Companies & Sectors
EGoM asks DoT to prepare set of reserve price and government revenue

DoT has been asked to prepare a matrix of various levels of reserve price and spectrum usage charge at every Rs1,000 crore difference in descending order and the impact that would have on tariffs for end-consumer


New Delhi: The Empowered Group of Ministers (EGoM) on Wednesday asked the Department of Telecom (DoT) to prepare a matrix of reserve price of spectrum auction and its impact on tariffs and revenue to the government, reports PTI.
 
According to sources, DoT has been asked to prepare a matrix of various levels of reserve price and spectrum usage charge at every Rs1,000 crore difference in descending order and the impact that would have on tariffs for end-consumer and the revenue accrued to the government.
 
The same is to be presented to the EGoM in its next meeting, scheduled for 20th July.
 
Sectoral regulator Telecom Regulatory Authority of India (TRAI) had recommended a minimum price of over Rs3,622 crore for auction of a single unit of spectrum amounting to over Rs18,000 crore for a pan-Indian operations in case of a new entrant.
 
The reconstituted EGoM, under Home Minister P Chidambaram, is also believed to have pushed the decision on staggered payment option for telecom operators.
 
On roll-out obligations, the EGoM cleared the proposal making it mandatory for operators, who will receive spectrum through auction, to cover 10% of Block Headquarters in three years, 20% in four years and 30% in five years.
 
For old operators, roll-out obligations would remain as per their licencing conditions, but the new clause will apply on them if they win spectrum in auction, sources said.

User

HC asks pollution board to cut off power of errant electroplating units

The HC asked Maharashtra Pollution Control Board to cut electric supply of electroplating units which flout pollution norms  


Mumbai: In a crackdown on errant electroplating units, the Bombay High Court has directed officials of the Maharashtra Pollution Control Board (MPCB) and electric supply companies to visit the respective units which flout pollution norms and disconnect power supply, reports PTI.
 
"It goes without saying that once the electricity supply is disconnected, same cannot be restored without specific order of the authorised officer of the MPCB, in writing, to the concerned electricity company," observed Chief Justice Mohit Shah and Justice Nitin Jamdar in a recent order.
 
Hearing a petition filed by Solomon Mordecai, the court had earlier allowed electric supply companies such as Tata Power, Reliance Energy and BEST to be joined as party respondents to ensure that the closure notices issued by MPCB are complied with by discontinuing power supply to such errant electroplating units.
 
Assistant government pleader JJ Saluja submitted that the representations made so far by the Association of electroplating units were for regularisation in the present site and not for relocating to an alternate place.
 
Counsel for the association said it would make another representation with a request for allotment of land for relocating the defaulting electroplating units.
 
The court, however, said such a representation be made within two weeks.

User

COMMENTS

Rajkumar Singh

4 years ago

Instead of the court asking the pollution board to cut the electric supply to errant electroplating units, why did the court not issue an order or direct the power supplier to cut it?

Because, they want to remain in their business and play with the sentiments and sufferings of the affected people, and keep piling up the cases for unending process?

Rajkumar Singh

4 years ago

Instead of the court asking the pollution board to cut the electric supply to errant electroplating units, why did the court not issue an order or direct the power supplier to cut it?

Because, they want to remain in their business and play with the sentiments and sufferings of the affected people, and keep piling up the cases for unending process?

India staff of HSBC under scanner in the US probe

Deficiencies were found in the quality of the work done by HSBC's 'offshore reviewers in India', who were used for clearing a major backlog of suspected transaction alerts at the bank


Washington: HSBC's staff in India have come under the scanner for deficiencies in their role as 'offshore reviewers' of the global banking giant's compliance to safety mechanism against money laundering and terrorist financing, reports PTI.
 
A probe by the US Senate's Permanent Subcommittee on Investigations found that HSBC's Anti-Money Laundering (AML) Compliance Department, which included employees in India, was highly inadequately staffed.
 
Besides, deficiencies were found in the quality of the work done by HSBC's 'offshore reviewers in India', who were used for clearing a major backlog of suspected transaction alerts at the bank.
 
More than one-third of the alerts already resolved by the Indian reviewers and others 'had to be re-done' after an independent assessment by the OCC (the US Office of the Comptroller of the Currency, which is the bank's primary federal regulator in the country).
 
The probe further found that an OCC visit to India in 2007 had revealed "Weak Monitoring Procedures" in the bank's internal control systems.
 
At a hearing before the Senate Subcommittee on the matter here yesterday, HSBC apologised for its mistakes and gave its "absolute commitment" to fix the problems.
 
The 340-page investigation report, which was released yesterday, found HSBC to have used its US bank (HSBC US Bank or HBUS) as a gateway into the US financial system to provide US dollar services to clients while "playing fast and loose with US banking rules," Senator Carl Levin, the Chairman of the subcommittee, said.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)