Corruption crisis may hand India 'Eureka' moment on reform!
India's central bank said it may cap foreign shareholding at 49 percent for new lenders for five years as it considers issuing banking licenses for the first time since 2004.Indian private corporates and non-banking finance companies can apply for licences to set up banks.!Corporate India Celebrates ANNA`s Victory as REFORM Drive Pushed Forward Afresh Without any RESISTANCE whatsoever under COMPLETE MIND CONTROL created by the CIVIL SOCIETY MEDIA India Incs NGO generated Blind aggressive Hindu Nationalism Zionist!Political Class fully subnissive to Ruling Manusmriti Hegemony.RBI unveils draft norms on allowing corporates to set up banks!
Economic reforms to help check corruption: GovernmentFinance minister Pranab Mukherjee gives nod for discussion on GST
RBI's new bank licensing norms: Corporates will need a minimum capital of Rs 500 crore to open a bank.
Economic uncertainties present new opportunities to India: Pranab Mukherjee
123 FDI proposals worth Rs 19,711 cr cleared in Apr-Aug 23
Indian Holocaust My Father`s Life and Time - SEVEN HUNDRED TWENTY ONE
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com
http://mulnivasinayak.com/newbooks.php
Corruption crisis may hand India 'Eureka' moment on reform!
RBI unveils draft norms on allowing corporates to set up banks!
Finance minister Pranab Mukherjee gives nod for discussion on GST,Economic times reports!
123 FDI proposals worth Rs 19,711 cr cleared in Apr-Aug 23
India's central bank said it may cap foreign shareholding at 49 percent for new lenders for five years as it considers issuing banking licenses for the first time since 2004.
RBI's new bank licensing norms: Corporates will need a minimum capital of Rs 500 crore to open a bank
Indian private corporates and non-banking finance companies can apply for licences to set up banks. This is, however, subject to their not having 'significant' income or assets or both from real-estate and capital markets.The much awaited draft rules from the Reserve Bank of India (RBI) that will govern the issue of new bank licences is out. Most of the rules like the minimum capital requirement of Rs 500 crore are along expected lines.
Corporate India Celebrates ANNA`s Victory as REFORM Drive Pushed Forward Afresh Without any RESISTANCE whatsoever under COMPLETE MIND CONTROL created by the CIVIL SOCIETY MEDIA India Incs NGO generated Blind aggressive Hindu Nationalism Zionist!Political Class fully subnissive to Ruling Manusmriti Hegemony.
The government on Friday said that economic reforms, like roll out of indirect tax regime GST, would help in curbing corruption. If the optimists are to be believed, India's huge anti-corruption protests may give impetus to a beleaguered government to push its reform process and help ailing economic growth and plummeting business confidence.
If so, it comes not a moment too soon. Hit by high interest rates and policy paralysis, economic growth in April-June looks set to slow to its worst in six quarters. August business confidence by one leading survey has plummeted to a two-year low.
The fast by social reformer Anna Hazare not only forced parliament to move on an anti-graft bill, it may have woken the ruling Congress party to the fact governance is more important than playing populism with regional and caste-based votes.
Business »
Rupee strong on euro, share surge; volatility seen
Economic Times -3 hours agoMUMBAI: The Indian rupee rose on Monday propelled by gains in local shares and the euro, but dollar demand from oil refiners and covering of short positions weighed, knocking the rupee off the day's high.
Rupee Gains Most in a Month on Optimism Fund Inflow Will Improve BloombergRupee gains 9 paise against US dollar The Hindu
MSN India - India Infoline.com - Reuters India -Business Standard
all 46 news articles »
हिन्दी मेंEmail this story
Sensex gains 3.6% on global cues
Livemint - Vyas Mohan,Anirudh Laskar -57 minutes agoMumbai: Indian stocks surged by about 3.6% on Monday tracking strong global cues to log their biggest intra-day gain in more than five months after a stand-off between anti-corruption campaigners and the government ended over the weekend and the US ...
Markets bounce back on better US growth prospects Hindu Business LineGood day for the stock market, BSE Sensex ends 567 points up Times of India
Hindustan Times - Economic Times -Wall Street Journal - Deccan Herald
all 128 news articles »
हिन्दी मेंEmail this story
Striking Maruti staff add defects to cars
Daily News & Analysis -Sindhu Bhattacharya -4 minutes agoDisgruntled workers at Maruti's Manesar (Haryana) plant have found a unique way of disrupting work to drive home their demands - create serious quality defects in cars so that they fail the ...
Work again halts at Maruti plantmydigitalfc.comTrouble again at Maruti's Manesar plant; production stopped Hindu Business Line
The Hindu - Hindustan Times - Deccan Herald
all 59 news articles »
हिन्दी में
BOM:532500Email this story
Sci/Tech »
Task of replacing Apple's icon
Indian Express -25 minutes agoFor many of Apple's customers, investors and fans, the most important thing about new chief executive Tim Cook is that he is not Steve Jobs.
Video: Steve Jobs resigns, iPhone 5 backplate leaks, and more! Today's iPhoneSteve Jobs reigned in a kingdom of altered landscapes Times of India
Wired News - PC Magazine -Wall Street Journal - Computerworld -Wikipedia: Steve Jobs
all 12,456 news articles »
हिन्दी मेंEmail this story
God particles could be found by Dec 2012
Times of India - Aug 26, 2011KOLKATA: The mystery surrounding the origin of the universe could be unravelled by the end of 2012. By then, it should be clear if it was indeed the Big Bang that had triggered it and whether Higgs particles - the first matter to be generated - exist ...
Idea of particle colliders is here to stay The HinduOurview | In quest of the Higgs boson Livemint
Northern Voices Online - TruthDive -Aljazeera.net - NPR
all 21 news articles »Email this story
Samsung confirms Galaxy S II LTE, messaging system
Washington Post -Hayley Tsukayama -57 minutes agoSamsung confirmed Sunday that it will be carrying an LTE version of its Galaxy S II, giving it a leg up over the iPhone. In a statement on its Korean Web site (via Google Translate), the company said it will showcase the phone at ...
Video: Loaded: Galaxy Tab delayed Down Under CNETTVReport: Verizon Targets Samsung Droid Prime at iPhone 5 PC Magazine
CNET - PCWorld - ZDNet (blog) -Times of India
all 426 news articles »
हिन्दी में
"The last year has been one of drift and policy paralysis and the pummelling of the government by Hazare was the last straw," said V. Ravichandar, chairman of Feedback Consulting in Bangalore, which advises multinationals.
"The government just cannot afford to play dead any more." In power for most of India's independence and with its roots in Soviet-style five-year plans, the left-of-centre Congress emerged as the party of the poor villagers. The rising middle class has often played second fiddle.
Hazare, who ended his fast on its 13th day on Sunday, may have been a turning point. Hundreds of thousands of the urban, middle class took to the streets, confounding those who saw the sector as a political footnote compared to the rural majority of India's 1.2 billion population.
The way to win over that urban, young middle class behind Hazare may be to boost the urban economy and reforms like foreign investment in the modern supermarket sector, making it easier for industry to acquire land and the creation of national, streamlined taxes.
"Now the government may want to take the high ground, and reforms may be one way to achieve that. Congress may realise it can no longer just pander to rural and poor votes," said Ravichandar.
And pander it has, for years. The government spends a huge amount on subsidies for the mainly rural poor, including a rural employment scheme that is widely seen as allowing it to win its second term in 2009. That now accounts for more than three percent of the annual budget.
The cost of food subsidies has roughly tripled since Prime Minister Manmohan Singh first came to power in 2004, to 600 billion rupees ($13 billion), according to a report by Standard Chartered Research.
At the same time, the government has gone slow on reforms like opening up supermarkets to foreign investors, a move that would help India's stubbornly high inflation rate and ease the burden of India's urban classes hurt by rising food prices.
Implementation of economic reforms and regulatory procedures are part of a continuous process undertaken by the government to increase efficiencies and reduce discretionary powers, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
"These steps would contribute to decrease in corruption. The implementation of the Goods and Services Tax (GST) should also help in curtailing corruption," he said.
He was replying to a query that whether the image of the country is being tainted and reforms stalled due to rising corruption cases and prolonged indecision of the government.
To another query on time likely to eradicate corruption completely in future, the minister said, "While it is not possible to put a formal time line on this, it will happen soon".
A host of financial sector reform bills, including GST, are pending in Parliament.
GST would replace most indirect taxes at central and state levels like service tax, excise duty, VAT, cess, surcharge and local levies.
: The government today said it has cleared 123 foreign direct investment (FDI) proposals worth Rs 19,711.17 crore during the current fiscal till August 23.
As of August 23 this year, 21 proposals are pending before the Foreign Investment Promotion Board(FIPB), Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Lok Sabha.
"During the current year (up to August 23, 2011), the FIPB has approved 123 proposals, in which FDI to the tune of Rs 19,711.17 crore was involved," Scindia said.
He also said that during the April-August 18, 2011-12, period, FIIs made investments worth USD 1.98 billion.
In an another reply, he said that the Planning Commission has been asked to outline the further steps involved in the formation of a Cashew Board.
"The Planning Commission, which was asked by the government to discuss with stakeholders the issues relating to formation of a Cashew Board, had in its meeting held on June 14 taken a view that formation of a board would provide the much needed platform for further growth of the cashew industry," he added.
Replying to a separate question, Scindia said the downgrade of the United States' sovereign debt by credit ratings agency S&P appears unlikely to have any significant impact on Indian exports by itself.
The MoS of Commerce and Industry added that efforts are being made across countries to mitigate risk and prevent any severe impact on the global economic situation, amid fresh uncertainty over US debt and the stability of euro zone economies, among other factors.
Scindia further said the US is not the largest importer of Indian merchandise and its share of total Indian exports was 8.98 per cent in 2010-11. This was a decline of more than 1.50 per cent vis-a-vis the previous year, he said.
-
Economic liberalisation in India - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Economic_liberalisation_in_India- CachedJump to Reforms at the state level: At the state level, economicperformance is much better in states with a relatively liberal regulatory environment than in ...
- [PDF]
India's Economic Reforms
File Format: PDF/Adobe Acrobat - Quick View
by MS Ahluwalia - 1994 - Cited by 103 - Related articles
India's Economic Reforms. Montek S Ahluwalia*. The past three years have seen major changes in India's economic policies marking a new phase in India's ...
- [PDF]
ECONOMIC REFORM IN INDIA
harrisschool.uchicago.edu/.../ipp%20economic%20reform%20in%20india...File Format: PDF/Adobe Acrobat - Quick View
MAJOR ECONOMIC REFORMS AND RECOMMENDATIONS FOR FUTURE REFORMS ... India's recent progress toward economic growth stems from reforms ...
- [PDF]
India's Economic Reforms
File Format: PDF/Adobe Acrobat - Quick View
by ERDPB SERIES
Though economic liberalization in India can be traced back to the late 1970s, economic reforms began in earnest only in July. 1991. A balance of payments ...
-
India Economic Reform
India Inc s stupendous growth can be attributed to 'IndiaEconomic Reform' earnest in July 1991. The balance of payments crisis opened the way for an ...
You've visited this page 2 times. Last visit: 12/08/11 - [PDF]
ECONOMIC REFORMS IN INDIA: A BALANCE SHEET
File Format: PDF/Adobe Acrobat - Quick View
ECONOMIC REFORMS IN INDIA: A BALANCE SHEET. Narendra Jadhav. 1. Friends,. It is a privilege to be here today at the INTECH Institute of Business ...
-
Microeconomic reform - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Microeconomic_reform - CachedJump to Economic reform in the USSR and Russia:Economic reforms began in the Soviet Union when Perestroika was introduced in June 1985 by the ...
- [PDF]
1 Economic Reforms in India: Where are We and Where do We Go ...
File Format: PDF/Adobe Acrobat - Quick View
10 Nov 2006 – We have now had a decade and a half ofeconomic reforms. It is perhaps ... What has been the main objective of the overall economic reform ...
-
India Watch :: Economic Reforms
www.wakeupcall.org/administration_in.../economic_reforms.php- CachedNon profitable organization with a Mission to create awareness for the Citizens of India in many areas, namely, Good Governance, Effective Administration, ... -
Economic reforms to be gradual despite state election results ...
14 May 2011 – NEW DELHI: The pace of economic reforms is expected to be gradual in the months ahead despite the strong showing of the Congress party ...
-
News for Economic Reforms
Markets may open higher on positive US cues, key economic reforms
Economic Times - 18 hours agoThough the bond purchase programme by the ECB has managed to avert any major liquidity crisis, delays in economic reforms may keep global markets jittery in ...
According to the draft guidelines, companies which are primarily engaged in the real estate or stock broking will not be eligible for promoting bank."Entities or groups having significant (10 per cent or more) income or assets or both from real estate, construction and broking activities individually or taken together in the last three years will not be eligible to set up new banks," the draft said.On foreign holding, it said the aggregate non-resident shareholding in the new bank should not exceed 49 per cent for the first five years.At present, the foreign shareholding in private sector banks is allowed up to 74 per cent of the paid-up capital.Commenting on the draft norms, Mahindra and Mahindra President (Legal and Financial Services) Uday Phadke said, "The draft RBI guidelines are positive and in the right direction. Our group will be keen to explore a banking licence. Our long experience of two decades provides us with the necessary understanding and strength in the financial services domain." On the corporate structure, it said the new banks will be set up only through a wholly-owned non-operative holding company (NOHC) to be registered with the RBI as an NBFC which will hold the bank as well as all the other financial companies in the promoter group.The objective is that the holding company should ring fence the regulated financial services activities of the group, including the new bank, from other activities of the group that is, commercial, industrial and financial activities not regulated by financial sector regulators, the draft said.
Finance Minister Pranab Mukherjee on Monday said adverse global economic developments, including the fallout of downgrade of US sovereign rating, present new opportunities to India, and the country could become a source of stability for the world economy.
