-The Hindu Supersession only in exceptional circumstances, not for extraneous considerations The Supreme Court on Thursday decried the tendency of State governments superseding elected cooperative societies for political or extraneous reasons. "Supersession of an elected managing committee/board is an exception and [can] be resorted to only in exceptional circumstances," said a Bench of Justices K.S. Radhakrishnan and Dipak Misra. Sending a warning to the States, the Bench imposed Rs. 1 lakh in costs...
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Reforms’ unintended fallout -Ashoak Upadhyay
-The Hindu Business Line A mint-fresh working paper by the Reserve Bank of India once again trains the spotlight on a problem that, for five decades, every policy-maker has planned to snuff out, failed to, and then wished it would go away if ignored. But financial exclusion simply hasn't, and we now have the central bank applying its forensic skills to an examination of its magnitude. The title of Working Paper Series...
More »Banks suppressing alerts on suspect dealings: RBI probe-Josy Joseph
-The Times of India NEW DELHI: An investigation by the Reserve Bank of India (RBI) into allegations of money laundering by private banks has found large-scale violations ranging from huge cash deposits without PAN to dummy numbers. The probe report, a copy of which is available with TOI, shows that three private players - HDFC Bank, ICICI Bank and Axis Bank - had also hugely suppressed alerts generated by their system on...
More »The food mountain: security or a liability?- Renu Kohli
-Live Mint Exporting one's way out of the surplus is a losing proposition as global prices have fallen rapidly in the past few weeks India held 77.5 million tonnes (mt) of food stocks in its central pool on 1 May. These stocks had reached a record high of 82.4 mt on 1 June 2012, and that level could be crossed if wheat procurement this May is similar to the procurement a...
More »RBI probes Cobrapost report, reveals violations by banks: sources
-CNN-IBN New Delhi: The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks. The report shows string of violations on several counts. Sources say the RBI report reveals dummy PANs, unknown NRO IDs, unauthorised gold sale, rampant non-compliance of KYC norms and irregular staff trips. Sources say the RBI probe into ICICI Bank reveals cash...
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