Twitter

Follow palashbiswaskl on Twitter

Tuesday, December 20, 2011

Disappointed Hazare to go on fast! Brhamin Rulers of India Enslaved have Made Indian Economy the Slave of Foreign Investment Institutions.Free Market Economy Run by LPG Mafia is dependent on Foreign Capital.The Subversion game of LOKPAL BILL to cover



Disappointed Hazare to go on fast!

Brhamin Rulers of India Enslaved have Made Indian Economy the Slave of Foreign Investment Institutions.Free Market Economy Run by LPG Mafia is dependent on Foreign Capital.The Subversion game of LOKPAL BILL to cover UP Renewal Reform Agenda intensified today as  in an attempt to blunt Anna Hazare's campaign, the Centre on Tuesday tabled the Citizens' Charter Bill and looked set to fast-track the Lokpal Bill.The latest government draft cleared by the Prime Mintser keeps the CBI out of the Lokpal control. Sources say Lokpal will supervise only those corruption cases referred to it by CBI.

Anna Hazare has rejected the Lokpal Bill that the government proposes to introduce in Parliament during the winter session calling it weak. Hazare said in Pune that he will go on another fast from December 27 and also lunch a jail bharo agitation if the Lokpal Bill that he and his associates have proposed is not tabled in Parliament.

Bhagwad Gita controversy: Russia expresses sadness,Brahamins defend Manusmriti Base Very Hard and OBC leaders like Lalu support them. Mulnivasi Bahujan Fail to Understand Riddles in Hinduism as Described and Explained bY DR BR Ambedkar.

Food Security Bill replete with confusion: Jayalalithaa,Bill provides for cost sharing with States!Food security bill not sustainable: ADB official


BJP to move privilege motion against Chidambaram

Reserve Bank deputy governor KC Chakrabarty today opined that the rupee is under pressure due to the large fiscal deficit and other weakening macroeconomic fundamentals.

Attributing the slowdown to the Reserve Bank's tight monetary policy and global problems, the government today informed Parliament that economicgrowth in 2011-12 will moderate to 7.5 per cent, from 8.5 per cent in the previous fiscal.

Indian Holocaust My Father`s Life and

Time - SEVEN HUNDRED SEVENTY fOUR

Palash Biswas

http://indianliberationnews.com/

http://indianholocaustmyfatherslifeandtime.blogspot.com/





http://basantipurtimes.blogspot.com/

The Union cabinet on Tuesday night approved a historic bill for creation a Lokpal with Constitutional status that will have no control over CBI but brings within its purview the Prime Minister with a number of safeguards.

Reserve Bank deputy governor KC Chakrabarty today opined that the rupee is under pressure due to the large fiscal deficit and other weakening macroeconomic fundamentals.

Disappointed Hazare to go on fast

BJP to move privilege motion against Chidambaram


Brhamin Rulers of India Enslaved have Made Indian Economy the Slave of Foreign Investment Institutions.Free Market Economy Run by LPG Mafia is dependent on Foreign Capital.The Subversion game of LOKPAL BILL to cover UP Renewal Reform Agenda intensified today as  in an attempt to blunt Anna Hazare's campaign, the Centre on Tuesday tabled the Citizens' Charter Bill and looked set to fast-track the Lokpal Bill.

Anna Hazare has rejected the Lokpal Bill that the government proposes to introduce in Parliament during the winter session calling it weak. Hazare said in Pune that he will go on another fast from December 27 and also lunch a jail bharo agitation if the Lokpal Bill that he and his associates have proposed is not tabled in Parliament.

Meanwhile,Bhagwad Gita controversy: Russia expresses sadness,Brahamins defend Manusmriti Base Very Hard and OBC leaders like Lalu support them. Mulnivasi Bahujan Fail to Understand Riddles in Hinduism as Described and Explained bY DR BR Ambedkar.

Sailing on INS Subhadra, the designated presidential yacht, President Ms. Patil had a glimpse of the punch and power the Indian Navy has acquired since the first edition of the review in 1953.  

The HinduIndian naval personnel salute President Pratibha Patil from the deck of INS Viraat during the 10th president's fleet review in Mumbai on Dec. 20, 2011. Photo: Vivek Bendre


Hindus in Russia on Monday made a last ditch effort to save the Bhagavad Gita from a ban by a court in Tomsk city in Siberia. Following last-minute plea by Hindus in Russia, represented by their advocate Mikhail Fralov, the Siberian court has told the Russian human rights panel on Monday to come with its deposition before the verdict, scheduled December 28.
Anti-corruption activist Anna Hazare talks to supporters at a temple where he lives in his native village, Ralegan Siddhi in Maharashtra state on Tuesday. Photo: AP


Expressing disappointment with the new draft Lokpal Bill to be tabled in Parliament, Anna Hazare on Tuesday said he would fast for three days from December 27, followed by a three-day 'jail bharo' agitation.
"I will fast on December 27, 28 and 29. This will be followed by a three-day jail bharo from December 30. After this, I will go to five states (where Assembly polls are due) and campaign against the (Congress-led) government," Mr. Hazare told reporters here this evening.
Maintaining that the government's intentions on bringing an effective Lokpal Bill were "suspect", Mr. Hazare said the government was ignoring the "voice of the people".
"The common man's life has become miserable due to all-pervasive corruption. But the government has become blind.
It cannot see or hear the suffering of the people," he said.
"Let the government go its way, we will go our way. I have decided that I will continue to fight till there is life in me," Mr. Hazare said.
Asked if he agreed with the provisions of the draft sought to be tabled in Parliament, he said, "We say, bring in whatever draft, but end corruption."
Mr. Hazare was also opposed to centralisation of the grievance redress mechanism in the draft bill. "For a ration card, you will need to go to Delhi," he said, adding Uttarakhand had brought a good Lokayukta bill.
Team Anna member Arvind Kejriwal said, "In our JanLokpal Bill, we had provided for redress mechanism at the block level."
Team Anna ups the ante: Meanwhile, with government appearing not keen on bringing CBI under Lokpal, Team Anna today raised the pitch over the proposed legislation alleging that the UPA was making a fool of the whole country as it was not letting control over the investigative agency go.
Team Anna also asked the BJP whether it was firm on a strong Lokpal as it was on issues of JPC probe into 2G scam and FDI in retail and cautioned the opposition party against "double speak" on the question of bringing CBI under the ombudsman.
Activist Arvind Kejriwal alleged that CBI does not do its work to firmly deal with corruption and instead what it does is to keep the coalition government going at the behest of its political masters. It will continue to do that if it does not come under the proposed Lokpal, he added.
"The government has to give that (CBI) up. This is what the government's commitment in the UN Convention Against Corruption. Government is not giving that up because government's intentions are unholy," Mr. Kejriwal said.
Viewing government's move with suspicion, another Team Anna member Kiran Bedi said, "Why is the government making a Draupadi of CBI?"
Pressing for inclusion of CBI under Lokpal, she said, "Unless an independent Lokpal replaces government for oversight over CBI, expect no change in the anti-corruption systems. Let's not be fooled. Mere tweaking will not work. It will dilute whatever is remaining."
On BJP's stand on CBI, Bedi said, "Is BJP as determined on Lokpal as it was on JPC and FDI? When will BJP make its stand on CBI categorical. Now that stand of Congress is evident."
Lawyer Prashant Bhushan, another Team Anna member, said the government plans to keep CBI out of Lokpal control "defeats the whole object" of having an ombudsman.
"Corruption always involves the government and therefore having a government controlled agency to investigate corruption will result in conflict of interests. So therefore this is most unsatisfactory," he said


India has strongly taken up the demand for banning Hindu scripture Bhagavad Gita, which a group linked to the Christian Orthodox Church has described as 'extremist', with the Russian authorities, Indian ambassador to Russia Ajai Malhotra said.

