Regulations
Government does not intend curbing RBI powers: Official
A day before the Reserve Bank of India's scheduled monetary policy review, the government on Monday clarified it was not trying to curtail the central bank's powers on this issue.
 
"We are in discussion with RBI Governor Raghuram Rajan on the form and manner of the monetary policy committee," Finance Secretary Rajiv Mehrishi told reporters here.
 
Noting out that the draft Indian Financial Code (IFC) is still under the government's consideration, he said it was incorrect to conclude on the basis of the draft bill that the government was trying to curtail the RBI's autonomy.
 
"The government's views will be revealed at the time of presentation of the draft Indian Financial Code Bill," he said.
 
The draft IFC, circulated last month as a discussion paper, proposes to remove the RBI governor's veto right in the monetary policy committee.
 
Besides taking away the RBI governor's authority to veto interest rate decisions, the draft also proposed that the monetary policy committee would have four representatives of the government and only three from the central bank, including the RBI "chairperson".
 
American research firm Moody's Analytics, in a report on Thursday, warned against the NDA government's moves to tamper with the autonomy of the Reserve Bank of India in deciding on interest rates, as being potentially damaging for the economy.
 
In the original draft, the RBI "chairperson" had power to "supersede the decision" of the committee in "exceptional and unusual circumstances".
 
Finance Minister Arun Jaitley last week said the government will decide on the draft IFC only after comments from stakeholders.
 
"Financial Sector Legislative Reforms Commission has made its recommendations, which have been made public for comments. Only after the comments are received that the government will take a view," he said.
 
Minister of State for Finance Jayant Sinha also told reporters here on last week that the government will consult the RBI before taking a decision on the formation of the monetary policy committee.
 
Jaitley, in his February budget, had announced a monetary policy committee pact earlier with the RBI that will reduce the governor's power to act alone.
 
However in May, Jaitley backtracked, withdrawing from the Finance Bill the clauses pertaining to setting up of a public debt management agency (PDMA) and the amendments to the RBI Act that would have taken away its powers to regulate government securities.
 
The United Forum of Reserve Bank Officers Employees had earlier written to MPs and various chief ministers that the changes, if implemented, would cripple the functions of the central bank. It said the proposed changes would curtail the authority of the RBI and render it totally ineffective in discharging its responsibilities on monetary policy, financial stability and targeting inflation.

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COMMENTS

Meenal Mamdani

2 years ago

Again, as in the land bill, Modi govt had taken on more than it could handle. The BJP govt should realize that it has lost the trust of the people, political and ordinary citizens, with its poorly thought out policies. Now the govt will have to assure the stakeholders that it is not doing the bidding of a few industrialists but is working for the country at large. What a shame that the goodwill is being squandered by the current govt.

Aircel-Maxis deal: Fresh summons to four accused
A court here on Monday issued fresh summons to four accused including Malaysian businessman T.A Ananda Krishnan in the Aircel-Maxis deal case.
 
Central Bureau of Investigation Special Judge O.P. Saini issued fresh summons to Krishnan, Augustus Ralph Marshall and two accused firms, Maxis Communications Berhad of Malaysia and Astro All Asia Networks, for December 7.
 
The order came after the probe agency informed it that Malaysian authorities were not cooperating in the service of summons against the accused in the case.
 
The CBI said the Indian High Commission and ministry of home affairs have tried thrice to get the summons served to Krishnan, Marshall and accused firms but did not get any positive response from them and requested the court to issue fresh summons to the accused.
 
Former communications minister Dayanidhi Maran, his brother Kalanithi Maran and authorised representative of accused firm Chennai-based Sun Direct TV were present in the court during the hearing.
 
The court also listed the bail application of Maran brothers and their application challenging the jurisdiction of the special 2G court to try the Aircel-Maxis deal case in which they have been summoned as accused along with others for the same date.
 
The agency has alleged that Dayanidhi Maran used his influence to help Krishnan buy Aircel by coercing its owner Sivasankaran to part with his stake.
 
It was alleged by Sivasankaran that Dayanidhi Maran favoured the Maxis Group in the takeover of his company. In return, he further alleged, the company made investments through Astro Network in a company stated to be owned by the Maran family.

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Porn ban takes Twitterati by storm
The government's decision to clamp down on porn sites across the country has not gone down well with Twitterati, with the ban becoming a top talking trend on Monday.
 
People took to the micro-blogging site to sarcastically suggest the Narendra Modi government about the things it should ban in the coming days. #NextBanIDea, the hashtag used by people, was a top trend till 6 p.m.
 
"They will control what u watch, what u eat, whom u should love or get married, what u should wear... #NextBanIdea - Ban life," @saurabh009 tweeted.
 
"Ban all those relatives who want you married when you're single and divorced when you're married. #NextBanIdea," @thakurain tweeted.
 
"Govt should make a committee which decides what to ban next and it should ban itself. Problem solved. #NextBanIdea," @bakwasradio said.
 
"Aunties that say "kitna badaa ho gaya hai!" to you. #NextBanIdea," @pranavsapra tweeted.
 
"#NextBanIdea modi's foreign trip, n speeches," @spandey2004 said.
 
People were unhappy after the government banned porn sites across the country. 

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COMMENTS

Laxmi Lobo

2 years ago

Banning a few porn site, especially the revenge porn, child porn and extremely violent hardly makes it a blanket ban. So making out as if give has banned porn is ludicrous.

REPLY

TIHARwale

In Reply to Laxmi Lobo 2 years ago

Having tasted success with beef ban Govt wanted Pork ban but our semi literate sarkari babus under stood it as Porn and banned it

Ralph Rau

2 years ago

Can someone please tell the government theres something called a VPN.

REPLY

Anand Vaidya

In Reply to Ralph Rau 2 years ago

Ralph, VPNs are usually provided by employers and it is a violation of terms of employment to watch porn on that facility.

I know one can also subscribe to VPN services but many of them ban (ToS) such behaviour too. Isn't it?

Anand Vaidya

2 years ago

I fully support the ban on such sites.

Do watch Why I stopped watching porn: Ran Gavrieli at TEDxJaffa 2013 ( http://www.youtube.com/watch?v=gRJ_QfP2m... )

Those who argue for not banning should answer this first: Why is Marijuana or hard drugs banned?

Why can't we buy sleeping pills freely?

Why are guns/weapons not allowed freely like in the USA?

REPLY

Anand Vaidya

In Reply to Anand Vaidya 2 years ago

We all know how "grown up mature" adults should be allowed freedom to choose but how they actually behave right?

Just drive on any Indian roads.

Or see how families are being ruined by alcohol...

or how girls/women are harassed

YOGESH GAUTAM

2 years ago

very good decision to ban porn

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