Citizens' Issues
Modi cautions people on mobile, internet frauds
 Prime Minister Narendra Modi on Sunday cautioned citizens against falling victim to frauds perpetrated through the use of mobile phones and internet.
"People receive tempting offers of gift prizes and other swindling schemes over their mobile phones or via internet," Modi said in his monthly 'Mann Ki Baat' address over the radio, referring to reports of a women committing suicide after being duped in this manner.
"These are new ways thrown up by technology to loot the public. I know of a retired person with a daughter to marry off and a home to build, who received such a gift offer from abroad, asking that he first deposit Rs 2 lakh in a bank as customs duty for receiving the item," he said.
"A new way of digital crime is where criminals falsely get your bank, credit card details and soon find their accounts emptied of money. People should become aware and not fall into the trap of such tempting offers," the Prime Minister added.
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.



Petrol cut by Rs 1.42 a litre, diesel by Rs 2.01
Amid the recent fluctuation in global oil prices, state-run Indian Oil Corp (IOC) cut the price of transport fuels on Sunday effective from midnight, of petrol by Rs 1.42 a litre and of diesel by Rs 2.01, both at Delhi, with corresponding decrease in other states.
Making its previous fortnightly revision in fuel prices on July 16, IOC had cut petrol by Rs 2.25 a litre and diesel by Rs 42 paise, both at Delhi.
Petrol per litre from Monday will cost Rs 61.09 in Delhi, Rs 64.97 in Kolkata, Rs 65.70 in Mumbai and Rs 60.65 in Chennai.
Similarly, diesel will cost Rs 52.27 in Delhi, Rs 54.57 in Kolkata, Rs 57.47 in Mumbai and Rs 53.73 in Chennai.
The Indian basket of crude oils closed trade on Thursday at $40.81 a barrel, lower than $41.63 on previous day, as per official data.
Meanwhile, parliament was informed earlier this week that nine excise duty hikes over a span of few months helped the government almost triple its excise earnings from petrol and diesel to about Rs 70,000 crore during 2015-16.
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.





3 months ago

I have not yet read the book of Dr Subba Rao. I thought I should at least read your write up on the book before I offer my comments. I must at the outset confess that as I had retired almost 15 years ago from RBI and with changes having taken place during this period, my critical observations may not be valid. However, on the basis of the general trend in the country, even if things have changed they might have changed only for the worse! You have been quite critical of Dr Subba rao in so far as the exercise of the RBI's role of regulation and supervision of banks and customer service for middle class. In the exercise of its regulatory and supervision function over banks, NBFCs etc, it has not been effective since it does not have the required freedom and autonomy. The interference of Government in these matters prevents the effective functioning by the RBI. One can argue that the bank is also responsible for allowing its autonomy and independence to be eroded and that perhaps it was only too willing to assume a role subordinate to that of the Government. One wonders whether any Governor would be allowed to follow his own course. It would, therefore, be fair to point out the failings of the RBI in these areas only when it has been granted autonomy in law and the Governor is appointed for a period of 5 years( if not six years) and given the constitutional protection granted to CEC, C&AG, judges of the Supreme court. In the matter of NPAs of banks , the following measures may help:
1. Public sector banks have to fix accountability at various levels for the follow up and timely measures for recovery of loans. Officials are found to have failed to act promptly would have to be punished after following the procedures for disciplinary action.
2. RBI would have to be tough in acting on their inspection findings and ensuring corrective action promptly.
3. The talk of exempting the Public sector bank officials from the scrutiny of CVC, CBI etc should be given up since there has been a lot of corruption in the grant of loans and insistence on conditions subject tow which the loans were granted .
3. RBI would have to be extraordinarily tough in punishing officials of banks for violations of its rules/regulations. RBI has been too soft and the banks are not at all scared of the RBI. Banks which have been guilty of non-compliance with KYC norms etc have been allowed to escape with a paltry amount by way of fine. Officials have to be dismissed from service for wrong doings and the fear of the RBI ( if not of God!) has to be created.
As regards the Central board of the RBI is concerned, one does not know as to what useful function is performed by it.Independent members in the Board function in the manner in which independent members generally function in the banks, companies etc! In

the past, some members have been allowed to continue much beyond their term. The

Central Board just complies with the statutory requirement in the RBI Act!

India receives normal rainfall

Industry and farmers can heave a sigh of relief as India has received rainfall in line with the long period average (LPA) during the period 1 June to 27 July 2016. The month of July has witnessed an overall monsoon surplus up to 8% up to now. There is cheer for the East and Northeast as they received heavy rainfall in the last week. This has led to a reduction in the cumulative rainfall deficit to 12% from 17% one week back in this region. The India Meteorological Department (IMD) has continued with the prediction of ‘above normal’ monsoon at 106% of benchmark Long Term Average (LPA). 

In the week up to now, around 30% of the country’s area has got excess rainfall, 50% received normal’ rainfall, while 20% received deficient rainfall. Coming to individual states, major deficit was seen in Gujarat, which has received rainfall which is 50% lesser than long period average (LPA). Kerala, Himachal Pradesh, Odisha, Jharkhand and parts of the North-east also saw deficient rainfall. Deficient rainfall has been defined as rainfall which is 90% less than long term average. Nearly all the districts in Maharashtra have received either excess rains or normal rains. 
Good rainfall in the first two weeks of July aided a pick-up in kharif sowing, with the area sown up by 3.3% year-on-year (y-o-y) as on 22 July as against a 5.9% decline by 8 July. According to a Religare report, a record 9 million hectares were cultivated for kharif pulses by 22 July, which is significantly 39.4% higher as compared to the previous year. The area sown for cereal and oilseeds too rose marginally by 1.7% and 4.3% y-o-y respectively. 
Coming to water reservoirs, the Religare report further stated that the levels increased drastically to 38% of the total storage capacity as on 28 July from merely 15.2% in June-end. However, the overall storage position is less than the average storage of the last ten years during the corresponding period. Also, it is less than the corresponding period in the last year. The water levels in Central India are significantly higher as compared to the long term average. However, the water reservoir levels in both North and South India are far lesser as compared to their 10-year average.


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