Against the backdrop of overall investor sentiment being hurt by global economic uncertainties, Mukherjee said India could also emerge as a safe haven for global capital inflows.
He was speaking at a function to mark the Golden Jubilee Celebrations of Indian Economic Service (IES) here.
"If India can continue to grow and acquire economic strength, we could be a source of stability for the world economy and provide safe havens for restless global capital," he said.
The recent events such as Standard & Poor'sdowngrade of the US credit rating as well as debt crisis in Europe, have severely dented global markets.
Even though these recent developments are a cause of concern for India, Mukherjee said "at the same time...these shocks are markers of shifting balance in the global economy, presenting new opportunities for us".
"We have to be alert to shape real-time policy responses, reform systems, improve the regulatory framework of our institutions and make the most of the opportunities coming our way," he said.
India's robust performance in difficult times shows that it could actually come out stronger from any international financial crisis, he said.
The Indian central bank on Monday said it will allow private sector companies that do not have large exposure in the real estate, construction or broking sectors to apply for licences to set up banks.
India has not issued a new bank licence since 2004, and the government wants more banks in order to increase access to banking services in a country where more than half of the households are outside the formal banking system.
In its draft guidelines, the Reserve Bank of India (RBI) said companies with a successful track record of at least 10 years will be eligible to form banks.
However, companies with 10 percent or more of their income generated from real estate, construction or broking activities in the last three years will not be eligible to apply for new bank licences, the central bank said.
The RBI said it will be selective in issuing licences. Other rules include a minimum capital requirement of 5 billion rupees ($109 million) and a limit of foreign shareholdings in start-up banks of 49 percent for the first five years. The limit for existing private sector banks is 74 percent currently.
Shares in some non-bank finance companies, expected to seek banking licences, rose sharply following the release of the draft rules.
Bajaj Finance ended 15 percent higher, while Reliance Capital , IFCI , SREI Infrastructure
, Shriram Transport Finance and Mahindra & Mahindra Financial Services ended 2.5 to 11 percent higher.
Corporate houses such as the Tata group, the Anil Dhirubhai Ambani Group, the Bajaj group and the Mahindra group, all of which operate non-bank finance companies, are among those expected to seek banking licences.
The central bank has proposed that new banks be set up under a wholly-owned holding company, which would be registered as a non-bank finance company with the RBI under which the bank as well as all the other financial companies in the group would be registered, the RBI said.
Finance Minister Pranab Mukherjeesaid on Monday India could become a safe haven for "restless global capital" if high economic growth was sustained in the coming years.
"If India can continue to grow and acquire economic strength, we could be a source of stability for the world economy and provide safe havens for restlessglobal capital," Mukherjee said while inaugurating the golden jubilee celebrations of the Indian Economic Service here.
"It will also enable us to develop even faster and spread the benefits of growth to the poor and marginalised," he said.
The confidence of foreign investors in Indian marketswas rising and India was playing an increasingly important role in global policy making, he said.
The finance minister reassured the industry that economic reforms were on track and the government would take all necessary measures to support sustained economic growth.
"It is important for us to understand that government, on its own, cannot deliver on every aspect of our vast economy," he said. "The government's role is to create conditions where people are empowered and can help themselves."
Mukherjee said the economic reforms, undertaken more specifically since 1990s, have led to a rapid globalisation of the Indian economy. "As a result, the nature and the domain of public policy making is undergoing a major transformation."
He said there was an urgent need for building and strengthening public capacity to follow and analyse international economic developments, process information from diverse sources and respond to it quickly in keeping with national interests.
"With the centre of economic activity shifting towards the non-state actors, it is important to reorient government processes towards bringing about greater policy transparency, coherence and coordination across sectors and between different levels of government," the finance minister said.
The Reserve Bank of India on Monday released on its website, the Draft Guidelines for "Licensing of New Banks in the Private Sector". The Reserve Bank has sought views/comments on the draft guidelines from banks, non-banking financial institutions, industrial houses, other institutions and the public at large by October 31, 2011.
Final guidelines will be issued and the process of inviting applications for setting up of new banks in the private sector will be initiated. After receiving feedback, comments and suggestions on the draft guidelines, and after certain vital amendments to Banking Regulation Act, 1949 are in place.
Key features of the draft guidelines are:
(i) Eligible promoters: Entities / groups in the private sector, owned and controlled by residents, with diversified ownership, sound credentials and integrity and having successful track record of at least 10 years will be eligible to promote banks. Entities / groups having significant (10 per cent or more) income or assets or both from real estate construction and / or broking activities individually or taken together in the last three years will not be eligible.
(ii) Corporate structure: New banks will be set up only through a wholly owned Non-Operative Holding Company (NOHC) to be registered with the Reserve Bank as a non-banking finance company (NBFC) which will hold the bank as well as all the other financial companies in the promoter group.
(iii) Minimum capital requirement: Minimum capital requirement will be Rs 500 crore. Subject to this, actual capital to be brought in will depend on the business plan of the promoters. NOHC shall hold minimum 40 per cent of the paid-up capital of the bank for a period of five years from the date of licensing of the bank. Shareholding by NOHC in excess of 40 per cent shall be brought down to 20 per cent within 10 years and to 15 per cent within 12 years from the date of licensing of the bank.
(iv) Foreign shareholding: The aggregate non-resident shareholding in the new bank shall not exceed 49 per cent for the first 5 years after which it will be as per the extant policy.
(v) Corporate governance: At least 50 per cent of the directors of the NOHC should be independent directors. The corporate structure should be such that it does not impede effective supervision of the bank and the NOHC on a consolidated basis by the Reserve Bank.
(vi) Business model: Should be realistic and viable and should address how the bank proposes to achieve financial inclusion.
(vii) Other conditions:
The exposure of bank to any entity in the promoter group shall not exceed 10 per cent and the aggregate exposure to all the entities in the group shall not exceed 20 per cent of the paid-up capital and reserves of the bank.
The bank shall get its shares listed on the stock exchanges within two years of licensing.
The bank shall open at least 25 per cent of its branches in unbanked rural centres (population upto 9,999 as per 2001 census)
Existing NBFCs, if considered eligible, may be permitted to either promote a new bank or convert themselves into banks.
(viii) In respect of promoter groups having 40 per cent or more assets/income from non-financial business, certain additional requirements have been stipulated.
Top Stories
-
News for India Inc's on Anna Hazare
* CTV.ca
Khaleej Times - 10 hours ago
T he acceptance of demands of Anna Hazare(74), a Gandhian social worker who ... But is it celebration time for India Inc.? While the long-term prospect of ...
Wall Street Journal (blog) - 3 related articles
-
India Inc does not back Anna Hazare movement this time
-
17 Aug 2011 – New Delhi: While huge masses have poured in roads in support of Anna Hazare, who is fighting a pitched battle with the government, the India ...
-
India Inc stays away from Anna Hazare fast - IndiaNews - IBNLive
-
ibnlive.in.com/news/anna-hazare-fast-india-inc.../148601-3.html - Cached
-
18 May 2011 – Corporate India has been keeping mum onAnna Hazare's fast, even as its work force are out on the streets to join the ranks of anti-corruption ...
India Inc on Anna Hazare's campaign against corruption - YouTube
* www.youtube.com/watch?v=mzsf0ezDRmI3 min - 9 Apr 2011 - Uploaded by ndtvprofit
The anti-corruption movement started by socialist leader Anna Hazare has taken the nation by storm but conspicuous by their absence have ...
-
India Inc supports Anna hazare - YouTube
* www.youtube.com/watch?v=sTPL9rtyrWc2 min - 8 Apr 2011 -Uploaded by timesnowonline
India Inc on Friday (April 8) joined millions of Indians in supporting Anna Hazare's call for a fight against corruption. Hero Honda chief ...
-
Anna Hazare ke side effects : India : Shalini Singh : TOI Blogs
-
blogs.timesofindia.indiatimes.com/.../anna-hazare-ke-side...- Cached
-
India Inc rallies behind Anna Hazare in the anti-corruption ...
-
articles.economictimes.indiatimes.com › ... › Economic Growth- Cached
-
9 Apr 2011 – NEW DELHI: A number of Indian industrialists joined the ...
-
Anna Hazare's campaign against corruption: India Inc treads ...
-
8 Apr 2011 – Social activist Anna Hazare's crusade against corruption may have struck a chord with a majority of Indians, but corporate India has been ...
-
India Inc extends support to Anna Hazare - Business Today ...
-
businesstoday.intoday.in/.../anna-hazare-adi...india-inc/.../14632.ht... - Cached
-
8 Apr 2011 – India Inc on Friday extended support to social activist Anna Hazare in his fight against corruption, stating it is "sick" of the menace. "We support ...
-
You visited this page on 19/08/11.
-
India Inc supports Anna Hazare
-
8 Apr 2011 – New Delhi, April 8 (IANS) India Inc Friday came out with strong support for social activist Anna Hazares fast-unto-death to demand a stringent ...
-
Why Anna Hazare Is Not India's Arab Spring -India Real Time - WSJ
-
blogs.wsj.com/indiarealtime/.../why-anna-hazare-is-not-indias-arab-s... - Cached
-
18 Aug 2011 – previousIndia Digest: Congress Hints at US Hand in Anna Hazare Protest ... India Journal: How ShouldIndia Inc. Respond to Hazare? ...
29 AUG, 2011, 03.23AM IST, DEEPSHIKHA SIKARWAR,ET BUREAU
Finance minister Pranab Mukherjee gives nod for discussion on GST
RELATED ARTICLES
- States want more sops for GST rollout
- FICCI for bringing down GST rate to a uniform level gradually
- Govt to bring more services under tax net: Official
- Govt to come out with negative list of service tax soon
- Which services should not be taxed? Govt seeks public views
NEW DELHI: Finance minister Pranab Mukherjee has given his nod to begin discussions on the way services are to be taxed, in sync with the proposedgoods and services tax (GST).
Despite being busy with the Lokpal bill, he approved a white paper on taxation of services that will be put out for public comments soon. The paper will define service, its delivery for taxation purposes and also list services not to be taxed, or shifted to a globally accepted negative list of taxable services.
"The white paper will outline negative list approach in service tax," a finance ministry official told ET.
Though the idea is to launch the negative list regime as part of the GST, if there is any further delay inGST the government may launch the new regime this budget itself.
The 'negative list' approach, followed globally, allows for exemption of some essential services from tax while the rest are taxed as opposed to 'positive list' approach that lists taxable services. The negative list approach helps end evasion of tax.
SD Majumdar, chairman of Central Board of Excise and Customs confirmed the finance minister had approved the paper.
"The concept paper will give some sense of the negative list," he said.
It will mention sectors and the approach to keep some of the services out of tax net. Services expected to be kept out of tax net would include essential services, education and funeral services.
The negative list approach was outlined in the draft discussion paper on the goods and services tax put out by the empowered committee of state finance ministers.
Services account for nearly 60% of the country's total output but contribute only about 10% to the total tax kitty, or about half of excise duty.
India began taxing services only in 1994, going with the positive list approach by taxing only a few select services. The approach since has been one of slow and steady expansion of the tax net.
"Service tax has matured and the sector now contributes more than half to country's GDP. So, barring a few essential services there is no reason why all services should not be taxed," the official said.
FM had already begun the ground work for this shift in the budget. The government proposed taxation of all services provided at ports and airports and also put in place point of taxation system in service tax harmonising it with goods taxation.
http://economictimes.indiatimes.com/news/economy/policy/finance-minister-pranab-mukherjee-gives-nod-for-discussion-on-gst/articleshow/9776146.cms
The RBI has said Indian banks will adhere to the globally agreed timeline for implementation of Basel III norms and guidelines in this regard will be issued in the near future.
"The RBI is examining the Basel III regulations and will issue guidelines to the extent applicable for banks operating in India in due course of time," the RBI's annual report said.
Basel III is the new regulatory framework designed to correct the deficiencies in regulation that led to the global financial crisis of 2008.
It is to be noted that in the wake of financial crisis, the Basel Committee on Banking Supervision (BCBS) has initiated several post-crisis reform measures, mainly in terms of building on the Basel II capital adequacy framework.
Though Basel III can be viewed as a modification of the Basel II framework, it differs significantly in terms of its comprehensiveness, it said.
"The RBI would adhere to internationally agreed phase-in period starting in January 1, 2013, for implementation of Basel III," it said.
Implementation of the Basel III norms is scheduled to commence from January 1, 2013, and has to be completed by January 1, 2019.
Apart from revising the definition of regulatory capital, it said Basel III is much wider in terms of its risk coverage clauses and encompasses measures to address systemic risks.
The RBI observed that implementation of Basel III has thrown up significant challenges for both banks and banking supervisors alike.
It said that availability of an adequate amount of capital, both in terms of quality and quantity, "provides significant comfort to begin implementation of the new framework" as per the time schedule fixed by the BCBS.
Industry body CII on Monday demanded that the government should give freedom to the sugar industry to sell sugar in the market and also stop taking the sweetener from mills at a subsidised price for running ration shops.
Pointing out that sugar industry is being "strangulated" by so many government controls and has become a "politically punching bag", CII said levy obligation as well as monthly release mechanism should be removed for vibrant growth of the sector.
The government asks mills to contribute 10 per cent of their production (called levy sugar) at a cheaper rate to run public distribution system. Through monthly release mechanism, the Centre fixes the monthly sugar quota that mills can sell in the open market and ration shops.
"The government should remove levy obligation on sugar industry and instead it should buy sugar from open market for supply through PDS," CII National Committee on Sugar Chairman Ajay Shriram told reporters here.
The industry supplies levy sugar at 60 per cent of the cost of production, resulting in a loss of about Rs 2,500-3,000 crore every year, he observed.
"We are told how much to sell in the market every month. The government should remove monthly release mechanism. To intervene in market, it can maintain strategic buffer stock, which can be stored at mills," he said.