"The matter has been taken up by the Indian embassy in Moscow with the Russian government at senior official level, seeking its favourable and positive intervention in the matter," ambassador Malhotra said, as the court in Tomsk postponed its ruling on the petition banning Bhagwad Gita as 'extremist' and allegedly 'sowing' social-discord in Russia.

Describing Bhagwat Gita as extremist, a group linked to the Christian Orthodox Church has demanded ban due to conflict of interests between the Russian followers of Lord Krishna and the local authorities in the Siberian region of Tomsk.

Malhotra personally and his mission here have been publicly expressed their support to the local chapter of International Society of Krishna Consciousness (ISKCON).

The final hearing in the Tomsk District Court is scheduled for December 28, as the court agreed to seek the opinion of the Russian Ombudsman on Human Rights in Tomsk Region and of Indologists from Moscow and St Petersburg (all of whom favour dismissal of the case).

The case pertains to the legal relationship between a Russian registered socio-cultural organization and the local authorities. Nevertheless, the embassy in Moscow has been publicly supportive and sympathetic in the matter.

Fralov pleaded with the court to hear the Russian Human Rights Committee for its views on Bhagavad Gita and on the religious minorities' rights, before pronouncing its verdict, he said.

Following the plea, the last of legal options that the Hindus had, the court agreed to hear out the human rights panel, according to Sadhu Priya Das, a Moscow-based Hindu and a devotee of a 40-yearold Krishna temple in the Russian capital.

The case, which has been going on since June, seeks a ban on a Russian translation of the "Bhagavad Gita As It Is" written by AC Bhaktivedanta Swami Prabhupada, the founder of the International Society for Krishna Consciousness (Iskcon).

It also wants the Hindu religious text banned in Russia, declared it as literature spreading "social discord" , and its distribution rendered illegal in Russia.

Indians in Moscow, numbering about 15,000, and followers of the Iskcon religious movement in Russia have appealed to the Indian government to intervene diplomatically to resolve the issue.

Advocate Fralov said the defence sought the deposition of the human rights panel in the case because they wanted to use all the legal options to defend the Gita.

"One of the last few options was to get the Human Rights Committee involved in the case, so that the rights of minorities get highlighted before the court," Fralov said.

He also said Hindus and Krishna devotees in Russia had much earlier represented to the human rights panel asking it to give its views before the court, which it agreed to. The committee, later, also wrote to the Tomsk court that it would like to present its views on the case, which the court accepted.

The latest government draft cleared by the Prime Mintser keeps the CBI out of the Lokpal control. Sources say Lokpal will supervise only those corruption cases referred to it by CBI.

20/12/2011

Govt, BJP reach agreement on Companies, Pension Bills

The Government and the BJP on Monday reached a broad agreement on the Companies Bill and the Pensions Fund Regulatory Development Authority Bill paving the way for their passage in this session of Parliament.
Finance Minister Pranab Mukherjee on Monday held a meeting with senior BJP leaders LK Advani, Sushma Swaraj and Yashwant Sinha to discuss these two legislations. Since the Left parties are opposed to them, the BJP's support is crucial.
Sources said the Government agreed to the BJP's demand for ensuring Guarantee Returns in PFRDA. The Standing Committee on Finance, headed by Sinha, had made this recommendation.
It is not clear if the Government has also conceded to BJP's demand for defining the quantum of FDI in PFRDA in the Bill itself instead of bringing it through an Executive decision. Earlier, the BJP was adamant that if this provision is not included, it would oppose the Bill. However, it had later mellowed down its stand.
On the Companies Bill, which is listed in Monday's revised list of business in the Lok Sabha, the BJP wanted that the proposed law give a nod to Limited Liability Partnership (LLP). This has been agreed to by the government, according to sources.
Both the Government and the BJP leaders denied that Lokpal Bill was also discussed in this meeting. They maintained that the confabulations were related only to these two Bills which the Government is keen on getting passed in this session.
Corporate Affairs Minister M Veerappa Moily is scheduled to move the Companies Bill in the Lok Sabha on Monday.
TMC, which is a part of the ruling UPA coalition, has certain reservations about these two Bills but has said it will not do anything which would topple the Government.
Source: PTI


Hence Bottomless Baseless Sensex Economy is So Volatile and Inflicted as the Indian stock market today lost its trillion-dollar status!Other way round it is the INDICATER which justifies the Brahamin Zionsit Policymaker to PUSH  for Renewal of Reforms which mean Mass Destruction for the Ninety Five Percent Non aryan Non Brahamn population aGAINST WHICH TAXATION IS LOADED SO HEAVLY!

OBC Headcount is denied despite Parliamentary CONSENSUS but thanks to Puna PACT Origin SC ST OBC Minority MPs` Enslaved Remote controllled Psyche NO Previllege Motion moved against violation of Constitution. Rather,Government to spend Rs 800 cr on Economic Census next year!

According to sources, the government has proposed in the draft that the the Lokpal selection committee will comprise of the Prime Minister, Lok Sabha Speaker, Leader of Opposition in Lok Sabha, Chief Justice of India and a government-nominated jurist.
According to the proposal, Lokpal will be an eight-member body and former CJI or SC judge or an eminent person will be Lokpal Chairman.

The Union cabinet on Tuesday approved the much-awaited Lokpal bill after a two-hour special meeting, official sources said. The cabinet met in the parliament house complex under the chairmanship of Prime Minister Manmohan Singh.

Refusing to yield to Anna Hazare's demand, the government has kept CBI out of the control of Lokpal and decided not to hive off the Directorate of Prosecution from the investigative agency.

The Lokpal, with Constitutional status, will, however, have superintendence over the cases referred to CBI by the anti-graft ombudsman, according to the draft bill that was considered by the Union Cabinet at a special meeting tonight.

The watchdog will have the powers to carry out preliminary inquiry to be headed by a Director of Inquiry and will have a prosecution wing under a Director.

The Lokpal, which will be an eight-member body, will have a term of five years and its chairman or a member can be impeached only after at least 100 MPs make a representation.

Departing from the original bill, the government has now proposed 50% reservation for SC/ST, OBCs, Minorities and Women in the Lokpal bench and in the search committee.

Half of the bench would be members from judicial background, sources told PTI.
The Bharatiya Janata Party on Tuesday decided to move a privilege motion against Home Minister P. Chidambaram accusing him of showing "disrespect" to Parliament by making a statement outside on the recent controversy over allegedly helping a local hotelier.
The decision was taken at the BJP Parliamentary Party meeting held under the chairmanship of L.K. Advani. Leaders of opposition in both Houses Sushma Swaraj and Arun Jaitley and other senior leaders of the party were also present.
"Chidamabaram has talked to the media outside when the Parliament session is on. Instead of making a statement inside Parliament after giving a notice, which every Minister has, he decided to give a statement to the media outside. This amounts to disrespect of Parliament. Yashwant Sinha has moved a notice of privilege against him," said BJP leader S.S. Ahluwalia.
He said the party also felt that it was "not proper" on the part of Prime Minister Manmohan Singh to give a clean chit to Mr. Chidamabaram in his onboard interaction with the media on his return from Russia.
"The Prime Minister has also given a clean chit to him. This is not right. Parliament will decide what is right or not. All papers should be put before Parliament. There should be discussion and then Parliament will decided what is right or not. Giving such a certificate when the Parliament is on is not right. It amounts to disrespect of Parliament," said Mr. Ahluwalia.
On his way back from Moscow, Dr. Singh had appeared to reject the opposition criticism of Mr. Chidambaram.
The Prime Minister said Mr. Chidambaram's "statement is there for anybody to see and he (Mr. Chidambaram) said that he is not guilty of the type of blame that is being sought to be place on his shoulder."
The Opposition has accused Mr. Chidambaram of helping a Delhi hotelier, a former client of his, in getting some cases of forgery and cheating withdrawn, a charge flatly rejected by the Home Minister.

