According to the RBI Governor it will take at least eight-nine months to issue the first new bank licence if the Act is amended in the Winter Session of the Parliament
Ramesh said India is unique country in the world where 70% of the health expenditure is private expenditure and in many parts of the country public health system simply does not exist
New Delhi: Union Rural Development Minister Jairam Ramesh on Friday said public health system in the country had 'collapsed', noting that even poorer countries like Bangladesh and Kenya have superior health indicators, reports PTI.
In a candid assessment of the country's health sector, Ramesh also said 70% of the health expenditure is met from private sources, making it a "unique" country. This was the "single most important" reason for indebtedness in rural areas, he added.
"Today the single most important reason for rural area indebtedness is expenditure on health. We all know that the health system in India has collapsed. India is unique country in the world where 70% of the health expenditure is private expenditure," he said at the Hindustan Times leadership summit.
In many part of India, he said, public health system simply does not exist.
Ramesh also noted that countries all over the world are debating the issue of increasing public spending on health to improve the social indices. The outspoken minister wanted states to make a fundamental commitment for creating elected institutions and institutions of participation, noting that such measures has helped states which have abided by this commitment.
In this regard, he noted that in large parts of India where elected representatives are strong or participating institutions are strong, they have better social outputs.
He said the secret of success of Bangladesh and Kenya who have superior infant mortality rates and sanitation facilities are due to empowerment of women. "They have been able to deliver than richer country like India".
Asserting that health would remain his top priority, Ramesh said improvement in hygiene and sanitation has led to improvement in infant mortality rates.
He emphasised that the state cannot abdicate its role in poverty alleviation.
The minister also noted that degradation of the environment contributed to poverty.
During the last 25-30 years, with accelerated economic growth and the pressure that economic growth has brought to bear on our natural resources, it has created this "new animal of ecological poverty that we have to now address," said Ramesh, a former Environment Minister.
SEC said Gupta should be ordered to pay a maximum civil penalty of $15 million and barred from serving as director of any publicly-traded firm for his 'terrible breach of trust' by indulging in insider trading
New York: The US government has asked a court in New York to slap a maximum penalty of $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading, reports PTI.
Weeks after the former Goldman Sachs Director was handed down a two-year jail term and fined $five million by US District Judge Jed Rakoff, the US Securities and Exchange Commission (SEC) said he should be ordered to pay a maximum civil penalty of $15 million, which would be thrice the $5 million in gains and losses avoided as a result of his "illegal conduct."
Gupta, 63, who is set to begin his prison term in January, has filed an appeal against his conviction in the US Court of Appeals for the Second Circuit.
According to the Notice of Appeal filed by his lawyer Gary Naftalis in US District Court Southern District of New York, Gupta's "appeal concerns conviction only."
Apart from the criminal case filed against him by Manhattan's India-born federal prosecutor Preet Bharara, Gupta faces charges filed by the SEC of "abusing his position of trust" and passing confidential information about Goldman Sachs and Proctor and Gamble to now-jailed hedge fund founder Raj Rajaratnam.
"The court should impose the maximum three-time civil penalty of 15,096,585 dollars to punish Gupta for his terrible breach of trust and his craven, criminal conduct and to deter others from engaging in such conduct in the future," the SEC said in a motion filed in federal court here.
The Commission has also sought an order permanently enjoining Gupta from future violations of the federal securities laws, barring him from serving as an officer or director of any publicly-traded company, barring him from associating with any broker, dealer or investment adviser and disgorgement of all ill-gotten gains received as a result of his illegal actions.
"Gupta's conduct was far more egregious than that of the vast majority of defendants convicted of insider trading and warrants maximum penalty under the law," the federal regulator said. "He betrayed the enormous trust and confidence bestowed upon him in the most egregious manner possible."
The SEC argued that despite his conviction, Gupta would still have a "lifelong" network of friends and business associates in the US and abroad and with their help, he would be able to create for himself or be offered business positions that "make him privy to corporate secrets."
Gupta, who produced over 400 letters of support, including those by Microsoft founder Bill Gates and former UN chief Kofi Annan prior to his sentencing, would continue to have access to highly placed corporate insiders, the SEC said.
"The danger of his access to material, non-public information still exists. Nothing currently prevents Gupta from using his continuing access to corporate insiders to solicit inside information and trade on it on his own behalf," the SEC argued.
Given Gupta's "potentially reduced earning ability" in future in the wake of his conviction, the incentives for him to seek financial gains and prestige would increase.
Further, Gupta has maintained throughout that he has done nothing wrong and has not accepted responsibility for his misconduct, the SEC said.
"Given his failure to acknowledge that he did anything wrong, there can be no assurances that he will not engage in the same misconduct in the future. A permanent injunction against Gupta is necessary to protect the public interest," the regulator said.
The SEC complaint charges Gupta with disclosing to Rajaratnam Berkshire Hathaway's September 2008 investment of $5 billion in Goldman Sachs, Goldman's second quarter financial results in 2008 and Proctor and Gamble's January 2009 earnings release.