On giving freedom to farmers to sell their sugarcane, Shriram said the de-reservation of cane area can be done in the next phase of reform as he feared that some mills could face the shortage of sugarcane.
Making a strong case for decontrol of the sector, CII said that consumption pattern shows that two-third of sugar demand is from bulk users such as manufacturers of beverages and ice-cream.
The share of sugar is just 2.4 per cent and 1.5 per cent of the total consumer expenditure for rural and urban India, respectively, therefore, some increase in prices would not have much impact on monthly food expense, it added.
"The government is micro-managing the sector. We beg the government to stop micro-managing. We know how to take care of farmers," National Committee on Sugar Vice Chairperson Rajshree Pathy said.
Pathy said that the committee had started pushing for sugar decontrol with the government, which "is looking at our demand with compassion".
"This is the good time for decontrol because of surplus production and there should be some decontrol," she said in an optimistic note.
The production has risen to 24.2 million tonnes in 2010-11 season (October-September) against 18.8 million tonnes in the previous year. Domestic demand is pegged at 21 million tonnes. In next season, output is seen at 26 million tonnes.
29 AUG, 2011, 09.24AM IST, SANTOSH DESAI,TNN
Jan Lokpal Bill: Has Anna Hazare really won?
RELATED ARTICLES
- Jan Lokpal Bill: PM restores Aruna Roy's place in Lokpal debate
- Anna Hazare must end his fast
- Jan Lokpal Bill: All-party meet fails to reach political consensus on Lokpal Bill
- Hazare's protest reminds 1974-75 mass agitation
- Indian-Americans urge PM to table Jan Lokpal Bill in Parliament
Victory , especially when it comes after a long , hard and unequal struggle , can taste very sweet. The fact that the Anna Hazare-led movement againstcorruption has forced the Parliament to agree to key elements from its draft of the Jan Lokpal Bill is an extremely significant one and can potentially mark a turning point in the manner in which democracy is practised in India.
This has been an instance where people have agitated for something rather than against it, and held out against a campaign of cunning and calumny , the kind which usually wears down its opposition into disgusted submission . Deviousness has been countered by stubbornness , and procrastination by a form of emotional armtwisting ; the movement did not waver , nor did it lower the stakes for itself. It gambled everything , every single time and has finally won .
Or has it? The single biggest stumbling block throughout this whole process has been a marked lack of intention on part of not only the government , but the entire political class . If we extricate ourselves for a moment from the debates about which version of the bill was better and whether fasting was a legitimate part of democracy or not , we might wonder as to why , far from dragging its feet on the bill, did the government not wholeheartedly champion its cause instead ?
For an administration that has been under siege on the issue of corruption , wouldn't a robust act of legislation have been exactly the right signal to emit ? It could have appropriated the protest movement , and used it as cover to navigate the bill through the political class , and emerged as a somewhat belated , but nevertheless , heroic saviour . And yet , it chose to oppose the bill at every juncture , using every means possible but that of honest negotiation .
This continued till the very end , creating a crisis of trust and leading to hardened positions on the other side.
RahulG andhi'sintervention was a continuation of the script . Regardless of the merits of his suggestion ,the manner in whichheentered the debate and the bizarrely delayed nature of the timing made it seem as if he resided on another planet and teleported his way in without any awareness or interest in what happened before .
His disappearanceimmediately after seemingly participating in the Inter-P arty Parliamentary Elocution Contest made it easy for his actions to be decoded asfurther evidenceof the government's lofty disinterest in the issue . The role of the other political parties was no better , with the BJP dancing around the question of the exact nature of its support till very late in the day . To its credit , when it did reveal its position , it seemed not only to stay with it, but eloquently argue the case on its behalf too.
The fact that the Parliamentary debate was sparkling in its range of arguments and thoughtful in its nature indicates that the central problem is not in our institutions , but in the intention that animates them . If treated with the respect that it deserves , which indeed is the assumption on which it is founded , Parliament delivers to us a form of democracy that is as enlightened as it is representative . The problem is thatit reachesthissideof itself ever so rarely , and in this case , it is instructive that it was pushed , virtually at gunpoint ,tofinditsbetter self. Left to itself, it is clear that Parliamentwouldhavedonewhatitseems to do so well nowadays - collude in a conspiracy of mutual recrimination to avoid systemic change .
More stories from this edition of Lokpal Bill
- 2G Scam: Ex-Telecom Secretary declared Swan Telecom eligible: CBI
- Anna Hazare's condition stable: Doctors
- Jan Lokpal Bill: Ramlila Maidan deserted, clean up on
- Anna Hazare movement exposed populist rage towards political class
http://economictimes.indiatimes.com/news/politics/nation/jan-lokpal-bill-has-anna-hazare-really-won/articleshow/9778837.cms
Right to reject candidates a ticklish affair: Chief Election Commissioner
The Election Commission on Monday termed as a "ticklish affair" the demand for the right to reject candidates in elections.
"We have not applied our mind to it seriously, just heard about it here and there. It is going to be a ticklish affair," Chief Election Commissioner S Y Quraishi told CNN-IBN.
He said the proposed right of people to reject candidates required a "bit of debate" because a situation of majority of the people rejecting all candidates also has to be considered.
"What will happen if majority of people reject all candidates? We will go for another poll? As it is, you have to balance it with the fact that people have election fatigue. How many elections shall we have?" he asked.
Quraishi said the poll authority would rather give voter education and ask them to come out in large numbers to choose a good candidate.
He said the right to recall candidates has not been on the agenda of the Commission at all.
"It has never been proposed to us nor has it been considered. But the right to reject has been before us in some form that there should be a button for 'none of the above' in the electronic voting machine," Quraishi said.
29 AUG, 2011, 02.45AM IST, ET BUREAU
Anna Hazare's call on 'right to reject' and 'right to recall' rekindled debate over electoral concepts
RELATED ARTICLES
- Anna Hazare to focus on poll reforms after Lokpal, but doubts arise whether he can rally masses aga...
- Battle is won, but war just begun: Anna Hazare
- Anna Hazare says fast only 'suspended', wants electoral reforms
- India against corruption: The UM aadmi could pose a big challenge to traditional politics
- Will lose deposit if I contest an election: Anna Hazare
NEW DELHI: Anna Hazare's call on Sunday for theright to reject and right to recall rekindled the debate about these electoral concepts that have been going on in some corners.
Right to reject - the idea that there should be an option on a ballot paper (or a voting machine) to reject all candidates - has been debated in India for some time.
This proposal was part of the recommendations on electoral reforms the Election Commission made to the government in 2004, when TS Krishnamurthy was chief election commissioner.
This idea is also known as negative voting or neutral voting. Currently, if a person does not wish to cast her vote for any candidate, there is an option to record this decision with the presiding officer under Section 49 (o) of the Conduct of Election Rules, 1961. However, this has no bearing on the poll outcome. The neutral voting concept, on the contrary, will have a bearing on
the poll outcome. Various filters can be designed to disqualify a candidate rejected by a majority of the people. Swami Agnivesh and several others have been supporters on the right to reject idea.
In 2007, the Supreme Court rejected a public interest litigation demanding a right to reject option, saying the petitioners should wait for a government decision on the EC recommendations.
Right to recall is a concept that allows the recorded disapproval of a certain minimum section of electorate to recall an elected candidate.
This is most famously exercised by several cantons in Switzerland, even though the right does not exist at the federal level in that country. Some states in the United States also allow people to recall their governors.
Typically, tight to recall works based on a plebiscite or referendum, which is triggered by a petition signed by a minimum percentage of the electorate.
Political scientist Dipankar Gupta says he doesn't consider either ideas as particularly beneficial in the Indian context.
"Right to reject could be there, but right to recall is impractical. If we have a strong anti-corruption law, electoral reforms and police reforms, we don't need either of these.
These are dramatic ideas, but I see little real benefit or a capacity to effect large changes in both of them," Gupta said.
More stories from this edition of Lokpal Bill
- Anna Hazare movement exposed populist rage towards political class
- Lokpal Bill: First victory in a long struggle, says Team Anna
http://economictimes.indiatimes.com/news/politics/nation/Anna-Hazares-call-on-right-to-reject-and-right-to-recall-rekindled-debate-over-electoral-concepts/articleshow/9775883.cms
Politics News
Anna's call for Right to recall has no takersMarya Shakil, CNN-IBN
Updated Aug 29, 2011 at 10:01pm IST
5
Share on TumblrClick to play video
New Delhi: India's new national crusader against corruption Anna Hazare has ended his fast but not his political campaign. He has a new mission now and it is electoral reforms. He said Indian voters must have the Right to recall MPs and the right to reject all candidates in the ballot paper. The MPs said on Monday said that the ideas are simply unworkable.
"We have to recall the electoral system. There has to be a Right to reject and a Right to recall," said Anna Hazare.
Anna Hazare's new call for the Right to recall parliamentarians isn't receiving much political support. Political leaders and constitutional experts say it cannot be implemented - But is there an example in other democracies?
Having called off his 13-day long fast on Sunday, Anna Hazare is now giving a lot of food for thought to parliamentarians. He now wants to work on a Right to recall - an idea that has already been rejected by elected representatives.
"What if a MP is elected with 30 percent vote, 70 percent would then jump and seek recall. It was an idea that was dismissed by JP," said Subramaniyam Swamy, President, Janata Party.
"It's impractical, can't implement even at Panchayat level. People who are advocating this need to understand India first," said Vyalar Ravi.
The first successful recall took place in 1911 of Mayor of Seattle, the recall of elected representatives is already in existence in 9 states in America.
Hollywood Star Arnold Schwarzenegger was amongst the most high profile individuals to have been elected in 2003, in a special recall election to replace then Governor Gray Davis.
In India, states of Bihar, Punjab, Madhya Pradesh are some of the states that has Right to recall at the Panchayat level.
Anna also wants the government to look at the possibility of evolving a Right to reject for the voters. It implies that at the time of voting, voters should also have the option - none of the mentioned parties.
"Right to reject seems relatively more practical," said Congress leader Salman Khurshid.
"When the larger issue of electoral reforms comes in, it can be considered in the larger interest of politics," said BJP leader Murli Manohar Joshi.
The government would definitely try to avoid another confrontation with Anna Hazare, it would not want to be on the wrong side of any people's movement. So in case of electoral reforms, it may well take a lead and not be caught on the back foot again.
(Follow IBNLive.com on Facebook and on Twitter for updates that you can share with your friends.)
#Anna Hazare #right to recall #MPs #parliamentarians #Congress #BJP #politicians
HDFC ERGO™ Car Insurance
Cashless Claim at 1600+ Garages! Zero Documentation. Buy Online.
www.HDFCERGO.com/Car_Insurance
Ads by Google
WHAT'S YOUR REACTION? * 14 * 18
http://ibnlive.in.com/news/annas-campaign--right-to-recall-has-no-takers/179649-37-64.html
29 AUG, 2011, 05.37AM IST, NISHANTH VASUDEVAN,ET BUREAU
Markets may open higher on positive US cues, key economic reforms
RELATED ARTICLES
- Markets to take cues from sales data
- Sensex slips below 16000 as Bernanke, Anna cloud Dalal Street
- European Parliament set to get tough on debt crisis
- Sensex may dive another 13% in choppy Dalal Street
- Amid S&P downgrade and AAA chaos Dow Jones, Nasdaq nose dive; Indian stock market to remain volatile
MUMBAI: Indian stocks may open higher in the shortened trading week ahead, mirroring the firm US market close on Friday after the American central bank indicated it may not come out with another monetary stimulus soon.
Investors may also cheer the government's decision to give into social activist Anna Hazare's demands on the corruption bill, as it is perceived that decisions on key economic reforms were held back.
But such optimism could be short-lived as investors may cut exposure on every rebound on worries that the worst for the market is farfrom over.
"Any bounceback won't sustain because investors are waiting to sell at higher levels," said AK Prabhakar, senior VP, Anand Rathi Securities. "The US Fed has infused some confidence, but Euro problems are only compounding," he said.
Trading volumes may be lower-than-average as financial markets will remain closed on Wednesday and Thursday on account of Ramzan and Ganesh Chaturthi, respectively.
Fund managers and analysts have always maintained that the European debt crisis is a much bigger concern than the issues in the US. Investors are dismayed by the delay in implementing radical decisions to address the 18-month-old crisis.
A deal that promised to make the euro zone bailout fund more flexible could take several more weeks to be approved; Greece is having trouble convincing private holders of Greek bonds for a voluntary debt swap to rescue the country, according to Reuters.
Though the bond purchase programme by the ECB has managed to avert any major liquidity crisis, delays in economic reforms may keep global markets jittery in the near future.
Back home, technical indicators point to more panic, with benchmarks closing below the critical 200 weekly moving average - for the first time since 2008 - signalling the possibility of a prolonged sell-off.
"This is a rare occurrence and shows investors are unwilling to commit money at this juncture," said Prabhakar.
"Now, a fall to 4400 (Nifty) is a possibility." The 200-week moving average, which closed at 4747.80 on Friday, is at 4830 and for the Sensex, which closed at 15849, is at 16100.
http://economictimes.indiatimes.com/markets/analysis/markets-may-open-higher-on-positive-us-cues-key-economic-reforms/articleshow/9777180.cms
RBI panel suggests 12 pc Tier I capital adequacy for Non-Banking Financial Companies
MUMBAI: Non-Banking Financial Companies (NBFCs) should have a minimum 12 percent Tier I capital adequacy ratio within three years of registration, RBI advisory panel suggested on Monday.
The Reserve Bank of India had constituted a working group in March to examine issues pertaining to the regulation of NBFCs.
Reserve Bank Recommends 49% Overseas Ownership Limit for New Indian Banks
By Ruth David and Anoop Agrawal - Aug 29, 2011 4:27 PM GMT+0530
India's central bank said it may cap foreign shareholding at 49 percent for new lenders for five years as it considers issuing banking licenses for the first time since 2004.