The Lokpal and the members will be selected by a Committee consisting of the Prime Minister,Lok Sabha Speaker, Leader of Opposition in the Lok Sabha, Chief Justice of India or a Supreme Court judge nominated by him and a jurist of eminence nominated by the President.

Under the proposals, the Prime Minister will be under the purview of the Lokpal with certain safeguards that will keep out aspects like international relations, public order, atomic energy, space, internal and external security from the inquiry.

Probe on any complaint against the Prime Minister will be decided by the full bench, of which at least three-fourth should agree.

The probe will in-camera and if a complaint is dismissed, the records on it should not be made public.

Another important provision in the bill is the change in the mode of appointment of CBI Director.

The Lokpal Bill provides for an appointment committee consisting of the Prime Minister, Leader of Opposition in the Lok Sabha and Chief Justice of India or a Supreme Court judge to decide the new Director, CBI.

Appointment of SPs and above in CBI will be done by a committee consiting of CVC, Vigilance Commissioners, Home Secretary and Secretary, DoPT.

According to the proposals in the Bill, the Lokpal cannot initiate any inquiry suo motu and a complaint will be required.

The Inquiry Wing will be headed by a Director for preliminary inquiry. The Lokpal can also ask the CBI to conduct the preliminary inquiry, which should be completed within 180 days.

Ideally, the preliminary inquiry should be completed within 90 days and extension if necessary should be sought in writing.
Administrative control over CBI will remain with the Department of Personnel and Training.
Sources say the Prime Minister, Leader of Opposition, Chief Justice of India will choose the CBI chief. The Lokpal will have no say in the matter.
Anti-corruption crusader Anna Hazare was quick to hit back. He rejected the Citizens' Charter bill and his team had demanded this should be part of the Lokpal Bill.
Anna on Tuesday rejected government's Lokpal draft and Citizen's Charters' Bill, saying he will go on fast, hold a 'Jail Bharo Andolan' and campaign against the government in the five election-bound states.
Expressing disappointment with the new draft Lokpal Bill to be tabled in Parliament, Anna said he would fast for three days from December 27, followed by a three-day 'jail bharo' agitation.
"I will fast on December 27, 28 and 29. This will be followed by a three-day jail bharo from December 30. After this, I will go to five states (where Assembly polls are due) and campaign against the (Congress-led) government," Anna said.
Maintaining that the government's intentions on bringing an effective Lokpal bill were 'suspect', Hazare said the government was ignoring the 'voice of the people'.
"The common man's life has become miserable due to all-pervasive corruption. But the government has become blind. It cannot see or hear the suffering of the people," he said.
"Let the government go its way, we will go our way. I have decided that I will continue to fight till there is life in me," Anna said.
Asked if he agreed with the provisions of the draft sought to be tabled in Parliament, he said, "We say, bring in whatever draft, but end corruption."
Anna was also opposed to centralisation of the grievance redress mechanism in the draft bill. "For a ration card, you will need to go to Delhi," he said, adding Uttarakhand had brought a good Lokayukta bill.
"Government's intentions are not clear on Lokpal bill. One has to go through a maze even for ration card complaint. We reject the draft and I will go on fast from December 27 to December 29," Anna said.
Anna also added that after the fast, 'Jail Bharo Andolan' will be held on December 30, 31 and January 1.
"Government thinks it will not be affected by my fast, but public will teach them govt a lesson. Government is cheating the people of this country," Anna said.
The social activist also clarified that he will campaign for five states elections next year. He rejected Citizens Charter Bill of the government.
Rajiv Shukla, MoS Parliamentary affairs, said, "Government is prepared to table the Lokpal Bill day after tomorrow, no delay as far as the government is concerned. We are willing to bring all the 3 bills on December 22 and 23."


Brhamin Rulers of India Enslaved have Made Indian Economy the Slave of Foreign Investment Institutions.Free Market Economy Run by LPG Mafia is dependent on Foreign Capital. Hence Bottomless Baseless Sensex Economy is So Volatile and Inflicted as the Indian stock market today lost its trillion-dollar status!



Other way round it is the INDICATER which justifies the Brahamin Zionsit Policymaker to PUSH  for Renewal of Reforms which mean Mass Destruction for the Ninety Five Percent Non aryan Non Brahamn population aGAINST WHICH TAXATION IS LOADED SO HEAVLY!

The Market depends heavily on Reforms to attract Foreign Investment as the Sensex is heavily dependent on FIIs. For instance it is said that Multi Brand Retail FDI is suspended waiting Parliamentary Consensus. But the LPG Mafia succeeded to ensure Cent Percent FDI in Retail FDI without being noticed. At the same time, like the illegal UID project burnt no less than SEVENTEEN Thousand Crore Tax payers` money bypassing the Parliament,2G Spectrum and 3G spectrum scams involved Hundreds of Thousand Crore and Defence scams amounted for the whole lot of Black Money in Foreign land which have to diverted to Indian economy described as foreigninvestment, in the same manner MNCs like WALMART gets all the concessions without any sanction to multi brand Retail FDI.



The Mind Control Game hides the Economic Manipulation as the FreeMarket Economy is run by Brahamn Policy Makers without any Fiscal policy.With the key indices, Sensex and Nifty, sliding on the back of all round selling, investors are jittery and they might pull down stocks further this week. Nifty's breach of a key support level last week has raised fears of a further fall. The rupee's slide has added to the mounting woes by catching quite a few sectors and companies on the wrong foot.

The government is seen pushing the reforms agenda, but the opposition parties did not let any debate take place in Parliament.

Analysts are of the view that mere announcements will be of no use unless the bill is passed in both the houses of Parliament. The likelihood of the bills supporting reforms getting passed in the Winter session is very low.

Going forward, market participants will remain watchful of the reform process and the RBI's stance on interest rates. Auto stocks are likely to be keenly watched as some analysts expect a cut in the key rates in near future.

The government today said it will spend Rs 800 crore for the Sixth Economic Census to be conducted from April to November 2012 to update the data on industrial activity across the country for better micro-level planning and policy formulation.

"The Ministry of Statistics and Programme Implementation has planned to spend Rs 800 crore for conducting the Sixth Economic Census as aCentral Sector Plan Scheme during April to November, 2012", Statistics Minister Srikant Kumar Jena told reporters here.

The census would involve collection of data from entrepreneurial units in the country. The ministry will engage 8 lakh enumerators for the census, he added.

The data will be collected on major industrial activity of units, number of workers, ownership details, major source of finance, gender, religion as well as social groups of the owner for proprietary units among others, for formulating micro level plans and policies.

Inaugurating the all India conference of planning secretaries of states and union territories and the directors of directorate of economic and statistics here, Jena emphasised upon the need for intensive training arrangements for enumerators and supervisors to ensure the quality of primary data.

