The union minister is reported to have said at a public meeting on Sunday that the Lokpal Bill would not help to give education, medical services to people
New Delhi: Anna Hazare, who is leading a vociferous campaign against corruption in the country, today suggested that Kapil Sibal, union minister for human resources development, should resign from the joint committee to draft the Lokpal Bill if he believes that nothing will come out of it.
He was reacting to a reported statement by Mr Sibal about the Lokpal institution. "If Mr Sibal feels that nothing will happen due to the Lokpal Bill, then he should resign from the joint committee as soon as possible. Why is he wasting his and our time? He should do other things for the country. Why does he want to be in the committee. If you believe that nothing will happen, you should not be there in the joint committee, he should resign and do some other work," he told journalists before he left for his hometown in Maharashtra, PTI reports.
Mr Sibal is reported to have said at a public meeting on Sunday, "I ask this question, if a poor child does not have any means for education, then how will Lokpal Bill help? If a poor man needs help for medical services, then he will call up a politician. How will Lokpal Bill help."
Told about Mr Hazare's response suggesting that he should step out of the joint committee, Mr Sibal told journalists today that he was with the Gandhian and that he wanted the Bill to be drafted as early as possible and that it should be effective in tackling corruption everywhere. Clarifying his previous remarks, Mr Sibal said what he meant was that "the scope of the Bill is different. The problems of the common man are different."
"I said that if you want to educate children, then this has no connection to Lokpal. If there is no convenience of water ... Lokpal is only connected to corruption and we will bring a good bill that will stop corruption," Mr Sibal said. He said they would sit with Mr Hazare and bring out a bill so that the objective would be realised.
Mr Hazare also took exception to Janata Dal (S) leader HD Kumaraswamy's reported statement that "if Mahatma Gandhi was alive today, he would have either fallen prey to corruption or would have shunned politics itself".
"If our leaders are talking like this, how are you going to root out corruption," the 73-year-old activist, who is spearheading the agitation on the Lokpal Bill, said.
Activist Kiran Bedi said Mr Sibal should not waste the time of other committee members if he had no faith in its efforts. "Then it is better for him to withdraw from the committee," she said.
Activist Arvind Kejriwal said Mr Sibal should not have made "sweeping" statements on the Lokpal and that this would lead to doubts about the "seriousness" of the government in creating the legislation. "If you are not getting ration due to corruption, then you can get relief from this Lokpal. If you are not getting admission in a school, you can get some relief. But if there is no school, then Lokpal will not help you. It is a different domain and government has to do it," Mr Kejriwal said. He said the legislation would be only to tackle corruption.
Questioning the sincerity and seriousness of the government on the matter, Mr Kejriwal said, "Obstacles were put, even in small issues like issuing a notification to set up the joint drafting committee. Now how many obstacles they will put during the committee meetings, we don't know. May be many more protests will be needed," Mr Kejriwal said.
ULIPs-which are hybrid insurance products in which a portion of the investor's premium is invested in equity-became a subject of controversy after market regulator SEBI in April last year banned private life insurance companies from issuing such schemes
New Delhi: Amid a row between the Securities and Exchange board of India (SEBI) and insurance regulator Insurance Regulatory and Development Authority of India (IRDA) over control of unit linked products, the Unit Linked Insurance Plan (ULIP) business declined by 15% during 2010-11, reports PTI.
"The proportion of sale of ULIP products has certainly come down. When compared to last year, ULIP business has gone down by about 15%," IRDA chairman J Hari Narayan told reporters on the sidelines of FICCI National Conference on Insurance.
ULIPs-which are hybrid insurance products in which a portion of the investor's premium is invested in equity-became a subject of controversy after market regulator SEBI in April last year banned private life insurance companies from issuing such schemes. Soon after, IRDA issued an order asking insurers to ignore SEBI order.
After the government directed that IRDA would have jurisdiction over ULIPs, the insurance regulator came out with new guidelines for such equity-linked products in September last year.
ULIPs, which used to be around 60% of life insurers business prior to the guidelines, saw a decline as agents shifted focus to traditional products.
As per the new IRDA guidelines, the commission paid to distributors and expenses charged by insurers will no longer be front-loaded and will be distributed over the lock-in period of the schemes, which has been raised to five years from three years earlier.
Though the new rules will benefit policyholders, reduce the first-year agent commission and help in curbing rampant mis-selling, insurance firms will be required to underwrite more losses, infuse more capital and cut costs to sustain ULIP sales.
Furthermore, IRDA has fixed the floor on guaranteed returns from ULIP pension plans at 4.5%, which will greatly benefit policyholders saving up for retirement.
Along with these changes, the regulator has fixed stringent minimum disclosure guidelines for insurers.
Under the new disclosure norms, agents cannot take policyholders for a ride, as they can now see the financial position of the company over the website and do not need to depend on agents, said an industry expert.
The life insurance industry has grown eight-fold in the past decade-from a total premium income of Rs34,892 crore in 2000-01 to about Rs3 trillion in 2010-11. Over Rs1 lakh crore of total premium is estimated to have come from ULIPs in 2010-11.
CRISIL has appointed Gabriel David as its global head of business development and marketing for its global research and analytics business
CRISIL announced the appointment of Gabriel David as its global head of business development and marketing for its global research and analytics business.
CRISIL's Global Research and Analytics (CRISIL GRA) business is the leading provider of high-end research and analytics to the world's largest financial institutions and leading global corporations.
Operating from seven research centres around the world, CRISIL GRA serves 11 of the top 15 global investment banks and 30 Fortune 500 companies, across a range of industries.
CRISIL's senior director, global research and analytics business, GV Mani, said in a statement, "With an experience of over three decades in global financial services, I am confident that Gabriel will be able to position CRISIL GRA more strongly amongst leading global financial institutions and international corporations and will help the business gear-up for the next level of growth. This appointment reflects the growing demand for our services worldwide and also our commitment to building stronger relationships with our customers.
David is globally acknowledged as an authority on risk management and has been an external adviser to senior bank executives and central banks and regulators in the G-20 countries in information technology and business process operations, risk management, credit risk management, Basel II, Solvency II and EU/Capital Adequacy Directive III compliance.