New lenders would have to sell shares within two years and open at least one in four branches in rural areas that have a population of no more than 9,999 people, the Reserve Bank of India said in draft guidelines posted on its website today. The banks may also need to meet a minimum capital requirement of 5 billion rupees ($109 million).
Companies including Larsen & Toubro Ltd. (LT) and billionaire Anil Ambani's Reliance ADA Group have expressed interest in licenses to operate in a market with credit growth forecast at 18 percent for the year ending March. New entrants would compete with Mumbai-based State Bank of India (SBIN), which accounts for almost a quarter of the nation's loans, and ICICI Bank Ltd. (ICICIBC)
"The guideline asking for a listing within two years appears to be a bit impractical," said Hemant Kanoria, chairman and managing director SREI Infrastructure Finance Ltd. "It will be very difficult for branches in the rural areas to start generating profits in the first two years."
The company will wait for final guidelines before making a decision on applying for a license, Kanoria said in a phone interview today. The regulator is seeking feedback by Oct. 31.
India's Bankex index, which tracks 14 stocks including State Bank and ICICI, climbed 4.1 percent today, trimming its loss this year to 20 percent.
Business groups controlled by Indian residents with at least 10 years of experience may be eligible to set up the banks, it said. Companies that got 10 percent or more of their income or assets from real estate or broking in the last three years won't be eligible for the licenses, according to the guidelines.
To contact the reporters on this story: Ruth David in Mumbai at rdavid9@bloomberg.net; Anoop Agrawal in Mumbai at aagrawal8@bloomberg.net
To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net; Arijit Ghosh at aghosh@bloomberg.net
http://www.bloomberg.com/news/2011-08-29/reserve-bank-recommends-minimum-5-billion-rupee-capital-for-new-lenders.html
OurView| New corporate banks: a huge gamble
The RBI's move is important one, in terms of its politics and economics. There are also significant risks in the move
he new guidelines on private sector banks announced on Monday by the Reserve Bank of India will allow business groups to re-enter commercial banking. The move is important one, in terms of its politics and economics. There are also significant risks in the move.
The bank nationalizations of 1969 and 1979 were based on the premise the private sector was doing a poor job in funding the needs of a developing economy. The nationalizations were an initial success, since the spread of bank branches to even remote hamlets helped raise the national savings rate. Credit became available to small businesses and farmers, as against the earlier trend of business houses using the banks they controlled as in-house financing arms.
The 1969 nationalization was also the big indication that Indira Gandhi was breaking free of the Congress old guard, and beginning her swing to the left. Her move to take over the banking system was defended as recently as two years ago by none other than Congress president Sonia Gandhi and finance minister Pranab Mukherjee, in their own muted signals of a left-ward shift in policy making.
The political control of the banking system also created loads of problems, especially terrible credit monitoring standards. Bad debts weighed down most bank balance sheets by the end of the 1980s, the decade that also saw the infamous loan melas. Banks did not have enough capital to support their rickety loan books. The clean up began soon after the 1991 reforms, following the recommendations of a committee chaired by former RBI governor M. Narasimham.
The public sector banks now account for about three-fourths of the Indian banking market. Yet, for all their achievements, the more than four decades after bank nationalization have left around half of all Indians without even a basic bank account. High lending spreads are a sign of inadequate competition.
Meanwhile, it is obvious that the credit needs of a fast-growing economy cannot be met by the existing set of banks alone, especially since the government banks do not have adequate capital support economic growth.
India surely needs a bigger and more competitive banking sector. At the current juncture, Indian business groups are perhaps the only domestic source of the sort of capital needed to build large and efficient banks. The new guidelines stipulate a minimum capital of Rs. 500 crore. More will be needed as the banks build up scale.
The big worry is whether enough will be done to ensure that business groups do not repeat the practices of the 1960s. The new RBI guidelines do have some safety norms, including, for example, exposure limits to the promoting companies, a separate corporate structure with a "non-operative holding company", and the requirement that more than half the directors of a new private sector bank should be independent.
Savvy promoters, through the use of off-balance sheet entities or friendly independent directors, can bypass such requirements. So the quality of supervision of the new corporate banks by the RBI will be a key issue in the years ahead.
http://www.livemint.com/2011/08/29171043/OurView-New-corporate-banks.html
New bank license guidelines: Who qualifies & who lucks out?
Published on Mon, Aug 29, 2011 at 20:50 | Source : CNBC-TV18
Updated at Mon, Aug 29, 2011 at 22:10
Excerpts from What's Hot on CNBC-TV18 Watch the full show »
ALSO READ- See latest News about Mah and Mah
- See previous management interviews
- See what other Experts & Brokerages are saying about Mah and Mah
Mah and Mah
BSE | NSE 29/08/11
The much awaited draft rules from the Reserve Bank of India (RBI) that will govern the issue of new bank licences is out. Most of the rules like the minimum capital requirement of Rs 500 crore are along expected lines. But there were some shockers as well. No group of a company with more than 10% of revenues coming from broking or real estate will be eligible.
What's worse, the central bank says promoter groups who want to set up banks must have diversified ownership, professional management, adequate corporate governance and a 10-year successful track record. This, while excluding some young aspirants also makes the entire choice discretionary.
RBI releases draft rules for bank licences for corporates
Uday Phadke, President Financial Services,Mahindra & Mahindra and N Sivaraman, VP – Financial Services of Larsen & Toubro talk about the impact it will have on their respective companies while Abizer Diwanji, Head - Financial Services, KPMG gives his perspective on this development. He also talks about the contenders for the new licenses.
Below is a verbatim transcript of their interview with CNBC-TV18's Shereen Bhan and Latha Venkatesh. Watch the accompanying videos for more.
Q: The central bank hasn't specified what diversified ownership means. Even on the business of professional management versus management of another sort. Is there too much discretion perhaps at the central bank?
Diwanji: Yes, this is one of the most open circulars that I have seen come from the Reserve Bank of India. Frankly, the RBI wants to play all cards close to its own chest and try and govern regulations that way. What is important to know is that the RBI has made these rules broad based for the simple intent that people should not try and play cheeky to the rules.
This is going to be a more qualitative discussion. They have said somewhere in the paper that this is an entity of deposit holders and the RBI wants to have full discretion to ascertain who is the right person. It also places a lot of focus on the corporates itself because somewhere down the circular also, it says that everybody who applies, their applications along with full details will be put on the website. So it's also placing a lot of onus on the respective corporate who is applying, that they need to come out with a case which is to the courage of their conviction.
Q: M&M has been eying this space. On the basis of what you have heard from the RBI today, does it really work for you? Does it meet your expectations?
Phadke: The draft guidelines are very much in the right direction. They are quite positive, they are well balanced that they have taken into account the concerns expressed by all sections interested in the financial services sector.
Q: Do you think you qualify now to apply for a banking license on the criteria that has been laid out in this circular?
Phadke: Certainly, the Mahindra Group is very keen to explore obtaining a banking license. Prima facie, reading of the guidelines suggests that we seem to be meeting most of the requirements. But we will have to study each of the guidelines in depth. There could be some clarifications and some interpretations required. I don't really want to make any conclusive statement. It seems that the guidelines are positive for us.
Q: But do you still aspire to be within this space?
Phadke: Right from the time the finance minister first made the announcement that they may consider banking guidelines, we have always expressed our interest in getting into the banking area because we have successfully run the financial services business which is highly profitable for two decades. The whole business model is based on financial inclusion mainly in rural and semi-rural areas.
We believe that we are eminently qualified, so we are interested. Throwing the hat into the ring will actually mean making application. That can only happen when the Banking Amendment Act is passed by the Parliament and the RBI formally notifies the final guidelines and our own board and shareholders also decide. But in the sense of showing interest, yes, we are certainly most interested in exploring this.
Q: What is your take on what you have seen from the RBI on the bank guidelines?
Sivaraman: Definitely, yes. It's quite positive and balanced. It's been around expected lines in terms of the ownership structure, the minimum capital requirement. Luckily, the business model has also been made a little more balanced where they are saying that about 25% of our branches should be in the rural areas, which is a relief than making it a larger percentage in the rural area. We as a participant in the financial services will definitely look at these guidelines with a good deal of interest.
Q: Do you believe that you qualify on all of the parameters that have been laid out by the RBI? Do you think your aspirations for getting into this space will go forward?
Sivaraman: We are not making a statement as to whether we are interested or not. We seem to be fulfilling the guidelines but it's a question of fine reading. There is a significant amount of RBI subjectivity rightly around here. Other regulators have a prerogative to think so. Definitely, it is subject to that. It seems to be fairly balanced as far as we are concerned.
Q: Comments from Delhi say that it is going to be the Reserve Bank's final decision to see how many licenses are actually going to be doled out. Do you see the floodgates opening up in that sense?
Diwanji: Most people have taken the view and rightly so that there will be two-three bank licenses at least in the next two years and that's all we will see really. What will happen is there will be a lot more people who will put their foot forward in terms of their eligibility. Frankly, this will also give rise to some level of peer pressure. What may happen is there will be quite a few applicants because there are quite a few corporates who are eligible.
There will be a kind of a kind of prioritization by the Reserve Bank, but I don't think they will do more than three bank licenses in the initial tranche which would be the first two years. Even in terms of the do-ability of certain things, for example, a bank going IPO in the next two years. It's only a very credible corporate who can make that happen in two years. Otherwise, to measure a bank's performance in two years is almost impossible.
When you put a lot of these subjectivities together you will find that there are real good winners. One of the things what the RBI is saying everything will be transparently put out. This will also help an element of judgment among people to say that the right guys have been chosen. But I don't think there will be more than three.
Q: Just how will RBI or an RBI committee decide between Tata, Birla, Bajaj, Mukesh Ambani's Group if they apply, Mahindra & Mahindra. How will you qualitatively judge professional management, diversified ownership, is there a problem there?
Diwanji: No, clearly there is. That is the biggest challenge that always has been the biggest challenge, but that doesn't mean that they will go ahead and give 15-20 bank licenses because the system can't take it. At the end of the day, there will be a balance between the two and it is going to be a challenge to see how the Reserve Bank does it.
Even the corporate which is going to apply will do so only when they believe that they have a very good chance of sailing through this subjectivity. I think there is a little bit of a check and balance put in there.
Tags: Abizer Diwanji, KPMG, N Sivaraman, Larsen & Toubro, Uday Phadke, M&M, Reserve Bank of India, capital requirement, corporate governance
http://www.moneycontrol.com/news/business/new-bank-license-guidelines-who-qualifieswho-lucks-out_581144.html21 AUG, 2011, 06.17PM IST, IANS
Relax investment norms for private equity funds: Confederation of Indian Industry
NEW DELHI: Investment guidelines for private equity and venture capital funds should be suitably relaxed as such investors aim at improving management and operations of companies and nurture companies over the long term, the Confederation of Indian Industry(CII) says.
Currently, private equity and venture capital funds are permitted to only acquire up to 15 percent stakes and cannot buy shares from the secondary markets.
CII said venture capital funds registered with theSecurities and Exchange Board of India (SEBI) should be allowed to invest up to one-third of fund capital through both primary and secondary purchases of equity shares.
"Further, such investments should be construed as complying with prevailing capital market regulations including open offer requirements," said a statement from CII.
The CII report also suggested that private equity and venture capital funds should be allowed to invest 25 percent of the capital of target companies without resorting to an open offer.
"Private equity and venture capital investments are of medium to long term nature aimed at not purely investing but also nurturing the companies in terms of provision of management and operational support," said CII.
The industry body also called for removal of restrictions of investments by such entities in non-banking finance companies (NBFCs).
"Given the role played by the NBFCs, especially in meeting the micro funding needs of the economy, investments by SEBI-registered venture capital funds should not be confined to only financially weak or sick companies but also in equity linked instruments or convertible instruments of all companies including investing in NBFCs, holding companies and buyout SPVs that are classified as capital investment companies."
CII also said that the minimum investment requirements for a SEBI registered private equity or venture capital fund should be raised to Rs.50 lakh from the current Rs.5 lakh to ensure enhanced investor protection.
The report further suggested that the Insurance Regulatory and Development Authority of India (IRDA) should allow insurance companies to invest in private equity funds as an asset class in general, thus removing the restriction of allocation to infrastructure investments only.
27 AUG, 2011, 11.28AM IST, TNN
Banks, Unique Identification Authority to deploy 14 lakh micro ATMs across the country
ICICI Bank Ltd.
BSE
858.10
04.63%
37.95
Vol:310818 shares traded
NSE
858.05
04.61%
37.80
Vol:2973272 shares traded
Prices|Financials|Company Info|Reports
RELATED ARTICLES
- How to get a travel card while travelling abroad
- How to keep track of rule changes in using third-party ATMs
- Banks will have to resolve ATM complaints within seven days
- Axis Bank launches pre-paid VISA card
- All you need to know about Adhaar-enabled payment systems
MUMBAI: The Unique Identification Authority of India(UIDAI) is working with the Indian Banks' Association to create a network of 14 lakh micro ATMs across the country. While the banks will authorize the transaction, the authentication will be done by UIDAIby biometric association with its database.
The UIDAI is also considering giving unbanked citizens the option to receive a pre-paid payment card issued by banks which can be used for channeling payments from government schemes, including National Rural Employment Guarantee Act.
"The plan is to have at least two micro-ATMs in every village, which means that there will have to be at least 14 lakh of them," said A P Singh, deputy director-general, UIDAI, while speaking at a Prepaid International Forum event on Thursday. He said that every UIDAI registrant is presently given the option to open a bank account. "We plan to give them the additional option to receive a payment card which can be used for electronic transactions," he said.