The minister said the data at the lower geographical levels like tehsil and villages in rural areas and wards in the urban areas, would also be a valuable input for local level planning required under the 73rd and 74th Constitutional Amendments.

The last economic census was conducted in 2005. The Sixth Economic Census was to be conducted in 2011 as it is done after every five years, but was rescheduled due to capacity constraints.

"At present, our people are engaged in conducting Socio-Economic and Caste-Economic Census. It is the same machinery for every census. Therefore, economic census will be conducted next year," Chief Statistician T C A Anant told reporters when asked about delay in conducting the census.

Anant also said that there will be a National Business Register which would have details about the entrepreneurs at village and ward levels.

Meanwhile,A strong demand was made in the Lok Sabha today for a package for the micro, small and medium enterprises, which are facing problem on account of the economic slowdown. It means open bail out for the Corporate Brahaman Bania Incs which has managed to get the support of so called Dalit Incs!

Members from different parties made the demand while participating in a discussion on the Regulation of Factors (Assignment of Receivables) Bill, 2011.

Shailendra Kumar (SP) demanded that Government should set up a special fund to help the MSME sector.

Gorakhnath Pandey (BSP) said that MSME sector, which employs lakhs of people, is suffering on the account of economic slowdown and there is a need to provide subsidy to such units.

The bill, which was introduced by Finance MinisterPranab Mukherjee during budget session, seeks to address delays in payment and liquidity problems of micro and small enterprises, and empower theReserve Bank to regulate factor business in the country.

Udai Singh (BJP) said more money should be provided to state governments to promote MSMEs and that way India can match with China in the sector.

The bill, among other things, seeks to provide for and regulate the assignment of receivables by making provision for registration and rights and obligations of parties.

Factors provide liquidity to small and medium enterprises against their receivables from customers and is regarded as a cash management tool.

India had managed to hold onto the select league of the countries with a trillion-dollar stock market by a whisker for past few days, but finally gave in today after the market barometer Sensex fell to a fresh 28-month low and the rupee lost further value against the US dollar.

At the end of today's trade, the total size of the Indian market, measured in terms of cumulative valuation of all listed stocks, stood at Rs 52,60,440.78 crore.

As the rupee ended the day at Rs 52.87 level, the stock market's size in the American currency was USD 994.97 billion -- just a shade below the trillion-dollar mark.

The Indian market had a size of USD 1.0116 trillion (Rs 53,48,352.02 crore) at the end of yesterday's trade.

A total of 13 countries are now estimated to be left in the trillion-dollar stock market club, including the US, the UK, Canada, Brazil, Australia, Hong Kong, South Korea, China, Japan, Spain, Germany, Switzerland and France.

The Indian market had first achieved a trillion-dollar size about four and half years ago on May 28, 2007, but moved out of this coveted league about a year later on July 1, 2008.

India again joined this elite club of markets with trillion-dollar valuation about a year later on June 3, 2009.

The Indian market was, in fact, seen inching towards the two-trillion dollar mark at least twice in the past -- first in early 2008 and then at the beginning of 2011 with a size as high as USD 1.9 trillion.

A sharp plunge in the market this year has led to the Indian market valuation falling by close to Rs 20 lakh crore (over USD 500 billion), from about Rs 73 lakh crore (USD 1.7 trillion) at the beginning of 2011.

The rupee has been a declining trend for many months now and had hit its record low level below Rs 54-level last week, but the fall was somewhat arrested since then on the back of an intervention by the Reserve Bank.

The market size has been hovering above the trillion- dollar mark for last few days and an eminent miss was averted on Thursday last week, when the RBI managed to reverse the downfall of rupee after a record fall to Rs 54.30 level.

On Friday, the market size stood at Rs 54,11,301 crore or USD 1.026 trillion, based on that day's currency rate of Rs 52.30, as the market tanked sharply. The trillion-dollar tag had been lost that day itself, if the rupee had managed to hold onto its record high levels.

In terms of individual exchanges, the total size of stocks listed on the NSE yesterday itself slipped below trillion-dollar mark to USD 989 billion (Rs 52,30,333 crore).

At the end of today's trade, NSE-listed market valuation stood at Rs 51,42,566 crore (USD 972.68 billion).

However, the market valuation of NSE-listed companies is not considered as the country's stock market size, as not all the companies are listed on this exchange.

Indian stocks are mainly listed on two national bourses, the BSE and the NSE, but the numbers of listed companies on the two stock exchanges differ sharply.

While about 1,600 stocks are actively traded on the NSE, the number is almost double at over 2,900 at the BSE.

Almost all the stocks listed on the NSE are also listed on the BSE and therefore the cumulative valuation of companies listed on the BSE is treated as the total market size.

Finance Minister Pranab Mukharjee said here Saturday the challenge of terrorism from across the border was not confined to danger of loss of life but a threat to the economy due to fake currency being smuggled into India.

He was in Bhopal to lay the foundation stone of a new bank note paper unit at the ordnance factory in Hoshangabad district in Madhya Pradesh.

On the other hand as the so called mainstream Brahaminical Media is funded and controlled by Foreign Money and agengies for which they do their best for Economic Ethnic Cleansing and EXCLUSION of SC, ST, OBC and Minority Communities, they are already FDI overloaded. But the LPG Mafia wants a DISFUNCTIONED Media and pushes for more foreign mopney. Government said there was no unanimity on increasing FDI in the print media from the existing 26 per cent.

"There is no unanimity over increasing the FDI quotient in print media...the debate in this regard has not been conclusive," Information and Broadcasting Minister Ambika Soni told the Lok Sabha during Question Hour.

She said as per the print media policy, foreign newspapers dealing mainly with news and current affairs were not being allowed to bring out Indian editions.

A foreign publishing house which owns a foreign newspaper has also been allowed to bring out the facsimile edition of the foreign newspaper through its wholly-owned Indian subsidiary, she said.

"Although the facsimile editions of foreign newspapers are allowed, they are not allowed to carry advertisements in any form aimed at Indian subscribers," Soni said.

These and other measures such as limiting the FDI in the news sector of the print media has benefited the domestic newspaper industry, she said.

To a question, the minister said the government was making all efforts to ensure that Urdu and regional language newspapers were given more advertisements through the Directorate of Advertising and Visual Publicity (DAVP).

In the wake of an uproar over a move to ban Bhagwad Gita in Siberia, Russiahas expressed sadness over the development, saying it is "inadmissible" that a holy scripture is taken to court.

"It is strange that such events are unfolding in the beautiful university city in Siberia, as Tomsk which is famous for its secularism and religious tolerance," Alexander M Kadakin, Russian ambassador in India said in a statement here.
"Well, it seems that even the lovely city of Tomsk has its own neighbourhood madmen. It is sad indeed.
"I consider it categorically inadmissible when any holy scripture is taken to the courts. For all believers these texts are sacred," the ambassador said.
Kadakin said, "It is not normal either when religious books are sent for examination to ignorant people. Their academic scrutiny should be done at scientists' fora, congresses, seminars, etc. but not in courts."
A Russian court had yesterday suspended its verdict till December 28 on the demand for banningBhagvad Gita, which a group linked to the Christian Orthodox Church has described as 'extremist'.
The move had triggered strong protests by members of Parliament who wanted India to take up the matter strongly with Russia.
"Russia, as it is known to anyone, is a secular and democratic country where all religions enjoy equal respect. Even more applicable it is to the holy scriptures of various faiths - whether it is the Bible, the Holy Quran, Torah, Avesta and, of course, Bhagavad-Gita -- the great source of wisdom for the people of India and the world," the ambassador said.

