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Endemic corruption in India has grown in scale and represents billions of dollars, with the potential to discourage investors and derail growth prospects, consultancy firm KMPG said in a survey published on Monday.
A court here today granted bail to all the six accused retired judges in the Rs. 6.58-crore Provident Fund scam. CBI Special Judge A K Singh granted bail to the accused on the basis of undertakings and personal bonds of Rs. 1 lakh each. The hearing went on for five hours in a closed court room.
Government of India vide notification dated December 16, 2010 has recognized the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar Number as an “officially valid document” to satisfy the ‘Know Your Customer’ (KYC) norms for opening small accounts in banks. This is expected to promote the financial inclusion of the poor and the hitherto excluded by making it possible for them to easily establish their identity and open bank accounts. The UIDAI is facilitating opening of bank accounts for the residents at the time of enrolment for Aadhaar through partner banks and acceptance of the letter of UIDAI as a valid KYC will make the process seamless.
Finance minister Pranab Mukherjee on Monday made a case for raising the Tax GDP ratio to a “reasonable level” of 12%-14%, to enhance the government’s capability to fund social sector schemes. “I do believe that Tax GDP ratio, which has come down to 10% plus, must reach 12%, so that the Tax GDP ratio is at reasonable level,” Mukherjee said in his reply to the general budget 2011-12 in the Rajya Sabha.
Cabinet Secretariat has brought to the notice of the CVC that in spite of above clarifications issued by CVC, some Ministries/Departments which receive complaints from CVC for taking appropriate action, instead of taking further necessary action at their level continue to forward the same to the Group of Secretaries of Group of Officers for consideration. Cabinet Secretariat has therefore, desired that instructions be issued by CVC to all the Ministries/Departments in this regard.
Deutsche Bank investment banking chief Anshu Jain earned 12.00 million euros ($16.73 million) in 2010, eclipsing Chief Executive Josef Ackermann’s pay, the lender said on Tuesday. Jain’s total remuneration topped the 8.99 million euros awarded to his boss, reflecting a rebound in business at his division, and also surpasses the 2010 pay of heads of peer German blue chip companies disclosed so far.
There are 15 non-working PSUs in Karnataka, including seven under liquidation, says a CAG report tabled in the State Legislative Assembly as it recommended to the government to consider winding them up. The companies which have taken the route of winding up by Court order are under liquidation process for the last three to seven years.
Financial sector players are likely to re-assess political risks in emerging markets, especially, against the backdrop of rising political turmoil in the Middle East and North Africa, says a report. “In the long term, banks, insurance companies and businesses are likely to re-assess and re-price political risk in emerging markets,” the Dun & Bradstreet report said.
More than 86,000 commercial banks and one lakh co-operative banks all over India would go on strike during the coming Parliament session in protest against some concessions to private sector in banking operations announced in the Budget. Announcing this here today ALL India Banking Employees Association General Secretary C H Venkatachalam said more than Rs 65,000 crore of loans lent by banks were outstanding. It would turn into bad debts and be written off, thus creating heavy losses to banks.
Taking strong note of pay disparity in different tribunals, Union Law minister Veerappa Moily said he has signed a cabinet note today to ensure uniform salary structure in such bodies. “We need to ensure that system works properly. In fact, we have been carrying out exercise…the salary matters have to be uniform in respect to all the tribunals at the national level. Only today I signed a Cabinet Note,” Moily said while delivering his keynote address at a consumer rights function.