According to Singh, the cards could be used for transactions in Aadhaar-enabled micro ATMs. The micro-ATMs will be more like point-of-sales terminals which will read cards and communicate with the bank's core banking system and the Aadhaar biometric database. According to Kusal Roy, head of cards and personal loans at ICICI Bank, the pre-paid cards could be used for micro-payment transactions and would have a different charge structure compared to regular credit and debit cards.
The micro-ATMs, which are to be deployed by banks, will be manned by business correspondents appointed by banks. These business correspondents will act as mini bank branches by accepting deposits, enabling withdrawals, fund transfer from Aadhaar-to-Aadhaar accounts and providing statement of transactions. The connectivity will be provided by the Aadhaar-enabled payment system (AEPS) - a new electronic payment network jointly promoted by the National Payment Corporation of India with the UIDAI. Over 60 banks have registered to be part of this network.
Speaking at a FICCI-IBA summit on Thursday, RBI deputy governor HR Khan had said that NPCI has been advised to introduce RuPay cards under the Aadhaar Enabled Payment System (AEPS). "Four banks have started using the RuPay card. These include: Kashi Gomati Gramin Bank, Bank of India DhanAdhar Card, The Gopinath Patil Parsik Janata Sahkari Bank Ltd, and NKGSB Urban Co Op Bank Ltd,"
UIDAI, along with NPCI, has already piloted Aadhaar-enabled Payment System in Jharkhand. Basic transactions permissible over these accounts include cash deposit, cash withdrawal, balance enquiry, and inter-bank money transfer. This system also envisages creation of an Aadhaar-enabled payment bridge which would facilitate direct disbursement of government benefits to the beneficiary by credit to their bank accounts using Aadhaar.
RBI move to help cash flow in emergencies
To ensure that ATMs do not run dry during a banking strike or during a natural calamity, RBI has said that it will open a cash window during such events. To avail of cash, banks will have to authorize RBI in the form of a standing instruction to debit their current accounts with RBI for handing over the cash to the outsourced cash handling agency appointed by them. RBI will allow one bank to withdraw a maximum of Rs 10 crore, but if additional cash is required a bank may approach RBI more than once in a day.
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/banks-unique-identification-authority-to-deploy-14-lakh-micro-atms-across-the-country/articleshow/9755504.cms
29 AUG, 2011, 03.28AM IST, DHEERAJ TIWARI,ET BUREAU
Government plans big role for LIC in infrastructure financing
EDITORS PICK
- CBI is manufacturing evidence against me: Unitech Wireless' Sanjay Chandra to SC
- Order on framing charges in 2G case on Sept 15
- CBI seeks opinion on cross-holding of Essar shares in Loop Telecom
- Next 3-4 months crucial for Indian offshoring: Offshore Insights
- Right time to buy IT stocks as valuations are attractive: SbiCap Securities
RELATED ARTICLES
- Government to ask banks to offload infrastructure portfolio to IIFCL
- Jindal Steel raises Rs 2,137 crore for expansion in Oman
- India Infrastructure Finance Company seeks government clearance to waive off annual fee
- Aim to grow around 15% this year: IDBI Bank
- IIFCL plans to raise Rs 11,000 cr through bond issues by FY12
NEW DELHI: The government plans to draw in the country's biggest insurer, Life Insurance Corporation(LIC), into infrastructure project financing to boost funding for roads, ports and highways.
LIC is likely to tie up with India Infrastructure Finance Company Ltd (IIFCL) to buy out long-tenure loan portfolios of commercial banks. The practice, called take-out financing, seeks to free up the capital of banks so that they can lend to new projects.
"The issue will be discussed in the investment committee of LIC," a senior official with the insurer said. "It has to be seen that the insurance firm has the scope under the sectoral exposure norm."
The government plans to spend over $1 trillion over the 12th Five-Year Plan (2012-17) on building new and upgrading the existing infrastructure.
The plan to rope in LIC in infrastructure funding was discussed at a meeting convened by the finance ministry recently, two people familiar with the development said. The heads of LIC and IIFCLattended the meeting, these people said.
The proposed venture will allow LIC and IIFCL to buy out 40% of a bank's loan with each taking an exposure of 20%.
IIFCL will carry out the due diligence for the venture and risk factors associated with it, as it has built an expertise in this area.
The Insurance Regulatory and Development Authority guidelines require life insurers to invest at least 15% of their controlled funds in infrastructure and social sectors.
The rules also mandate that exposure to a single company should not exceed 10% of the insurer's funds, or 10% of the paid up capital of investee.
LIC and IIFCL will also have to work out the proportion of liability they will take in case the loan turns bad or non-performing.
However, the venture may not take off if banks do not participate.
Last week, ET had reported that the government will now nudge banks to sell their infrastructure portfolio to IIFCL through take-out financing to create space for them to lend to the sector again.
The take-out financing scheme has remained largely grounded with only 70 crore of funds disbursed so far.
IIFCL, the dedicated infrastructure financier created by the government, is sitting on a cash pile of about 8,000 crore to buy out loan portfolios of banks.
There is an inherent asset-liability mismatch in banks funding long gestation infrastructure projects, as their capital is largely sourced from deposits that have three to five years maturity.
Take-out financing allows banks to shed their loan portfolios after retaining them on their books for a few years. This frees them to fund more projects.
IIFCL has also modified its take-out finance scheme recently to make it more attractive. It now proposes to take on projects immediately after their commercial operation date, as against the earlier norm of one-year waiting period.
It has also scrapped the 0.3% take-out fee, which it used to charge the lender using the scheme.
The company has so far sanctioned 3,000 crore spread over 15 projects.
http://economictimes.indiatimes.com/news/economy/finance/government-plans-big-role-for-lic-in-infrastructure-financing/articleshow/9776184.cms
26 AUG, 2011, 04.45PM IST, PTI
Government 'soon' to come out with forest certification policy
KOCHI: The Union government is likely to come out with a forest certification policy "very soon" which would be applicable to all states and Union Territories, a senior WWF-India official said.
The new policy is expected to be ready in a month's time, T R Manoharan, Head Forest Programme WWF India, told reporters here.
Forest certification is a mechanism for forest monitoring, tracing and labelling timber, wood and pulp products and non-timber forest products where the quality of management from environmental, social, economic perspectives is judged against a series of agreed standards, B S Corrie, additional principal chief conservator of forests, who was also present there said.
The Indian Institute of Forest Management was working on Criteria and Indicators (C&I) for sustainable forest management since the last 10 years.
C&I was presently being field tested in various parts of the country, Manoharan said, adding, some of these indicators are likely to be incorporated in the new policy.
Forest certification in India is still at a growing stage.
No forests in India are certified except 644 hectares of private rubber plantations in Tamil Nadu which secured 'FSC' Forest Management Unit Certificate, Manoharan said.
To promote forest certification, WWF, one of the world's largest conservation organisations, has advocated a "step wise approach" and developed suitable methods and tool kits which can be used by forest or plantation managers and traders.
29 AUG, 2011, 01.09PM IST, NEW YORK TIMES
Anna Hazare movement exposed populist rage towards political class
EDITORS PICK
- Rajiv Gandhi killers' appeal against death sentence in Madras HC
- TN parties clamour for clemency to Rajiv's killers
- Tamils will be happy if Rajiv assassins spared: Karunanidhi
- Can't commute sentence of Rajiv killers: Jayalalithaa
- Corruption crisis may hand UPA govt 'Eureka' moment on reform
RELATED ARTICLES
- Lok Sabha adopts a 'sense of the House resolution', accept three of Anna's key demands
- Jan Lokpal Bill: Govt tentatively moves for talks with Anna Hazare
- Jan Lokpal Bill: Anna Hazare's campaign simplistic and "uni-dimensional", says Nandan Nilekani
- Political blunders by Congress and govt show why Sonia Gandhi is so crucial
- Jan Lokpal Bill: Anna Hazare leaves Tihar Jail to fast at Ramlila Maidan
NEW DELHI: For the nearly two weeks that Anna Hazare staged his hunger strike, the question hanging over India had been, "When would it end?" After Hazare triumphantly broke his fast Sunday, a different question arose: "What now?"
It applies not just to the fate of the remarkable popular anti-corruption protest movement that coalesced around Hazare but also to the political status quo in India. The Hazare movement exposed a populist rage toward India's political class and a lack of public confidence in the efficacy of India's democratic institutions, if not a lack of confidence inIndian democracy.
Hazare, 74, a longtime social activist who lost more than 15 pounds during a 13-day fast, is now an exalted figure in much of India. When he lifted a cup of coconut water and honey to his lips on Sunday morning, aided by two young girls, the moment was broadcast live across the nation. Thousands of supporters cheered at Ramlila Maidan, the public ground in New Delhi that has served as his fasting site.
He gulped the juice for a moment, and no doubt it tasted sweet. He and his advisers, known as Team Anna, had triumphed in a standoff against India's political establishment after Parliament on Saturday capitulated to his key demand for creating an independent anti-corruption agency, known as a Lokpal.
"This is a moment of glory for our country," Hazare told supporters Sunday morning, praising them for remaining peaceful throughout nearly two weeks of rallies, marches and demonstrations. "This movement has created a faith that the country can be rid of corruption and we can go ahead with implementing laws and the Constitution."
India's political leaders emerged from the past two weeks far less exalted, especially the governing Indian National Congress, which seemed outmaneuvered and uncertain throughout the crisis. For months, leaders of the Congress Party had failed to effectively tackle different corruption scandals, creating an impression that the party lacked the will or the interest to address the issue.
When Hazare staged his hunger strike, the public outpouring of support seemed to throw Congress Party leaders off balance, and they never quite recovered. Prime Minister Manmohan Singh made a dramatic appeal in Parliament for Hazare to end his strike - yet was rebuffed. Rahul Gandhi, the Congress Party's presumed prime minister-in-waiting, made a rare parliamentary speech in which he rejected the notion that a Lokpal was a cure-all for corruption. Two days later, his party folded to Hazare's demands.
For Gandhi, the Hazare crisis interrupted what was widely assumed to be his own coming-out moment as the new leader of the Congress Party. His mother, Sonia Gandhi, the party's president, has been recuperating in the United States from surgery. Gandhi left her bedside in America to return to celebrate India's Aug 15 Independence Day, and presumably to begin taking a more public posture in Congress Party affairs.
Instead, Hazare upended the political landscape, and Gandhi disappeared for days before his speech in Parliament.
"This could have been an opportunity for him to assert his leadership," said Pratap Bhanu Mehta, president of the Center for Policy Research, a group in New Delhi. "Instead, it does raise questions about how much leadership he has shown."
More stories from this edition of Lokpal Bill
- Lokpal Bill: First victory in a long struggle, says Team Anna
- Lokpal Bill: Govt made 'errors of judgment,' says Salman Khurshid
http://economictimes.indiatimes.com/news/politics/nation/anna-hazare-movement-exposed-populist-rage-towards-political-class/articleshow/9781264.cms
Anna's Fast for LokpalCong slams Anna's demand for 'Right to Recall', BJP differs
-
The Congress party on Monday said the right to recall elected representatives and reject candidates as demanded by activist Anna Hazare is "not practical" as "50 per cent of the people do not vote" in the country.Congress backs Rahul Gandhi's Lokpal stand
-
New Delhi: Dismissing suggestions that Rahul Gandhi's idea of giving constitutional status to Lokpal Bill was a delaying tactic by the Congress, the ruling party made it clear that it was for the collective wisdom of the Standing Committee and Parliament to accept the proposal.Hazare's condition stable: doctors
-
Gurgaon: Anna Hazare, who was admitted in a hospital here after he ended his 12-day fast for a strong Lokpal Bill, is stable and moving towards normalcy, doctors said on Monday.Privilege notices in Parliament against Om Puri, Kiran Bedi
-
New Delhi: Members in both Houses of Parliament have given Privilege notices against actor Om Puri and civil rights activist Kiran Bedi for using "derogatory and defamatory" language against politicians and the matter is under consideration of the Chair.Rs 70 lakh and counting, donations still pour in for Anna
-
New Delhi: Donations have been pouring in from across the country to support social activist Anna Hazare's anti-graft movement. India Against Corruption (IAC), the NGO spearheading it, has so far received more than Rs 70 lakh in cash donations and more is still coming in an activist said.Anna Hazare: A fasting activist turns a national icon
-
He drove a truck for the army during the 1965 India-Pakistan war, but when Anna Hazare broke his fast on day 13 Sunday after the Indian parliament agreed to his three demands for a stronger anti-graft legislation the school dropout had won for the people a war against the powerful establishment.Anna power stuns doctors
-
New Delhi As Anna Hazare broke his 12-day fast Sunday, eminent cardiologist Naresh Trehan said it was his inner power that helped him sustain for so long. "He maintained himself, he had some power in him, through which he could regulate his own fluids and has been able to maintain his balance," Trehan, who monitored Hazare's health during the agitation, said Sunday.Agnivesh web clips spark row
-
New Delhi: Activist Swami Agnivesh, who was a key member of Team Anna till the ninth day of Anna Hazare's 12-day fast, has courted controversy with video clippings appearing on social network sites allegedly showing him criticising the anti-corruption campaign. Agnivesh has dismissed the footage as doctored.Lokpal bill may come up in Parliament in November
-
New Delhi: A redrafted Lokpal bill may be brought in Parliament during its winter session, that usually starts mid-November, after the parliamentary standing committee on law and justice deliberates over various drafts of the proposed anti-graft law, government sources said Sunday.
In Pictures: India Erupts for AnnaThousands celebrate Anna's victory at India GateBollywood backs AnnaAnna's fast heading towards climax: PicturesDrama over Anna's fast in DelhiAnna's call reverberates across India
Exclusives
Do we have the leaders to pull us out?
Obama and Manmohan procrastinate, Sarkozy is on a permanent honeymoon and Berlusconi is busy planning the next bunga-bunga party. Call them leaders?
Other Top Stories- Components of Gandhi's Leadership: Part 1
- Where are the women Gandhians?