Attributing the slowdown to the Reserve Bank's tight monetary policy and global problems, the government today informed Parliament that economicgrowth in 2011-12 will moderate to 7.5 per cent, from 8.5 per cent in the previous fiscal.


"The slower-than-expected growth this year could be attributed to global slowdown, which has resulted in slowing down of growth rate in many countries, including India, as well as to tight monetary policy to control inflation," Minister of State for Finance Namo Narain Meena said in a written reply in the Rajya Sabha.


Although the Economic Survey in February had expected a growth rate of 9 per cent for the current fiscal, the Mid-Year Analysis 2011-12 tabled in Parliament recently lowered the growth projection to 7.5 per cent, he said.


"While the economy is expected to slow down in the current year from the levels achieved in 2010-11, India is still among the global frontrunners in terms of growth of Gross Domestic Product (GDP)," Meena said.


The government has been pursuing prudent macroeconomic policies on a ongoing basis to obviate the impact of global financial crisis, he said, adding that the efforts were also being made to strengthen financial markets and increase social spending to protect poor.


The specific measures taken by the government recently to promote growth include "creation of Infrastructure Debt Fund, focusing on Public Private Partnerships, announcement of New Manufacturing Policy, announcement of Draft Telecom Policy, introduction of Land Acquisition Bill in Parliament, and a number of legislative measures to develop banking sector in India", he added.


Meena said the Indian economy grew at an average annual rate of more than 9 per cent between 2005-06 and 2007-08. The growth rate fell to Rs 6.8 per cent in 2008-09 on account of global financial crisis, but recovered the momentum to 8 per cent in 2009-10.


"Even during 2011-12, which has been a relatively difficult year with the growth rate slowing down to 7.3 per cent in the first half (April-September), India is still among the global front runners," Meena said.

Food Security Bill replete with confusion: Jayalalithaa

Jayalalithaa

Strongly opposing the draft National Food Security Bill, Tamil Nadu Chief Minister J. Jayalalithaa on Tuesday said it was replete with "confusion and inaccuracy" and asked the Centre not to attempt encroaching into the domains of states.
In a strongly-worded letter to Prime Minister Manmohan Singh, she said the Central government "should not attempt or be seen to attempt encroaching into the domains of the states" and sought exemption of Tamil Nadu from the purview of the proposed measure.
"In a Federal structure like ours where the states are in close and direct contact with the people, the choice of designing and implementing popular welfare schemes is at best left to the states," Ms. Jayalalithaa said responding to the Centre seeking the state's views on the measure.
Noting that the provisions of the bill contemplated achieving food security through Targeted Public Distribution System (TPDS), the chief minister said "forced implementation of TPDS" would entail an additional financial burden of about Rs 1,800 crore per annum with no statutory commitment forthcoming from the Centre.
"Like the BPL norms proposed by the Union Planning Commission, the categorisation of households and arbitrary restriction of coverage as contained in the Central Bill will lead to controversy and make a mockery of providing food security," she said.

Bill provides for cost sharing with States

GARGI PARSAI
SHARE  ·   COMMENT (1)   ·   PRINT   ·   T+  
A pet project of Sonia
The controversial targeted National Food Security Bill, which got the nod of the Union Cabinet on Sunday, is a pet project of United Progressive Alliance chairperson Sonia Gandhi. However, the recommendation made for near-universalisation by the National Advisory Council chaired by Ms. Gandhi, was set aside by the government.
To be piloted by Minister of State (Independent) for Food and Public Distribution K.V. Thomas, the Bill will be introduced in the ongoing session of Parliament.
Right to Food Campaign activists, who braved the cold to make a last-ditch effort to press their demand for universalisation of PDS, courted arrest for violating prohibition orders around the Prime Minister's residence.
Emerging from the Cabinet meeting, Union Agriculture Minister Sharad Pawar said, "This is a big challenge. The country will have to take the responsibility of producing huge quantities of foodgrains.''
The entitlements would cost the government about Rs. 94,973 crore per annum, as against the existing food subsidy bill estimated at Rs. 67,310 crore. The foodgrains required to be procured to meet the obligations under the Bill is estimated at about 65 million tonnes, up from the average 50 to 55 million tonnes at present.
The Bill provides for cost sharing between the central and the State governments to be decided by the Centre.
The issue of availability of foodgrains and subsidy was, however, trashed by social activists, who said that the government should not grudge the money involved as food entitlement as a right.
Significantly the entitlement of 'general' (earlier Above Poverty Line) category shall be linked to "such reforms in the public distribution system and from such dates as may be prescribed by the central government.''
Every person belonging to 'priority' household shall be entitled to receive seven kilogram of foodgrains per month and every 'general' category person shall be entitled to not less than three kilograms of grains. The Bill provides for supply of wheat at Rs. 2 per kilogram, rice at Rs. 3 per kg and coarse cereals at Re. 1 per kg to 'priority' households. For 'general' families the cost would "not exceed 50 per cent of the minimum support price for wheat and coarse grains and not exceed 50 per cent of derived MSP.
Importantly, the Bill provides for "food security allowance" from state governments to such beneficiaries who do not receive the entitled quantities of foodgrains or meals.
The 'priority' and 'general' beneficiaries and the exclusion criteria shall be prescribed by the Central government. Already identification of rural beneficiaries is being done under a Socio-Economic Caste Census. A similar exercise shall be undertaken for urban beneficiaries.

AFFORDABLE MEALS

The Bill provides for meals at "free or affordable prices'' to destitute, homeless persons, disaster-affected people and persons living in starvation. It also covers maternity benefits of Rs. 1000 per month for six months to pregnant and lactating women. The state governments shall identify through anganwadis and provide free meals to children who suffer from malnutrition.
Focussing on reforms in the PDS, the Bill has given primacy to introduction of cash transfers and food coupons to the targeted beneficiaries in lieu of their foodgrains entitlements as well as leveraging 'aadhar' for "proper targeting of beneficiaries under the Act.''
There will be an internal grievance redress mechanism from block and district levels.
The Centre shall set up a National Food Commission and every State government shall constitute a State Food Commission for monitoring and reviewing the implementation of the Act.
The Bill provides for women above 18 years to be considered the head of the beneficiary household for purpose of issue of ration cards. There shall be social audit of the functioning of ration shops.

