“We have always been mindful of growth concerns, contrary to popular perceptions,” RBI governor D Subbarao said adding “in fact, in our December statement we said that growth is a serious concern. So I think the balance between growth and inflation will shift in 2012”
New Delhi: Concerned over the declining growth, Reserve Bank of India (RBI) governor D Subbarao has indicated that the central bank could reverse the tight monetary stance adopted by it since March 2010 to tame inflation, reports PTI.
“From here on we could expect reversal of monetary tightening,” Mr Subbarao told BBC in an interview.
The RBI governor, however, added it was “difficult to say when that will take place and in what shape it will roll out”.
The central bank is scheduled to announce the monetary policy review on 24th January.
RBI has hiked key interest rate 13 times since March 2010 in its bid to check rising inflation, but it took a pause in its December monetary policy review.
Moderation in inflation witnessed in November-December has raised the hopes that RBI may start reducing key interest rate in its forthcoming credit policies.
Headline inflation dropped to 9.1% in November from 9.73% in the previous month, while as per the data food inflation has declined to 0.42%.
Mr Subbarao said that although inflation still remained a risk, the RBI was aware that it needed to boost growth amid an uncertain global economic environment.
“We have always been mindful of growth concerns, contrary to popular perceptions,” Mr Subbarao said adding “in fact, in our December statement we said that growth is a serious concern.
So I think the balance between growth and inflation will shift in 2012”.
While the high interest rate has helped in moderating inflation, the high cost of credit has taken its toll on the economic growth. The GDP slowed to 6.9% in the second quarter of 2011-12 from 7.7% in the previous quarter.
Forensic analysis of computers, laptops, hard disks and CDs seized from Speak Asia officials and associates would help revealing money and member trail of the MLM network
The Economic Offences Wings (EOW) of Mumbai Police, in continuation with its investigation into the multi crore Speak Asia scam, is scientifically analysing the company’s computers, hard disks, laptops and other material seized, to build a strong case against the multi-level marketing (MLM) company.
According to the sources close to the investigation, all the material such as computers, laptops, CDs, hard disks, seized during the arrest of the various officials and associates of Speak Asia, has been sent to the forensic laboratory for a scientific analysis. Though, the officer refused to name the laboratory, but said that the process is underway and would soon provide more clues.
“Since the data from the seized material would be analysed by experts, it would easier to understand the technicalities and hence it would help in investigation. Information related to Speak Asia members, employees, the money it collected from its panellists may also be revealed,” said the sources.
Computer forensics is examination of digital media in a forensically sound manner with the aim of identifying, preserving, recovering, analyzing and presenting facts and opinions about the information. It has been used in a number of high profile cases and is becoming widely accepted as reliable within court systems in several countries.
Speak Asia duped around 23 lakh investors to the tune of Rs2,000 crore. It promises a weekly income, merely on filling online survey forms. Initially the company paid the money to its panellists but stopped all the payments since May 2010. After complaints were lodged against the company, it came under the scrutiny of EOW, Mumbai.
Subsequently the investigating agency arrested Speak Asia’a chief operating officer (COO), Tarak Bajaypee and along with few other employees. Later, on 30th September, EOW arrested Speak Asia’s financial consultant Sanjeev Dandona and Nayan Khandor, a Mumbai-based Web designer responsible for designing e-surveys. It was revealed that the survey, which the company used to send to its panellist were designed in Mumbai itself and not in Singapore as claimed by Speak Asia.
Earlier Moneylife reported that EOW was investigating the money trail of Speak Asia as almost half of the money collected by the company Asia was transferred to Singapore, while the rest may still be in India. (http://www.moneylife.in/article/speak-asia-where-is-the-money/20601.html)
Currently, Manoj Kumar, the chief executive officer of the company, is absconding.
According to a news report, while it is being investigated in India, Speak Asia has been suspected to have resurfaced in Brazil under the new name “Mister Colibri”, which has a business model similar to Speak Asia and also lists Manoj Kumar as its largest investor.
The Supreme Court on Monday agreed to hear the bail petitions of A Raja’s former private secretary RK Chandolia and former telecom secretary Siddharth Behura, accused in the second generation (2G) spectrum case, and issued a notice to the CBI on their pleas
New Delhi: The Supreme Court on Monday agreed to hear the bail petitions of A Raja’s former private secretary RK Chandolia and former telecom secretary Siddharth Behura, accused in the second generation (2G) spectrum case, and issued a notice to the Central Bureau of Investigation (CBI) on their pleas, reports PTI.
A bench headed by justice GS Singhvi also extended the interim stay on the Delhi High Court’s order which had put on hold the bail granted to Mr Chandolia by the trial court.
With Monday’s order Mr Chandolia, who was granted bail by the trial court, will remain out of jail till the next date of hearing.
Out of the 14 accused persons, 12 have already been granted bail and only the prime accused, former telecom minister A Raja and Mr Behura are left behind the bars.
The bench had agreed to examine Mr Chandolia’s plea against the high court’s suo motu decision to stay the grant of bail to him by the special court on 1 December 2011 and was released from Tihar Jail the same day.
Mr Chandolia had moved the apex court, challenging the high court order saying its decision of staying the bail was “unwarranted and erroneous”.
Mr Behura had approached the apex court challenging the 16 December 2011 order of the high court denying him bail on the ground that he was the ‘perpetrator’ of the illegal design of Mr Raja and cannot claim benefit of parity with 10 others released on bail.
The high court bench of justice VK Shali had taken suo motu cognisance of news reports on grant of bail to Mr Chandolia and suspended it, saying the stay would be operative if he was not already out of jail.
The high court had said Mr Chandolia’s release would have an ‘impact’ on Mr Behura’s bail plea, on which the verdict was reserved. Later on, Mr Behura was denied bail by the high court.
The apex court had on 7 December 2011 put on hold the high court’s suo moto decision of staying grant of bail to Mr Chandolia.
Denying bail to Mr Behura, who was arrested along with Mr Raja on 2nd February last year, the high court had said, “One thing, which emerges from their (witnesses) statements, is very clear that the petitioner (Mr Behura) has been a perpetrator of illegal design of Mr Raja and, therefore, his role was distinguishable from 10 accused who have been granted bail and were beneficiary of that illegal act.”
It had said Mr Behura cannot claim benefit of parity with others “merely without any application of mind by the court” as he being a public servant was required to act differently.
The nature of evidence against Mr Behura was “very serious” and if offences were proved, it would entail life term under section 409 (criminal breach of trust) of the Indian Penal Code (IPC), it had said.
The high court had said that if Mr Raja can be said as the kingpin of the case then Mr Behura and Mr Chandolia (ex-aide of Mr Raja) acted as a ‘propeller’ in committing the offence.
It had also said that public servants Mr Raja, Mr Behura and Mr Chandolia conspired and acted to grant benefits to telecom companies.