- Dr Singh, how do you want to be remembered?
- The relevance of Gandhi today
All About the Mahatma
The Words of the Mahatma- On the eve of his last fast: January 12, 1948
- The BHU disrupted speech: February 4, 1916
- On the eve of Dandi march: March 11, 1930
Great Men talk about Gandhi- Quit India — The Do or Die speech: August 8, 1942
- On Kashmir: January 4, 1948
- Gandhi ashrams around the world
- Anna Hazare breaks fast after 288 hours: Anti-corruption crusader Anna Hazare broke his fast on the 13th d... http://t.co/qlRTnUS
- DTN India: Only deferred my fast, protest goes on: Anna Hazare: New Delhi, Aug 29: Minutes after anti-corruption... http://t.co/zSFDUGL
- Anna Hazare breaks fast after 288 hours: Anti-corruption crusader Anna Hazare broke his fast on the 13th d... http://t.co/H9p6mS5
- Anna Hazare breaks fast after 288 hours: Anti-corruption crusader Anna Hazare broke his fast on the 13th day at ... http://t.co/oyKhCB5
- The 12 day fast for anti corruption law ends with a victory note! http://t.co/UR0CSPq #lokpal #anna #hazare
- #Anna #Hazare & movement rattle Indias politicians. Ends hunger strike as gov't pledges tough #Lokpal anti #corruption. http://t.co/QVaJX1V
- #Anna #Hazare & movement rattle India's politicians. Ends hunger strike as gov't pledges tough #Lokpal anti#corruption. http://t.co/QVaJX1V
Top Stories
We made no mistakes: Salman Khurshid
New Delhi: Law Minister Salman Khurshid, a key negotiator with Team Anna, on Sunday said there may have been "errors of judgement" in handling Hazare's fast but there were no mistakes. "Errors of judgement have been made; errors of judgement are made whenever you are involved in a difficult situation. Errors of judgement are not mistakes", Khurshid told CNN-IBN in an interview with Karan Thapar.- Hindu-Muslim unity in Anna's support
- BJP says it's with Anna in anti-graft fight
- At Ramlila, a mini India watched Anna break fast
- How they kept Ramlila Maidan clean -- only for Anna!
- Hazare admitted in Gurgaon hospital for check-up
- Team Anna thanks media
India Speaks: Poll
Govt says Anna is misusing a Gandhian tool on fast as a form of protest. Your views:
- Yes, Anna is misusing the form of protest
- No, Anna is right; fasting is a legal and constitutional form of protest
- No opinion
- Skip to results
Mahatma Speaks on Issues, Life and Matters
"India is essentially karmabhumi (land of duty) in contradistinction to bhogabhumi (land of enjoyment)."
The Barack Obama-Mahatma Gandhi connection
If the world's most powerful man looks upon someone as a hero, think the power that hero has on the minds of people. That's the power of Gandhi
http://news.in.msn.com/specials/gandhiandnewindia/
29/08/2011
Om Puri should declare if he took money by cheque: Thackeray
Mumbai: Blasting Bollywood veteran Om Puri for allegedly decrying politicians while making a speech at the Ramlila Maidan during Anna Hazare's fast, Shiv Sena chief Bal Thackeray today asked the actor if he accepted all of his remuneration through cheque.
"Om Puri should declare if all the money he took for his work in films was legally through cheque," Thackeray said in an editorial in party mouthpiece 'Saamana'.
"It should be noted that the maximum black money and underworld funds are (invested) in the film industry," the Sena chief said.
Cases should be filed against those who maligned Parliament and politicians from the stage at Ramlila, Thackeray said.
On Hazare's fast, Thackeray said, "people have doubts in their minds whether all of Anna's demands were fulfilled and whether the mission for which he was ready to die at Ramlila has been accomplished."
On Lalu Yadav's comment about Hazare being fit even after 12 days of fast, Thackeray said "social activists in Maharashtra do not eat fodder that is why they glow even after fast."
During the debate on Lokpal resolution, Lalu's comment about Hazare remaining fit even after 12 days of fasting had earned the loudest applause. "Annaji is 74 years old. Despite 12 days of fast he is quite vocal. Doctors should research. He should also tell us what to take so we can also fast for such a long period," the RJD leader had said.
Source: PTI
29/08/2011
Land case: HC asks UP, Noida Authority to file counter affidavit
Allahabad: The Allahabad high court on Monday asked the UP government and Noida Authority to file their counter-affidavits on hundreds of petitions filed by Gautam Buddh Nagar district farmers, who have challenged acquisition of more than 3,000 hectares of land for development of Greater Noida and Noida Extension areas.
A full bench of the court comprising justices Ashok Bhushan, S U Khan and V K Shukla, which is hearing a total of 491 petitions filed by farmers, fixed September 12 as the next date of hearing in the matter.
The petitioners have alleged that their land was acquired by the state government by invoking the "urgency clause" which deprived them of an opportunity to raise objections and bargain for adequate compensation.
Later, the land was sold to private builders for constructing housing complexes even though the acquisition was carried out in the name of "planned industrial development" of Greater Noida and Noida Extension areas, the petitioners submitted.
Besides, impleadment applications were moved by several builders and flat buyers, who had prayed for being made a party in the case as any order in the matter was likely to affect them.
Though the court passed no order on the applications, it observed "all the allottees of the acquired land are free to file their affidavits by the next date of hearing".
The court also said that from September 12 onwards, it would proceed with hearing on the 491 petitions that have already been filed and that "any new petitions relating to this matter shall be kept aside and heard separately so that decision on other petitions is not delayed".
Aggrieved farmers from Gautam Buddh Nagar district have been moving the high court in droves ever since it quashed the acquisition of more than 150 hectares of land in Shahberi village and, subsequently, an appeal filed by the state government challenging the order was set aside by the Supreme Court.
Source: PTI
29/08/2011
Global investors renew interest in Indian realty
With their home markets in turmoil, large global investors such as Blackstone, Carlyle, Morgan Stanley, JP Morgan and the Government of Singapore Investment Corporation are actively scouting for and signing deals in the Indian property sector.
Take, for instance, the Carlyle Group, which has $153 billion in assets under management. The group invested $26 mn (Rs 117 crore) in former Citibanker Jaithirth Rao's low-cost housing project 'Vaibhava' in Bangalore. The investment was made from the $1.04-bn Carlyle Asia Growth Partners IV (CAGP IV) fund.
Although Carlyle's investment in the Vaibhava project was its first in the Indian property sector, the group has been an active player in the real estate segment across many Asian countries, including China and South Korea, since the year 2000.
A Carlyle spokesperson said: "As you may notice, this investment was made from our growth capital fund because they see strong growth prospects in this company and the demand for affordable housing, rather than purely targeting the property sector, although this is indeed our first investment in the property sector."
Another global private equity (PE) giant, Blackstone, which gained exposure to Indian real estate through its 2008 investment in Synergy, a Bangalore-based architectural company, is looking for opportunities to invest in the property sector, said two executives privy to the talks.
In what could be its maiden investment in the Indian property sector, Blackstone is in advanced stages of negotiations with DLF, the country's largest realty company, to buy the latter's land in the information technology special economic zone in Pune for Rs 900 crore. Blackstone is also financing the Embassy group's purchase of 22 per cent stake in Manyata Business Park, Bangalore, for Rs 540 crore.
"As a policy of the Blackstone Group, we do not comment on industry speculation," was the response of a public relations executive, when asked to confirm.
According to sources in the market, Morgan Stanley is looking to invest $100 mn in the Century Group, the Bangalore-based property developer. Morgan Stanley made headlines in 2007 when it invested Rs 675 crore in Mumbai-based Oberoi Constructions, in one of the largest entity-level deals in real estate. An email to Morgan Stanley did not elicit any response.
Although the property market is abuzz with the news that JP Morgan has launched a $350-500 mn India-focused realty fund, a senior executive of the investor denied the development.
Full coverage
Timeline of articles Number of sources covering this story
ImagesVideos |
Full coverage
Timeline of articles Number of sources covering this story
ImagesVideos |
Full coverage
Jan Lokpal Bill
The Jan Lokpal Bill, also referred to as the citizens' ombudsman bill is a proposed independent anti-corruption law in India. Anti-corruption social activists proposed it as a more effective improvement to the original Lokpal bill, which is currently being proposed by theGovernment of India.[1]
The Jan Lokpal Bill aims to effectively deter corruption, redress grievances of citizens, and protect whistle-blowers. If made into law, the bill would create an independent ombudsman body called the Lokpal (Sanskrit: protector of the people). It would be empowered to register and investigate complaints of corruption against politicians and bureaucrats without prior government approval.[2][3][4]
In 2011, civil activist Anna Hazare started a Satyagraha movement by commencing an indefinite fast in New Delhi to demand the passing of the bill. The movement attracted attention in the media, and hundreds of thousands of supporters, in part due to the organizational skills ofArvind Kejriwal.[5] Following Hazare's four day hunger strike, Indian Prime Minister Manmohan Singh stated that the bill would be re-introduced in the 2011 monsoon session of the Parliament.[6] Accordingly, a committee of five Cabinet Ministers and five social activists attempted to draft a compromise bill merging the two versions but failed. The Indian government went on to propose its own version in the parliament, which the activists rejected on the grounds of not being sufficiently effective (see Highlights below) and called it a "toothless bill".[7]
[edit]Background
The word Lokpal was coined in 1963 by L.M.Singhvi, a Member of Parliament during a debate in Parliament about grievance redressal mechanisms. His son Dr. Abhishek Singhvi is now the head of the Parliamentary Standing Committee reviewing the bill.[8] The prefix Jan(translation: citizens) was added to signify the fact that these improvements include input provided by "ordinary citizens" through an activist-driven, non-governmental public consultation.[9][10]
The Lokpal bill was first introduced by Shanti Bhushan in 1968[11] and passed the 4th Lok Sabha in 1969. But before it could be passed byRajya Sabha, Lok Sabha was dissolved and the bill lapsed.[12] The Subsequent versions were re-introduced in 1971, 1977, 1985, 1989, 1996, 1998, 2001, 2005 and in 2008,[13] but none of them passed. The bill was inspired by the Hong Kong Independent Commission Against Corruption (ICAC).[14][15]
[edit]Key features of proposed bill
Some important features of the proposed bill are:[9]
- To establish a central government anti-corruption institution called Lokpal, supported by Lokayukta at the state level.
- As in the case of the Supreme Court and Cabinet Secretariat, the Lokpal will be supervised by the Cabinet Secretary and the Election Commission. As a result, it will be completely independent of the government and free from ministerial influence in its investigations.
- Members will be appointed by judges, Indian Administrative Service officers with a clean record, private citizens and constitutional authorities through a transparent and participatory process.
- A selection committee will invite short-listed candidates for interviews, videorecordings of which will thereafter be made public.
- Every month on its website, the Lokayukta will publish a list of cases dealt with, brief details of each, their outcome and any action taken or proposed. It will also publish lists of all cases received by the Lokayukta during the previous month, cases dealt with and those which are pending.
- Investigations of each case must be completed in one year. Any resulting trials should be concluded in the following year, giving a total maximum process time of two years.
- Losses caused to the government by a corrupt individual will be recovered at the time of conviction.
- Government officework required by a citizen that is not completed within a prescribed time period will result in Lokpal imposing financial penalties on those responsible, which will then be given as compensation to the complainant.
- Complaints against any officer of Lokpal will be investigated and completed within a month and, if found to be substantive, will result in the officer being dismissed within two months.
- The existing anti-corruption agencies (CVC, departmental vigilance and the anti-corruption branch of the CBI) will be merged intoLokpal which will have complete power and authority to independently investigate and prosecute any officer, judge or politician.
- Whistleblowers who alert the agency to potential corruption cases will also be provided with protection by it.