OUTLAY

To meet the requirements under the Bill, the Ministry of Agriculture has projected an outlay of about Rs. 1,10,000 crore in the farm sector for an incremental production of 20 to 25 million tonnes. The Ministry of Women and Child Development also has projected an annual financial implication of Rs. 35,000 crore for strengthening and restructuring the Integrated Child Development Scheme.
Keywords: National Food Security Bill, Food Security Bill, UPA Cabinet
http://www.thehindu.com/news/national/article2726896.ece
20/12/2011

Government clears Lokpal draft; Anna remains staunch on fast

Rejecting the Citizen's Charter Bill and the provisions of the Lokpal Bill drafted by the government, veteran Gandhian Anna Hazare announced that he would go ahead with his fast from December 27.
Anna said he will go on hungerstrike till December 29, and said a 'jail bharo andolan' will commence from December 30 to January 1.
"Their (central government) intention is not clear. They think that they are betraying Anna Hazare but in fact they are betraying the people who are fed up with corruption," Hazare said.
Hazare accused the government of going back on the unanimous resolution on the sense of parliament on his demands on the Lokpal bill.
It is "very clear that their intentions are not honest", the civil society leader said.
Addressing the media in his home village of Ralegan Siddhi, Anna also said he would campaign against the Congress and its allies in the upcoming elections in 5 states.
The union cabinet Tuesday approved the much-awaited Lokpal bill after a two-hour special meeting, official sources said.
The cabinet met in the parliament house complex under the chairmanship of Prime Minister Manmohan Singh.
A meeting of the Lok Sabha's Business Advisory Committee (BAC) will decide on Wednesday the date when the bill is to be introduced in parliament.
The provisions of the Lokpal Bill, according to sources:
1. Centre will remain in administrative control of the CBI
2. The lower bureaucracy will be covered by the CVC
3. Up to 50 per cent reservation in Lokpal
Earlier, not yielding to Anna Hazare's demand, the government is understood to have decided to keep the CBI out of the purview of the proposed Lokpal.
This is the view that has emerged out of discussions among senior ministers who have reportedly recommended this to Prime Minister Manmohan Singh.
The draft Cabinet note, to which officials of the Personnel and Legislative Department had given final touches last night, was sent to the Prime Minister who has cleared it for the special Cabinet meeting tonight.
Home Minister P Chidambaram, Law Minister Salman Khurshid and Telecom Minister Kapil Sibal discussed the amendments to the Lokpal yesterday and finalised the changes. Minister of State for Personnel V Narayansamy was also part of these discussions.
Sources said the Lokpal would have no control over the CBI, a demand strongly pursued by Hazare and his team during the last several months. The sources also said there would be no separate Directorate of Prosecution of the CBI under the Lokpal.
Among other amendments proposed to the existing Lokpal Bill is that the panel to choose the CBI chief would comprise the Prime Minister, the Leader of the Opposition in the Lok Sabha and the Chief Justice of India. The Chief Justice of India is being named in place of Lok Sabha Speaker as originally planned.
The Bill will also provide for impeachment of the Lokpal for which 100 MPs have to initiate a proposal.
The Lokpal also cannot initiate a probe on its own and can only act on complaints referred to it, the sources said.
The office of Prime Minister is expected to be brought within the purview of Lokpal with certain safeguards.
The winter session of Parliament has been extended by three days from Dec 27 to facilitate the passage of the Lokpal Bill and other legislations like the Judicial Accountability Bill and the Whistleblowers' Bill.
Opposition parties had sought discussion on these three key legislations that are part of the government's strategy to tackle corruption.
The winter session of Parliament began on November 22 and was to scheduled to conclude on December 22.
Parliament will take a four-day break for Christmas from Friday and reconvene on December 27.
Source: India Syndicate
20/12/2011

Krishna makes statement on move to ban Gita in Russia

Describing a petition seeking a ban on the Bhagvad Gita in Russia as the work of "misdirected and motivated individuals", External Affairs Minister SM Krishna today said India has taken up the issue at the highest levels with the Russian government and hoped for a resolution.
The minister's statement came a day after a belligerent opposition raised a furore in Parliament over a report about an ongoing court case in Tomsk, Siberia, that seeks a ban the Gita on the grounds that it is an "extremist literature," Krishna said India was closely monitoring the case and has been consistently in touch with the Russian authorities.
"The officials of India in Moscow and our ambassador on Moscow have been in regular touch with representatives of the Iskcon. We have also taken up the matter at highest levels with the Russian government," Krishna told the Lok Sabha today.
"The embassy of India is closely monitoring the legal case," Krishna said. He said the case was filed by some "misdirected elements with an absurd complaint".
He said he hoped the matter would be resolved soon.
Hindus in Russia have appealed to the Siberian court to seek the views of the nation's human rights commission on the religious text and preachings, before pronouncing its verdict.
Following their last-minute plea, represented by their advocate Mikhail Fralov, the court in Tomsk city in Siberia has given the human rights panel 24 hours to come with its deposition. The court has deferred its verdict to December 28.
Underlining that the Gita was "above any cheap propaganda or attacks by motivated individuals", Krishna said the Gita "described the very soul of the Indian civilisation."
Krishna's statement led BJP leader Sushma Swaraj to demand that the government declare the Bhagvad Gita a "national book". She also suggested that the government should have been more proactive. "The embassy and the Russian country cannot take steps automatically. The government will have to take steps on their own," she said.
Krishna also stressed that the issue was taken with Russian ambassador to India, Alexander Kadakin, and quoted the envoy's statement that described the Gita as "the great source of wisdom for the people of India and the world".
Source: IANS
Full coverage: S M Krishna | India-Russia | Bhagvad Gita
20/12/2011

Kashmir rights panel orders arrest of senior cop

Srinagar: In a significant development, Jammu and Kashmir's State Human Rights Commission (SHRC) Tuesday ordered the arrest of a senior police officer heading a special investigating team (SIT) that was probing the disappearance of a local youth in 2007.
The SHRC issued arrest warrants against the deputy superintendent of police (headquarters) south Kashmir Anantnag district for failing to comply with the directions of the commission.
"The SHRC today ordered the arrest of the police officer and seizure of all the investigation record to be produced before the commission," sources in the SHRC told IANS.
The SHRC has ordered that all the investigation records, including case diaries etc. prepared by the SIT headed by the police officer up to July 4, 2011, be produced before the rights panel.
The SIT had been constituted to probe the 2007 disappearance of a local youth named Nazir Ahmad Mir, who belonged to Zadoor village of Anantnag district.
Gull Muhammad Mir, the father of the disappeared youth, had filed two petitions before the SHRC in 2008 and 2009 seeking the whereabouts of his son who allegedly had been called by his fiance to the local bus stand in 2007 from where some unidentified people kidnapped him in a waiting auto-rickshaw.
Gull Muhammad Mir had also approached the state high court that had given police three weeks' time to complete the investigations into the youth's disappearance.
Source said the SIT headed by deputy superintendent of police (Headquarters) Anantnag had closed the investigations as "youth untraced". The SHRC has now sought all the relevant records and evidences based on which the case had been closed by the SIT.
This is the first time since the rights panel was constituted in Jammu and Kashmir in 1997 that it has ordered arrest of any senior police officer for non-compliance of the panel's directions.
Source: IANS

Bill provides for cost sharing with States

GARGI PARSAI
SHARE  ·   COMMENT (1)   ·   PRINT   ·   T+  
A pet project of Sonia
The controversial targeted National Food Security Bill, which got the nod of the Union Cabinet on Sunday, is a pet project of United Progressive Alliance chairperson Sonia Gandhi. However, the recommendation made for near-universalisation by the National Advisory Council chaired by Ms. Gandhi, was set aside by the government.
To be piloted by Minister of State (Independent) for Food and Public Distribution K.V. Thomas, the Bill will be introduced in the ongoing session of Parliament.
Right to Food Campaign activists, who braved the cold to make a last-ditch effort to press their demand for universalisation of PDS, courted arrest for violating prohibition orders around the Prime Minister's residence.
Emerging from the Cabinet meeting, Union Agriculture Minister Sharad Pawar said, "This is a big challenge. The country will have to take the responsibility of producing huge quantities of foodgrains.''
The entitlements would cost the government about Rs. 94,973 crore per annum, as against the existing food subsidy bill estimated at Rs. 67,310 crore. The foodgrains required to be procured to meet the obligations under the Bill is estimated at about 65 million tonnes, up from the average 50 to 55 million tonnes at present.
The Bill provides for cost sharing between the central and the State governments to be decided by the Centre.
The issue of availability of foodgrains and subsidy was, however, trashed by social activists, who said that the government should not grudge the money involved as food entitlement as a right.
Significantly the entitlement of 'general' (earlier Above Poverty Line) category shall be linked to "such reforms in the public distribution system and from such dates as may be prescribed by the central government.''
Every person belonging to 'priority' household shall be entitled to receive seven kilogram of foodgrains per month and every 'general' category person shall be entitled to not less than three kilograms of grains. The Bill provides for supply of wheat at Rs. 2 per kilogram, rice at Rs. 3 per kg and coarse cereals at Re. 1 per kg to 'priority' households. For 'general' families the cost would "not exceed 50 per cent of the minimum support price for wheat and coarse grains and not exceed 50 per cent of derived MSP.
Importantly, the Bill provides for "food security allowance" from state governments to such beneficiaries who do not receive the entitled quantities of foodgrains or meals.
The 'priority' and 'general' beneficiaries and the exclusion criteria shall be prescribed by the Central government. Already identification of rural beneficiaries is being done under a Socio-Economic Caste Census. A similar exercise shall be undertaken for urban beneficiaries.

