Citizens' Issues
Economic crime affects every 4th Indian firm, bulk by staff: PwC study
Mumbai : Economic crimes continue to remain a serious concern in India, with more than one out of every four organisations getting impacted by it, even as 61 percent of them are committed by employees themselves, says a PricewaterhouseCoopers (PwC) study.
 
Giving an India perspective of the findings emerging from the "PwC Global Economic Crime Survey 2016", the global consultancy said asset misappropriation was the most common type of economic crime, followed by procurement fraud and bribery and corruption.
 
The survey reflects the pervasiveness of the problem in the country, it said.
 
Giving some more interesting facts, the survey said in 43 percent of the cases, a mid-level employee is the main perpetrator of a crime in India against 35 percent globally. Then, 61 percent are in the 31-40 age group -- higher than the global average of 42 percent.
 
"Organisations can no longer afford to be in a reactive mode when it comes to economic crimes. Companies need to adapt their risk assessments and control frameworks fast enough to prevent such crimes," said Dinesh Anand, partner and leader for forensic services.
 
He said it was also encouraging to see an increasing aspiration among Indian businesses to move beyond statutory compliance and into the domain of self-regulation with many companies no longer wanting it to be a "tick in the box" exercise.
 
"The true cost of economic crime to the Indian economy is difficult to estimate, especially considering that actual financial loss is often only a small component of the fallout from a serious incident. The reputation cost of such crimes is often much higher," Anand added.
 
The survey, the global consultancy said, was conducted online with 6,337 respondents from 115 countries -- 45 percent of the respondents being at board levels and 30 percent serving as heads of departments or business units.
 
Other key findings:
 
- A fraudster generally is a highly-educated male, 31-40 years old, at junior-to-mid level.
 
- 56 percent of Indian respondents perceived increased risk of cybercrime.
 
- 16 percent organisations experienced cybercrime in the past two years.
 
- Only 45 percent of organisations have fully trained first responders on cybercrimes.
 
- 88 percent of organisations in India have a formal ethics and compliance programme.
 
- 56 percent of organisations witnessed an increase in their spend on compliance.
 
- 94 percent of respondents said their organisations had a clear code of conduct.
 
- 15 percent said their leaders did not walk the talk on code of conduct.
 
- 24 percent said communication and training was unclear.
 
- 19 percent feared retaliation for reporting a violation.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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T.N. Ninan to get Mumbai Press Club's lifetime achievement award
Mumbai : Veteran journalist T.N. Ninan, the chairman and editorial director of the Business Standard Group, has been selected for this year's RedInk Award for Lifetime Achievement in Journalism by the Mumbai Press Club, it was announced on Friday.
 
The coveted RedInk Journalist of The Year shall be given to NDTV India's senior executive editor Ravish Kumar.
 
The awards, part of the RedInk Awards for Excellence in Journalism, will be presented at a function here on April 26 to be attended by Maharashtra Governor C.V. Rao and union Power and Coal Minister Piyush Goyal.
 
Ninan has been recognised for his "extensive contribution to business journalism through good editorial leadership" he provided over the years to a host of publications.
 
"In the face of challenging business conditions, he managed to revive and stabilize the Business Standard Group as an institution with high editorial standards," said a Press Club statement.
 
Kumar has been recognized for his "consistent and down to earth reporting on politics and issues that concern the common man", it added.
 
Besides these two flagship awards, the RedInk Awards for Excellence in Journalism will be given away in 10 other categories for meritorious work in print, television and digital formats including politics, crime, health, business, environment, human rights, science and innovations, entertainment and lifestyle, sports and photography.
 
This year's award jury for various categories comprised former Bombay High Court judge, Justice B. N. Srikrishna, SBI chairperson Arundhati Bhattacharya, and journalists Sudheendra Kulkarni, Shobha De and Harsha Bhogle.
 
This year the theme was 'To Rise Above It All' for which around 1,500 entries and nominations were received, nearly double of 2015.
 
Some of the past recipients of the RedInk lifetime honours include the late Vinod Mehta, Kuldip Nayar, N. Ram, Mrinal Pande and Prannoy Roy.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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MSRDC spends Rs119 crore on maintenance, while MEP collects toll
Over the past 17 years, MSRDC spent money on maintenance of 31 flyovers in and around Mumbai. However, since 2010-11, MEP Infrastructure is collecting toll at five Mumbai entry points and thus should have done the maintenance, says an RTI activist
 
The Maharashtra State Road Development Corp (MSRDC) has spent Rs119.44 crore on maintaining 31 flyovers, which was the responsibility of private toll collecting agency, reveals a reply received under the Right to Information (RTI) Act.
 
As per the information received by RTI activist Anil Galgali, in the past 17 years, MSRDC has spent Rs119.44 crore on maintenance of the roads and flyovers. However, since 2010-11, MEP Infrastructure Pvt Ltd was awarded the toll collection contract for just Rs2,242.35 crore and thus the responsibility for maintenance rest with this private contractor, Galgali says.
 
Till, 2010-11, the MSRDC itself was collecting toll from five entry points in Mumbai. During FY1999-2000, it collected Rs28.35 crore, FY2000-01 Rs56.57 crore, FY2001-02 Rs65.12 crore, FY2002-03 Rs476.84 crore and so on. The year before the contract was allotted to MEP Infrastructure, the state-run Corporation earned Rs231.39 crore from toll in FY2009-10, the RTI reply reveals.
 
The MSRDC has spent Rs1,058.34 crore for building 31 flyovers in and around Mumbai.
 
However, Galgali, says, he did not get any information on toll collected over the past five years from the five entry points in Mumbai since MEP took over the job. "There are many flyovers, which were constructed prior to 2000 at the cost of the state exchequer, for which too toll is being collected. In addition, private entities like MEP Infrastructure are being given opportunities to earn huge profits, which is very surprising. At one end, the state government is talking of closing down all the toll booths, but there is no proposal to close these five toll nakas as specified by the MSRDC," he said.
 
Last year, following directions from the Maharashtra State Chief Information Commissioner (SCIC), nearly 10,000 pages have been uploaded on the websites of Public Works Department (PWD) and MSRDC comprising toll contracts, as well as, toll collections of 16 projects of MSRDC and 42 projects of PWD. Strangely, the toll collection of Pune-Mumbai Expressway and five Mumbai entry points were not uploaded.
 
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