In the global context, shrinking money could possibly be related to advanced countries’ fiscal excesses which have been fully accommodated by their respective central banks in conducting monetary policies. In other words, despite inflationary risks in the medium-run from the persistent easy monetary and liquidity conditions created by their central banks, monetary policy has no choice but remain subjugated to the fiscal excesses and the impact of such excesses on the economy. Moreover, monetary policy strategy in advanced economies has explored new options, particularly after hitting zero nominal interest rate bound, such as “quantitative easing” and “twist operations” but their effectiveness in delivering a durable robust recovery in growth has belied expectations.
payment systems are continuously evolving, it is necessary that all the stakeholders including the regulators are continuously engaged in gearing up to provide safe, efficient, robust, accessible and affordable payment services to our citizens. The challenge therefore, is to understand the various issues and the subtle nuances of this ever evolving payments landscape and devise appropriate strategies- in short we should continue to stay ahead of the curve. Have we as an industry been able to achieve this? I have accordingly focused my thoughts on some issues in payment systems which I think need our collective attention.
The title of the current session Banking Sector: Resilience to Risk and Shock is also very topical. Maintaining resilience to risk and shock is an integral part of bank management and also bank regulation and supervision. However, the events of the last few years have underscored like never before the importance of ensuring that the banking sector builds up its ability to handle the headwinds of adverse events with relative equanimity. Over the years, many practices have been exposed in financial institutions that point to the importance of risk management and controls. Efforts have been ongoing, across the globe, to develop a risk management framework to identify where the key risks lie, and set out how they are to be managed. But, mishaps continue to surface, clearly indicating that the development of a fool proof risk management system is still a work in progress and whatever level of sophistication and advancement we reach, shocks are unavoidable.
A Delhi court today allowed the CBI to interrogate for three more days in custody a Central Excise Department superintendent and an alleged middleman, arrested in connection with receiving around Rs 40 lakh as bribe for not taking action against two businessmen. Special judge Talwant Singh extended the CBI custody of superintendent Lallan Ojha and alleged middleman Hemant Gandhi after they were produced before him.
Finance Minister Pranab Mukherjee held discussions on ways to step up revenue collection for 2011-12 with top officials of Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT) in Chennai. An official release said the meeting discussed steps for augmentation for revenue in the remaining part of the financial year.
PricewaterhouseCoopers (PwC) has been fined £1.4 million by regulators, after it signed off a report containing serious rule-breaking client money practices at JP Morgan Chase – the result of a major IT switchover that failed to keep pace with changed business processes. The Accountancy and Actuarial Discipline Board (AADB) issued the fine as it ruled that PwC wrongly reported over a seven year period that JP Morgan had maintained the right systems to correctly separate clients’ money from its own.
Three years after the multicrore Satyam accounting fraud came to light, the Institute of Chartered Accountants of India on Thursday found the chief financial officer of the erstwhile Satyam Computer Services Ltd guilty of professional misconduct. The ICAI also found Talluri Srinivas, partner, Price Waterhouse Coopers, then statutory auditors of Satyam guilty for not complying with professional standards.
Revised draft Bank Branch Auditors’ Panel for the year 2011-12 has been hosted at www.meficai.org and will be available till 10th January, 2012. MEF00001 to MEF10000 MEF10001 to MEF20000 MEF20001 to MEF30000
In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has disclosed and surrendered Rs 73 crores to the Income Tax department and also gave holding details of lockers in Swiss banks and the US. The disclosure by the businessman identified as Satish Swahney came today after a team of Income Tax(I-T) sleuths from the newly created Directorate of Criminal Investigation (DCI) carried out simultaneous searches at his posh Sainik Farms bungalow and South Extension-I premises.
Chartered Accountant firms in the country with at least one full time FCA (Partner/Sole Proprietor) as on 1st January 2012 can apply for empanelment with the office of the CAG of India for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2012-2013. The term full time for partner/sole proprietor /CA employee does not include: i) A partner/sole proprietor in other firm;