AFFORDABLE MEALS

The Bill provides for meals at "free or affordable prices'' to destitute, homeless persons, disaster-affected people and persons living in starvation. It also covers maternity benefits of Rs. 1000 per month for six months to pregnant and lactating women. The state governments shall identify through anganwadis and provide free meals to children who suffer from malnutrition.
Focussing on reforms in the PDS, the Bill has given primacy to introduction of cash transfers and food coupons to the targeted beneficiaries in lieu of their foodgrains entitlements as well as leveraging 'aadhar' for "proper targeting of beneficiaries under the Act.''
There will be an internal grievance redress mechanism from block and district levels.
The Centre shall set up a National Food Commission and every State government shall constitute a State Food Commission for monitoring and reviewing the implementation of the Act.
The Bill provides for women above 18 years to be considered the head of the beneficiary household for purpose of issue of ration cards. There shall be social audit of the functioning of ration shops.

OUTLAY

To meet the requirements under the Bill, the Ministry of Agriculture has projected an outlay of about Rs. 1,10,000 crore in the farm sector for an incremental production of 20 to 25 million tonnes. The Ministry of Women and Child Development also has projected an annual financial implication of Rs. 35,000 crore for strengthening and restructuring the Integrated Child Development Scheme.
Keywords: National Food Security Bill, Food Security Bill, UPA Cabinet
http://www.thehindu.com/news/national/article2726896.ece
Rs300 crore in black money unearthed in Apr-Oct FY11-12: FM
December 20, 2011 05:23 PM |  
Moneylife Digital Team
Of the total amount seized, Rs179.59 crore was in cash, Rs95.67 crore was jewellery and Rs24.36 crore was in the form of other assets, finance minister Pranab Mukherjee informed Parliament

New Delhi: The Income Tax (I-T) Department in India seized Rs300 crore in black money, including cash and jewellery, during April-October 2011-12, reports PTI.

The I-T Department has issued 2,190 warrants and seized assets worth Rs299.63 crore, finance minister Pranab Mukherjee said in the Rajya Sabha.

Of the total amount seized, Rs179.59 crore was in cash, Rs95.67 crore was jewellery and Rs24.36 crore was in the form of other assets, he said.

During the 2010-11 fiscal, the I-T Department has seized assets worth Rs774.98 crore by executing 4,852 warrants, Mr Mukherjee said.

In a separate reply to the Rajya Sabha, minister of state for finance SS Palanimanickam said the I-T Department does not doubt the authenticity of information provided by the French government on Indians with bank accounts in Switzerland, but was verifying the data.

"The question of any doubt on the authenticity of the list of bank account holders does not arise as it was received from the government of France. However, information so received is verified in accordance with provisions of the Income Tax Act and necessary action taken to bring to tax any undisclosed income..." Mr Palanimanickam said.

The minister of state said this in response to a question related to the information received from the French government on the Swiss bank accounts of Indians.

India received information on these accounts from the French government under the Double Taxation Avoidance Convention between the two countries.

He further said, "While handing over the information, the French government has not indicated its source."

With regard to the quantum of black money, Mr Palanimanickam said the government has commissioned a study to ascertain the amount of unaccounted wealth both within and outside the country and its ramifications on national security.

The study is being conducted separately by three institutes—the National Institute of Public Finance and Policy (NIPFP), National Institute of Financial Management (NIFM) and National Council of Applied Economic Research (NCEAR).

He further said the I-T Department has seized undisclosed assets worth Rs2,038 crore since April 2009 and detected unaccounted income of over Rs30,000 crore domestically.

The department, he added, has detected mis-pricing of goods and services worth Rs66,085 crore since April 2009, including Rs42,838 crore in the current financial year. It has collected Rs33,784 crore in tax on cross-border transactions in the last two financial years, he added.
http://www.moneylife.in/article/rs300-crore-in-black-money-unearthed-in-apr-oct-fy11-12-fm/22309.html

Inflation above comfort level, govt concerned: Pranab

The government today said inflation, which is above comfort level, is a matter of concern and steps are being taken to address the price situation.


"...inflation has been above comfort level and is a matter of concern," Finance Minister Pranab Mukherjee told the Rajya Sabha in a written reply.


He, however, expressed satisfaction that inflation has started to decline.


The headline inflation declined to 9.11 per cent in November against 9.73 per cent in the previous month. Similarly, food inflation eased to a nearly four-year low of 4.35 per cent for the week ended December 3.


Mukherjee said both the government and Reserve Bank were taking steps to contain inflation.


Steps taken by government include, reducing import duties on pulses and edible oil to zero and banning export of certain edible oil and pulses. Besides, the government has reduced customs duty on crude oil.


The RBI on its part has adopted a tight monetary policy since March 2010 in its bid to tame inflation.


When asked if increasing interest rates was the only option in the monetary policy to contain inflation, Mukherjee said RBI has multiple monetary policy instruments at its command. However "the use of each instrument is situation specific".


Mukherjee further said high inflation and some of the efforts to control liquidity "has detrimental" effect on growth in the short term.


Since March 2010, the RBI has cumulatively raised the cash reserve ratio (CRR) by 100 basis points, and hiked the policy rate (repo rate) 13 times by 375 basis points.


However, in its latest mid-quarter review, the RBI refrained from raising interest rates.
Food security bill not sustainable: ADB official

The food security bill, that seeks to legally entitle majority of India's population to cheaper foodgrains, is not sustainable as it would put further pressure on fiscal deficit and worsen inflation, anAsian Development Bank (ADB) official said on Tuesday.

"While the purpose of ensuring food security to the poor is laudable, the food security bill is not the right mechanism for it," said Biswa Nath Bhattacharyay, lead professional, Asian Development Bank.

Bhattacharyay said that with already high inflation and ballooning budget deficit because of the falling rupee, expenditures on nonproductive activities like this would further aggravate the economic problems of the country which is faltering in many areas.

The union cabinet, headed by Prime Minister Manmohan Singh Sunday, approved the bill.

Bhattacharyay said the government, facing a trust deficit in the market, does not have enough money. "Still it is planning to spend on nonproductive activities. It is not at all sustainable. I can understand if the government is investing on sectors like infrastructure."

"If you go on doing these activities which is very difficult to sustain and have pilferage and other problems, the confidence of India goes down," said Bhattacharyay adding the the proposed legislation would lead to larger outflow and decreased inflow of money, creating money scarcity and free fall of rupee.