[edit]Difference between government and activist drafts
[edit]Highlights
[16] | |
Jan Lokpal Bill (Citizen's Ombudsman Bill) | Draft Lokpal Bill (2010) |
---|---|
Lokpal will have powers to initiate suo motuaction or receive complaints of corruption from the general public. | Lokpal will have no power to initiate suo motu action or receive complaints of corruption from the general public. It can only probe complaints forwarded by the Speaker of the Lok Sabhaor the Chairman of the Rajya Sabha. |
Lokpal will have the power to initiate prosecution of anyone found guilty. | Lokpal will only be an Advisory Body with a role limited to forwarding reports to a "Competent Authority". |
Lokpal will have police powers as well as the ability to register FIRs. | Lokpal will have no police powers and no ability to register an FIR or proceed with criminal investigations. |
Lokpal and the anti corruption wing of the CBI will be one independent body. | The CBI and Lokpal will be unconnected. |
Punishments will be a minimum of 10 years and a maximum of up to life imprisonment. | Punishment for corruption will be a minimum of 6 months and a maximum of up to 7 years. |
[edit]Details
The following table details differences between the Government and activist backed versions.[17][18][19]
Comparision SlideShow uploaded by India Against Corruption.[20]
Issue | The Jan Lokpal Bill[10] | Government's Lokpal Bill[1] |
---|---|---|
Prime Minister | PM can be investigated with permission of seven member Lokpal bench.[17] | PM can be investigated by Lokpal after she/he vacates office.[21] |
Judiciary | Can be investigated, though high level members may be investigated only with permission of a seven member Lokpal bench.[17] | Judiciary is exempt and will be covered by a separate "judicial accountability bill".[18] |
Conduct of MPs | Can be investigated with permission of seven member Lokpal bench.[17] | Can be investigated, but their conduct within Parliament, such as voting, cannot be investigated.[18] |
Lower bureaucracy | All public servants would be included.[18] | Only senior officers (Group A) will be covered.[18] |
Anti-corruption wing of the Central Bureau of Investigation (CBI) | The Anti-corruption wing of the CBI will be merged into the Lokpal.[18] | The Anti-corruption wing of the CBI not be merged into the Lokpal.[17] |
Removal of Lokpal members and Chair | Any person can bring a complaint to the Supreme Court, who can then recommend removal of any member to the President.[17] | Any "aggrieved party" can raise a complaint to the President, who will refer the matter to the CJI.[17] |
Removal of Lokpal staff and officers | Complaints against Lokpal staff will be handled by independent boards set-up in each state, composed of retired bureaucrats, judges, and civil society members.[17] | Lokpal will conduct inquiries into its own behaviour.[17] |
Lokayukta | Lokayukta and other local/state anti-corruption agency would remain in place.[18] | All state anti-corruption agencies would be closed and responsibilities taken over by centralised Lokpal.[18] |
Whistleblowerprotection | Whistleblowers are protected by Lokpal.[17] | No protection granted to whistleblowers by Lokpal Mahima.[17] |
Punishment for corruption | Lokpal can either directly impose penalties, or refer the matter to the courts. Penalties can include removal from office, imprisonment, and recovery of assets from those who benefited from the corruption.[17] | Lokpal can only refer matters to the courts, not take any direct punitive actions. Penalties remain equivalent to those in current law.[17] |
Investigatory powers | Lokpal can obtain wiretaps ( to make a connection to a telegraph or telephone wire in order to obtain information secretly), issue rogatory letters, and recruit investigating officers. Cannot issue contempt orders.[17] | Lokpal can issue contempt orders, and has the ability to punish those in contempt. No authority to obtain wiretaps, issue rogatory letters, or recruit investigating officers.[17] |
False, frivolous and vexatious complaints | Lokpal can issue fines for frivolous complaints (including frivolous complaints against Lokpal itself), with a maximum penalty of Rs 100,000.[17] | Court system will handle matters of frivolous complaints. Courts can give 2–5 years imprisonment and fines of Rs 25,000 to 200,000.[20] |
NGOs | NGOs not within the scope due to their role in exposing corruption.[19] | NGOs are within the scope and can be investigated.[19] |
[edit]Timeline of Lokpal and cost
- 1968 – Rs 3 lakh[22] (300,000)
- 1971 – Rs 20 lakh (2 million)
- 1977 – Rs 25 lakh (2.5 million)
- 1985 – Rs 25 lakh
- 1989 – Rs 35 lakh (3.5 million) – PM under lokpal
- 1996 – Rs 1 crore (10 million) – PM under lokpal
- 2001 – Rs 1.5 crore (15 million) – PM under lokpal
- 2011 – Rs 1700 crore[22] (17 billion)
[edit]Campaign for the Jan Lokpal Bill
The first version of the Lokpal Bill drafted by the Government of India in 2010 was considered ineffective by anti-corruption activists from the civil society.[23] These activists, under the banner ofIndia Against Corruption, came together to draft a citizen's version of the Lokpal Bill later called the Jan Lokpal.[23] Public awareness drives[24] and protest marches[23] were carried out to campaign for the bill. However, public support for the Jan Lokpal Bill draft started gathering steam after Anna Hazare, a noted Gandhian announced that he would hold an indefinite fast from 5 April 2011 for the passing of the Lokpal/Jan Lokpal bill.[6][25][26].The government has however accepted it.
To dissuade Hazare from going on an indefinite hunger strike, the Prime Minister's Office directed the ministries of personnel and law to examine how the views of society activists can be included in the Lokpal Bill.[27] On 5 April, the National Advisory Council rejected the Lokpal bill drafted by the government. Union Human Resource Development Minister Kapil Sibal then met social activists Swami Agnivesh and Arvind Kejriwal on 7 April to find ways to bridge differences over the bill.[28] However, no consensus could be reached on 7 April owing to several differences of opinion between the social activists and the Government.
[edit]Fast & Agitation – Phase 1
On 7 April 2011 Anna Hazare called for a Jail Bharo Andolan (translation: Fill jail movement) from 13 April to protest against Government's rejection of their demands.[29] Anna Hazare also claimed that his group has received six crore (60 million) text messages of support[30] and that he had further backing from a large number of Internet activists. The outpouring of support was largely free of political overtones; political parties were specifically discouraged from participating in the movement.[31] The fast ended on 9 April, after 98 hours, when the Government accepted most demands due to public pressure. Anna Hazare set an 15 August deadline for the passing of the bill in the Parliament[32], failing which he would start a hunger strike from 16 August. The fast also led to the Government of India agreeing to setting up a Joint Drafting Committee, which would complete its work by 30 June.[32]
[edit]Drafting Committee
The drafting committee was officially formed on 8 April 2011. It consisted of the following ten members, including five from the government and five drawn from the civil society.[33][34]
Member | Qualifications and status |
---|---|
Pranab Mukherjee | Finance Minister, Co-Chairman |
Shanti Bhushan | Former Minister of Law and Justice, Co-Chairman |
P. Chidambaram | Minister of Home Affairs |
Veerappa Moily | Minister of Corporate Affairs |
Kapil Sibal | Minister for Communications and Information Technology |
Salman Khursid | Minister of Law |
Anna Hazare | Social Activist |
Prashant Bhushan | Lawyer |
N. Santosh Hegde | Former Lokayukta (Karnataka) and |
Arvind Kejriwal | RTI Activist. |
The Government's handling of the formation of the draft committee, involving the civil society in preparation of the draft Lokpal bill, was criticised by various political parties including BJP, BJD, TDP,AIADMK, CPI-M, RJD, JD(U) and Samajwadi Party.[35][36]
The committee failed to agree on the terms of a compromise bill and the government introduced its own version of the bill in the parliament in August 2011.[37]
[edit]Fast & Agitation – Phase 2
However, the Joint Drafting Committee failed to reach a conclusion and the five members of the Government on the panel came up with their own version of the bill, which was considered by Anna and his team as weak and will facilitate the corrupt to go free apart from several other differences. To protest against this, Anna Hazare announced an "Indefinite Fast" (not to be confused with "Fast unto death"). Anna and his team asked for permission from Delhi Police for their fast and agitation at Jantar Mantar or JP Park. Delhi Police gave its permission with certain conditions. These condition were considered by team Anna as restrictive and against the fundamental constitutional rights and they decided to defy the conditions. Delhi Police imposed sec 144 CrPC.[38][39]
On 16 Aug, Anna Hazare was taken into preventive custody by Delhi Police. Senior officers of Delhi Police reached Anna Hazare's flat early in the morning and informed him that he could not leave his home. However, Hazare turned down the request following which he was detained.Anna in his recorded address to the nation before his arrest asked his supporters not to stop the agitation and urged the protesters to remain peaceful.Other members of "India Against Corruption", Arvind Kejriwal, Kiran Bedi and Manish Sisodia were also taken into preventive custody. Kiran Bedi described the situation as resembling a kind of Emergency (referring to the Emergency imposed in 1975 by the Indira Gandhi Govt.).[39]
The arrest resulted in huge public outcry and under pressure the government released him in the evening of 16 Aug. However, Anna Hazare refused to come out of Jail, starting his indefinite fast from Jail itself. Manish Sisodia explained his situation as, "Anna said that he left home to go to JP Park to conduct his fast and that is exactly where he would go from here (Tihar Jail). He has refused to be released till he is given a written, unconditional permission". Unwilling to use forces owing to the sensitive nature of the case, the jail authorities had no option but to let Anna spend the night inside Tihar. Later on 17 Aug, Delhi Police permitted Anna Hazare and team to use the Ramlila Maidan for the proposed fast and agitation withdrawing most of the contentious provisions they had imposed earlier.[40] The indefinite fast and agitationbegan in Ramlila Maidan, New Delhi, and is on till today for 13 days. Some of the Lokpal drafting committee members became dissatisfied with Hazare's tactics as the hunger strike went on for the 11 th day: Santosh Hegde, a member of Hazare team who headed the Karnataka Lokayukta, strongly criticised Hazare for his insistence of "having his way", concluding "I feel I am not in Team Anna any more by the way things are going. These (telling Parliament what to do) are not democratic things."[41] Swami Agnivesh, another central figure in the Harare group also distanced himself.[42]
[edit]Notable supporters and opposition
In addition to the activists responsible for creating and organising support for the bill, a wide variety of other notable individuals have also stated that they support this bill. Spiritual leaders Sri Sri Ravi Shankar[43] and Yog Guru Ramdev[44] expressed support. Notable politicians who indicated support for the bill include Ajit Singh[45] and Manpreet Singh Badal[46] as well as the principal opposition party, Bharatiya Janta Party.[47][48] In addition, numerous Bollywood actors, directors, and musicians publicly approved of the bill.[49][50][51][52][53][54][dead link][55][56]
Notable opposition to the activists' version of the Bill was expressed by HRD minister Kapil Sibaland other Congress leaders; Chief Minister of West Bengal Mamta Banerjee; Punjab Chief Minister and Akali Dal leader Prakash Singh Badal; Shiv Sena leader Bal Thackeray, and former Chief Justice of the Supreme Court Jagdish Sharan Verma.[57] Although BJP showed their support earlier, there were reports that BJP shared Congress's concern "over letting the civil society gain the upper hand over Parliament in lawmaking".[58] The All-India Confederation of SC/ST Organisations, representing the Dalits and backward castes, also expressed opposition to the bill proposed by Anna Hazare as well as to the government's version of the bill. The confederation opposed Hazare's proposed bill saying that it will be above the constitution and that proposers of the bill have support from elements who oppose reservation.[59]
[edit]Criticisms of the bill
[edit]Naïve approach
The bill has been criticised as being naïve in its approach to combating corruption. According to Pratap Bhanu Mehta, President of the Center for Policy Research Delhi writes[60] that the bill "is premised on an institutional imagination that is at best naïve; at worst subversive of representative democracy". The very concept of a Lokpal concept has received criticism from HRD minister Kapil Sibal in that it will lack accountability, be oppresive and undemocratic.[61]
[edit]Extra-constitutional
The pro-bill activist Arvind Kejriwal rejects the claim of Lokpal being extra-constitutional with the explanation that the body will only investigate corruption offences and submit a charge sheet which would then tried and prosecuted through trial courts and higher courts, and that other bodies with equivalent powers in other matters exist. The proposed bill also lists clear provisions for the Supreme Court to abolish the Lokpal.[62]
Despite these clarifications, critics feel that the exact judicial powers of LokPal are rather unclear in comparison with its investigative powers. The bill[63] requires "...members of Lokpal and the officers in investigation wing of Lokpal shall be deemed to be police officers". Although some supporters have denied any judicial powers of Lokpal,[64] the government and some critics have recognised Lokpal to have quasi-judicial powers.[65]
The bill also states that "Lokpal shall have, and exercise the same jurisdiction powers and authority in respect of contempt of itself as a High court has and may exercise, and, for this purpose, the provisions of the Contempt of Courts Act, 1971 (Central Act 70 of 1971) shall have the effect subject to the modification that the references therein to the High Court shall be construed as including a reference to the Lokpal."[66][67][68] Review of proceedings and decisions by Lokpal is prevented in the bill by the statement "...no proceedings or decision of the Lokpal shall be liable to be challenged, reviewed, quashed or called in question in any court of ordinary Civil Jurisdiction.". As a result, how the trials will be conducted is unclear in the bill, although the bill outlines requiring judges for special courts, presumably to conduct trial that should be completed within one year. The critics hence express concern that, without judicial review, Lokpal could potentially become an extra-constitutional body with investigative and judicial powers whose decisions cannot be reviewed in regular courts.[69]
[edit]Scope
The matter of whether the Indian Prime Minister and higher judiciary should or should not be prosecutable by the Lokpal remains as one of the major issues of dispute. Anna's own nominee for co-chairing the joint panel Justice Verma, the former Chief Justice of the Supreme Court, has expressed his constitutional objections for including the Prime Minister and higher judiciary under Lokpal.[70] According to him, "this would foul with the basic structure of the constitution".[71]
[edit]Criticism from Aruna Roy, Arundhati Roy and NCPRI
Magsaysay Award winner Aruna Roy who has said "Vesting jurisdiction over the length and breadth of the government machinery in one institution will concentrate too much power in the institution, while the volume of work will make it difficult to carry out its tasks". She and her colleagues at the National Campaign for People's Right to Information (NCPRI) have proposed an alternative mechanism consisting of five institutions.[72] Noted author and social activist Arundhati Roy was highly critical of Lokpal, stating "you could say that the Maoists and the Jan Lokpal Bill have one thing in common – they both seek the overthrow of the Indian State", and "While his means may be Gandhian, Anna Hazare's demands are certainly not. Contrary to Gandhiji's ideas about the decentralisation of power, the Jan Lokpal Bill is a draconian, anti-corruption law, in which a panel of carefully chosen people will administer a giant bureaucracy,.."[73]
[edit]Support for the Bill
[edit]Surveys
India Against Corruption conducted a referendum on Draft Lokpal Bill presented by the Indian Government in parliament and came out with results that showed overwhelming opposition to the Government's bill. As per the referendum results, 85% of the citizens participating in the referendum voted against the government's version of the bill. The team especially cited the results from the Chandni Chowk constituency, which happens to be the constituency of Telecom Minister Kapil Sibal, a vehement voice for the Government's version of the bill.[74][75]
According to a nationwide survey conducted by CNN-IBN & CNBC-TV18 and published in early August, only a shade over a third of respondents have heard of Lokpal. Thirty-four percent of all respondents said they have heard of the ombudsman and only 24 percent know what it actually means.[76]
One of the key Anna Hazare associate who is also one of the drafters of the Jan Lokpal Bill Prashant Bhushan has demanded a nation wide referendum on Jan Lokpal Bill to gauge the mood of the nation.[77]
[edit]Legislator support
Post the massive support to Anna Hazare's movement, several of the MPs across party lines have come out in support to the Jan Lokpal Bill. Most notable names are Congress MPs from Maharashtra Priya Dutt and Datta Meghe.[78][79] Datta Meghe also demanded that his party spokesperson Manish Tiwari should apologise to Anna Hazare for his uncharitable comments.[78]
This support started coming as over 150 MPs and Ministers from different states were forced to remain confined to their houses as Anna supporters protested outside their houses. Protests were also seen outside the residence of Sheila Dixit CM of Delhi, Kapil Sibal, Pranab Mukherjee amongst others.[78][79][80]
BJP MP Varun Gandhi is introducing Jan Lokpal Bill as a private member's bill in the parliament.[81]
[edit]Social media
As per the reports, Anna Hazare's fast was successful in mobilising the support of thousands in the virtual world of social media. On Independence Day, Anna had over 500,000 mentions through status updates and comments across top social networking sites, including Facebook and Twitter in the country. Two days later, the number had shot up to 9 million.On YouTube, over 40,000 people watched the video shot by Kiran Bedi inside Tihar Jail in which Anna has addressed his supporters. Facebook has 542 fan pages by Anna's name.[82][83]
[edit]Online surveys
- According to the survey conducted by STAR News and Nielsen, 87% of the 8900 respondents of the survey supported the Jan Lokpal Bill. The survey – conducted in 28 cities across the country, including all four metros – mainly deals with three important points: public's knowledge about the Lokpal Bill; awareness about Anna's campaign; and the perceived problems with the Jan Lokpal Bill.[84]
- Over a million people joined the Times of India online anti-graft campaign, in one of the biggest ever voting exercises in the virtual world. The news analysis points that citizens want to make their voices heard and have found the platform offered by the campaign a viable one to do so.[85]
[edit]Parliamentary actions on the proposed legislation
On 27 August 2011, a special and all exclusive session of Parliament was conducted and a resolution was unanimously passed after deliberations in both the houses of Indian Parliament by sense of the house.[86][87]
The resolution, in principle, agreed on the following subjects and forwarded the Bill to related standing committee for structure and finalise a report:[88][89]
- A citizen charter on the bill
- An appropriate mechanism to subject lower bureaucracy to lokpal
- The establishment of Lokayuktas (ombudsmen at state level) in states
Anna Hazare, civil rights activists along with protestors at site of the fast welcomed this development on being informed, terming it as a battle "half won" while ending the protest.[88]
[edit]See also
- 2011 parliamentary debate on anti-corruption legislation
- Corruption in India
- Corruption Perceptions Index
- India Against Corruption
- Indian black money
- Indian political scandals
- List of politicians in India charged with corruption
- List of scams in India
- Lok Ayukta
[edit]References
- ^ a b "The Lokpal Bill Draft version, June 21, 2011". 21 June 2011. Retrieved 16 August 2011.
