for the National Australia Bank in Melbourne.
“It’s arguable whether (oil above $80 a barrel) is really justified given the very weak fundamentals,” he added.
The DoE announced on Wednesday that US crude reserves increased 1.9 million barrels in the week ending 16th April. This was against market expectations of a drop of 200,000 barrels.
Gasoline or petrol stockpiles also soared 3.6 million barrels, exceeding forecasts of a small gain of 300,000 barrels.
Distillates, which include diesel and heating fuel, rose 2.1 million barrels whereas analysts had expected an increase of 900,000 barrels.