ADB official said the European crisis would affect the Indian economy much harder than the US financial crisis.

"Falling rupee is also partly because of the European debt crisis because the European investors, in high need of cash, are withdrawing their money from the Indian market," he said.

Move ahead on Lokpal

SHARE  ·   COMMENT (36)   ·   PRINT   ·   T+  
While there is no consensus on the exact shape of the Lokpal Bill, it is clear the gap between the key political players on most of the contentious issues has been narrowed. Under severe pressure from Team Anna and its supporters across India, the United Progressive Alliance coalition has been obliged to go some way towards meeting the movement's key demands. After fiercely resisting the idea, it has agreed to include the office of the Prime Minister, with some qualifications, and the lower bureaucracy within the ambit of the Lokpal. Concurrently, the Union Cabinet has cleared the Citizens' Right to Grievance Redress Bill. The provision in the Bill providing for a grievance redressal mechanism needs, of course, to be closely and critically scrutinised from the standpoint of public service entitlement and efficient delivery. Expectedly, the sticking points seem to be the status and the superintendence of the Central Bureau of Investigation: should it be brought under the Lokpal, and if so, in what way?
The Congress party is reportedly willing to consider an arrangement under which the prosecution wing of the CBI comes under the Lokpal, which will however have no say in the agency's investigative role or administrative functioning. Separating the two wings in this manner is a highly dubious way of addressing what needs to be done to combat corruption in high places — insulating professionals who conduct investigation and prosecution from political and bureaucratic interference. Everyone knows that in India, such interference remains the rule rather than the exception, at the Centre and in the States. If the Anna Hazare movement has fired the national imagination and turned out to be a potential game-changer, it is because it has made a strong and effective Lokpal a synonym for a truly independent and proactive mechanism to go after the corrupt at all levels. In a country where organisations such as the CBI and the State police forces come under apparently irresistible pressure to follow the diktats of their political masters, the implications for the rule of law are plain. There is no need to concur with every demand of the Anna Hazare movement in order to recognise that it has presented 'rising' but 'flailing' India with a rare opportunity — to break the politician-bureaucrat-corporate nexus that enables corruption to neutralise, undermine, and mock at the rule of law under the Constitution. Bringing into existence a strong and effective Lokpal must not be held up any longer — and the insitutionalisation of comparable Lokayuktas at the State level must follow. It is absolutely vital to liberate the CBI and the anti-corruption wings of the State police forces from political control. Rising India must seize the moment.
Keywords: Lokpal Bill, Team Anna, UPA government, PM under Lokpal, lower bureaucracy, Citizens' Right to Grievance Redress Bill
http://www.thehindu.com/opinion/editorial/article2721187.ece

I won't protest if my Lokpal Bill is passed: Anna to Government

CNN-IBN
New Delhi: Anna Hazare has rejected the Lokpal Bill that the government proposes to introduce in Parliament during the winter session calling it weak. Hazare said in Pune that he will go on another fast from December 27 and also lunch a jail bharo agitation if the Lokpal Bill that he and his associates have proposed is not tabled in Parliament.
"If a Bill that is capable of putting a stop to corruption is passed and we are all very happy with it, then the fast I have planned for the 29th and the jail bharo andolan on the 1st can be stopped. Government's Lokpal Bill is weak. If the Lokpal Bill as per our demand is brought in the winter session then we will not agitate from December 27. The Citizen's Charter and the CBI (Central Bureau Investigation) should be brought under Lokpal ambit," Hazare said in Pune on Monday.
The Citizen's Charter Bill, cleared by the Union Cabinet on December 13, will spell out a citizen's charter containing a category of goods and services to be delivered in a time-bound manner and setting up a public grievance redressal panel.
But Team Anna wants Citizen's Charter Bill to be a part of the Lokpal.
Sources say that the Lokpal Bill is likely to be tabled in Parliament on Wednesday for discussion and the winter session may be extended to pass the Lokpal Bill. Parliament may reconvene after Christmas from December 27 to 29 to discuss and pass the anti-corruption legislation.
Ahead of the Cabinet meeting on the Lokpal Bill on Monday, Opposition leaders LK Advani and Sushma Swaraj met Finance Minister Pranab Mukherjee over a possible extension of the winter session of Parliament so that the Lokpal Bill can be tabled and passed.
Minister of State in the HRD Ministry D Purandeswari assured that the government is committed to getting a strong Lokpal Bill passed. "The Lokpal Bill will come in Parliament and then deliberations will happen with various parties expressing their views," she said.
She also said that the Prime Minister may be included in the Lokpal Bill, but with riders. "If you remember the Prime Minister had said he wants to be included under the ambit of the Lokpal, safeguards are important, so it's likely," she said.
The options that the government now has are:
Firstly, the government may table the Lokpal Bill in Parliament on Tuesday or Wednesday, begin a discussion right away and try and pass the bill this week itself.
A second option is that the bill be tabled on Tuesday or Wednesday, then depending on the mood in Parliament, extend the session to the next week for debate and passage of the bill.
Alternatively, the government may after tabling the bill in Parliament on Tuesday or Wednesday, call for a special extended session in early January for a debate or else once the bill is tabled, the government won't push for a debate till a broad consensus has been arrived at within Parliament.
Cabinet meet on Monday
The Union Cabinet will meet on Monday evening to discuss the Lokpal Bill. Sources say that the UPA, under pressure, has proposed that the Prime Minister be included in the bill with riders, that Group C bureaucrats under the Chief Vigilance Commissioner be supervised by Lokpal and that the CBI director be appointed by a panel comprising the Prime Minister, the Leader of the Opposition and the Lokpal. Sources say the government has also proposed that Lokpal members get a vigilance clearance from the CVC.
Sources say the government is also proposing nearly 50 per cent reservation for Scheduled Castes, Scheduled Tribes and other backward classes in the Lokpal Bill and that the Lokpal monitors the CBI in cases of corruption it refers to the investigative agency.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter andGoogle+)
#Lokpal Bill #Anna Hazare #Parliament #Winter Session
http://ibnlive.in.com/news/wont-protest-if-my-lokpal-bill-is-passed-anna/213304-37-64.html

Indian Army Colonel honey-trapped by ISI, probe ordered

TNN | Dec 20, 2011, 08.34PM IST

NEW DELHI: The Indian Army is conducting aCourt of Inquiry against a Colonel who was allegedly honey-trapped by Pakistan intelligence agency ISI in Bangladesh.


Sources said the Colonel was cultivated by a woman when he was posted in Bangladesh for a military course in one of the institutes of the neighbouring country. The relationship developed into a love affair sometime in the middle of this year, the Colonel has confessed to Indian army contacts.


Later sometime in October, the Colonel was approached by ISI operatives based in Bangladesh, asking him to work for them. Sources said the Colonel also received letters threatening to put up on the Internet photographs of him in compromising position with the woman, as well as to send them to Delhi, if he failed to work for the ISI. When the pressure mounted on him, the Colonel reported the entire matter to the Indian High Commission in Dhaka, sources said.


The officer was immediately repatriated to Delhi and the Army headquartered ordered a Court of Inquiry. Sources said the inquiry has gotten underway in Delhi.


Much of the inquiry is dependent on the statement of the Colonel. Sources said very little independent evidence was available.


http://timesofindia.indiatimes.com/india/Indian-Army-Colonel-honey-trapped-by-ISI-probe-ordered/articleshow/11182713.cms
--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...

Welcome

Website counter

Followers

Blog Archive