- ^ "Dandi March 2 for Jan Lokpal Bill". 27 March 2011. Retrieved 9 April 2011.
- ^ "City activists garner support for Jan Lokpal bill". 14 March 2011. Retrieved 9 April 2011.
- ^ Anna Hazare, Saturday, 27 August 2011, The New York Times Company
- ^ How Arvind Kejriwal, the architect of Anna Hazare's anti-corruption campaign, brought the rage of an indignant nation to the government's door The Caravan, 20 August 2011
- ^ a b "Anna Hazare's anti-corruption movement: Time-line".Mathrubhumi. 9 Apr 2011.
- ^ "Lokpal Bill tabled, Anna sets a copy on fire". NDTV. 4 August 2011. Retrieved 17 August 2011.
- ^ "Lokpal – Father Coins Name, Son Prepares Final Draft". 27 Aug 2011.
- ^ a b "What is the Jan Lokpal Bill, why it's important". NDTV. 16 August 2011. Retrieved 17 August 2011.
- ^ a b "Jan Lokpal Bill version 1.8 PDF". Retrieved 16 August 2011.
- ^ "Minutes of meeting of the Joint Drafting Committee of the Lokpal Bill". Govt. of India. Retrieved 17 Aug 2011. See Page 3, point 6
- ^ 43 years, eight Lokpal bills, zero consensus, IANS, 26 Aug 2011, The Economic Times www.economictimes.com]
- ^ "Lokpal bill to cover PM". CNN-IBN. 21 Nov 2010.
- ^ "India marches against corruption". Tehelka. 28 January 2011.
- ^ "India should learn a lesson from Hong Kong on tackling corruption". Economic Times (India). 6 Aug 2011.
- ^ "Lokpal Bill: Govt version vs civil society version". The Times of India. 7 April 2011. Retrieved 7 April 2011.
- ^ a b c d e f g h i j k l m n o p "Differences abound, both major and minor, in competing Lokpal drafts". The Hindu. 23 June 2011. Retrieved 18 Aug 2011.
- ^ a b c d e f g h "Lokpal Bill: Differences between Govt draft and Team Anna's draft". Times of India. 22 June 2011.
- ^ a b c "Govt's Lokpal draft targets NGOs, leaves out govt officials, says activists". The Times of India. 24 June 2011. Retrieved 22 Aug 2011.
- ^ a b "Lokpal Bill Views".
- ^ "Comparison between the Lok Pal Bill introduced in Lok Sabha and the Jan Lok Pal Bill". PRS. 4 August 2011. Retrieved 2011-08016.
- ^ a b The Due Bill, Dinesh Naranayan, business.in.com
- ^ a b c "Social activists draft new Lokpal Bill". DNA. 24 Dec 2010.
- ^ "Drive around Delhi to demand strong Lokpal Bill". Sify News. 13 March 2011. Archived from the original on 5 April 2011. Retrieved 5 April 2011.
- ^ "Anna Hazare announces fast unto death till Jan Lokpal Bill enacted". The Economic Times. 4 April 2011. Archived from the original on 5 April 2011. Retrieved 5 April 2011.
- ^ "Mumbai to join Hazare's fast today for Jan Lokpal". The Indian Express. 5 April 2011. Archived from the original on 5 April 2011. Retrieved 5 April 2011.
- ^ "Find ways to include activists' opinion: PMO". 10 March 2011. Retrieved 9 April 2011.
- ^ "Hazare fast: Sibal meets Agnivesh, Kejriwal to pursue constructive dialogue". TruthDive. Retrieved 9 April 2011.
- ^ "Anna Hazare announces jail bharo movement on April 13".Indian Express. 8 April 2011. Retrieved 8 April 2011.
- ^ NULL. "Anna Hazare: I asked PM whether his team shares his values – Forbes India". Moneycontrol.com. Retrieved 9 April 2011.
- ^ "Hazare fast: people heckle, chase out politicos – Politics – Politics News – ibnlive". Ibnlive.in.com. 3 February 2010. Retrieved 9 April 2011.
- ^ a b "Anna sets Aug 15 deadline for Lokpal Bill". CBB IBN. 10 April 2011.
- ^ Resolution, New Delhi, 8 April 2011, Ministry of Law and Justice, India.
- ^ "Lokpal Bill drafting committee: Pranab Chairman; Shanti Bhushan co-Chairman". NDTV. 9 April 2011. Retrieved 17 August 2011.
- ^ "Govt Attacked for Involving Civil Society in Drafting Lokpal". news.outlookindia.com. 3 July 2011. Retrieved 17 August 2011.
- ^ "Govt attacked for involving civil society in drafting Lokpal".Indian Express. 4 July 2011.
- ^ "Lokpal bill moved in Lok Sabha". 4 August 2011. Retrieved 17 August 2011.
- ^ "No Permission for Hazare's Fast". Rediff. 15 Aug 2011.
- ^ a b "JP Park – Anna Hazare – Delhi Police". Times of India. 16 Aug 2011.
- ^ "Anna Hazare to be released from Tihar Jail". NDTV.
- ^ Team member Santosh Hegde says Anna can't have his way with Parliament, Indian Express, 26 Aug 2011
- ^ Agnivesh distances himself from Anna's stir The Hindu, 26 Aug 2011
- ^ "Anna Hazare is the voice of millions of Indians: Sri Sri". Timesnow.Tv. 7 April 2011. Retrieved 17 August 2011.
- ^ "Anna Hazare goes on fast demanding anti-corruption law". Zeenews.com. 5 April 2011. Retrieved 17 August 2011.
- ^ "India against corruption: Ajit Singh supports Anna Hazare's campaign – Economic Times". Economictimes.indiatimes.com. 5 April 2011. Retrieved 9 April 2011.
- ^ "Pass ''Jan Lokpal Bill'' in next Parliament session: Manpreet, IBN Live News". Ibnlive.in.com. 3 February 2010. Retrieved 9 April 2011.
- ^ "BJP extends support to Hazare's fast on anti-graft bill". Inewsone.com. Retrieved 9 April 2011.
- ^ Special Correspondent (5 April 2011). "News / National : BJP seeks all-party meet on Lokpal Bill". The Hindu (Chennai, India). Retrieved 9 April 2011.
- ^ "Hazare calls for 'jail bharo' moevement". The Pioneer. India. 22 June 2011. Retrieved 17 August 2011.
- ^ "Anna Hazare´s Jantar Mantar Crusade Against Corruption Gets Support From Aamir & Others!". Planet Bollywood. Retrieved 17 August 2011.
- ^ "We should join hands with Hazare: Vishal Bhardwaj". Mangalorean.Com. 7 April 2011. Retrieved 17 August 2011.
- ^ "Big B, Ramdev extend support to Hazare's crusade – Times Of India". The Times Of India.
- ^ "Bollywood resonates with Anna Hazare". The Hindu (Chennai, India). 9 April 2011.
- ^ Central Chronicle – Madhya Pradesh's News Portal
- ^ "B'wood continues to support Anna Hazare". Ibnlive.in.com. 8 April 2011. Retrieved 17 August 2011.
- ^ [1][dead link]
- ^ "Logjam over Lokpal bill continues". rediff.com.
- ^ RADHIKA RAMASESHAN (22 June 2011). "DMK iffy on Lokpal, allies back govt Hazare wags fast finger".
- ^ "Dalits to rally for Bahujan Lokpal Bill". 24 August 2011. Retrieved 24 August 2011.
- ^ "Of the few, by the few version". The Indian Express. 7 April 2011. Retrieved 8 April 2011.
- ^ Jan Lokpal a Frankenstein's monster: Sibal, Abantika Ghosh, TNN, 30 Jun 2011, NEW DELHI, THE TIMES OF INDIA
- ^ Kattakayam, Jiby (7 April 2011). "I will fight till death: Anna Hazare". The Hindu (Chennai, India). Retrieved 12 April 2011.
- ^ Jan Lokpal Bill version 1.8, annahazare.org
- ^ "Opinion: Jan Lokpal bill: addressing concerns". 15 April 2011. Retrieved 17 August 2011.
- ^ Parsai, Gargi (24 May 2011). "Lokpal panel postpones sticky issues". Retrieved 17 August 2011.
- ^ Full text: The Jan Lokpal Bill, ibnlive.com, 7 Apr 2011
- ^ Full details Jan Lokpal Bill – Draft, Saturday , 9 April 2011, e-news4u.com
- ^ Lokpal Bill, Jan Lokpal Bill version 1.8,
- ^ Dhananjay Mahapatra (27 Jun 2011). "Can Lokpal be investigator, prosecutor, jury and judge?".
- ^ "Hazare proposes Justices Verma, Hegde as chairman of Lokpal Bill panel". Indian Express. 8 April 2011.
- ^ "Judiciary, PM should not be under Lokpal: Former CJI".Malayala Manorama. 26 June 2011.
- ^ Sharma, Nagendar (15 August 2011). "Break lokpal into 5 institutions: Roy". Retrieved 17 August 2011.
- ^ I'd rather not be Anna , The Hindu, 21 August 2011
- ^ "Press Release – Team Anna's Referendum". NDTV. Retrieved 22 August 2011.
- ^ "Referendum Results – India Against Corruption". India Against Corruption. Retrieved 22 August 2011.
- ^ Two-thirds of India hasn't heard of Lokpal: Survey, FP Editors, 9 Aug 2011, Firstpost
- ^ "Current Lokpal Bill is a Sham". India Today. Retrieved 22 August 2011.
- ^ a b c "Congress MPs Dattu Meghe. Priya Dutt Support Jan Lokpal Bill". News Worms. Retrieved 22 August 2011.
- ^ a b "MP Priya Dutt, Nirupam meet Hazare Supporters; Vow support". Retrieved 22 August 2011.
- ^ "Congress MP submits Jan Lokpal Bill before parliamentary Panel". IBN Live. Retrieved 22 August 2011.
- ^ "Varun Gandhi to introduce Jan Lokpal Bill in Parliament". Retrieved 22 August 2011.
- ^ "Jan Lokpal Bill: Anna Hazare hooks millions into the cyber space, tops film superstar Shahrukh Khan in Google search results". Economic Times. Retrieved 22 August 2011.
- ^ "Anna's campaign big hit on YouTube, Facebook & Twitter; unites Netizens". Economic Times. Retrieved 22 August 2011.
- ^ "87pc Indians support Jan Lokpal: STAR News-Nielsen Survey". Exchange4Media News. Retrieved 22 August 2011.
- ^ "Over a million join TOI anti-graft drive". Retrieved 22 August 2011.
- ^ Agreed! says Parliament to Anna; fast ends at 10 am, NDTV Correspondent, 27 August 2011
- ^ Anna Hazare wins, Parliament passes resolution on Lokpal Bill, TNN, 27 Aug 2011, THE TIMES OF INDIA
- ^ a b PM's letter to Anna Hazare on Parliament accepting his conditions, NDTV Correspondent, 27 August 2011
- ^ Text of Parliament resolution on Anna's demands, NDTV Correspondent, 27 August 2011
[edit]External links
- Final Version 2.3 under official consideration – redrafted by Ramarao Veluri, available on Govt of India website
- Jan Lokpal Bill – Activists proposed version
- Know the Lokpal Bill
- Jan-lokpal-bill
|
No comments:
Post a Comment