The government plans an umbrella law to tighten financial scrutiny and regulation of religious trusts and non-profit organisations as it looks to allay global concerns about money laundering and terrorist financing activities by such entities. It is also likely to make public names of organisations that claim tax exemption to ensure greater transparency. Some of India's religious trusts are among the richest in the world. Last year, Tirumala temple, managed...
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Centre informs Supreme Court of the high level committee to probe black money cases by J Venkatesan
The Centre on Monday informed the Supreme Court that it had constituted a high level committee comprising the heads of various probe agencies and specialised departments under the aegis of the Department of Revenue to monitor the investigation of all aspects relating to black money. Solicitor General Gopal Subramaniam told a Bench of Justice B. Sudershan Reddy and Justice S.S. Nijjar that the 10-member committee, headed by the Revenue Secretary, would...
More »RTI reveals RBI apathy over National Litigation Policy by Vijaysinh Parmar
The National Litigation Policy (NLP) aimed at reducing the cases pending in various courts in India is nine months old, but the Reserve Bank of India (RBI) which is supposed to implement the pro-citizen policy in the banking sector is unaware of it. The Department of Banking Operations and Development in the RBI's central office in Mumbai has told a Right to Information (RTI) activist that it does not have any...
More »India Worst Affected As Food Prices Forcing 19m to Stay Poor: UN Study by Prabha Jagannathan
Climbing food prices across Asia, especially India, Bangladesh, Nepal and Laos, might slow down by at least five years the region’s efforts to eradicate extreme poverty and hunger under the Millennium Development Goals (MDG), a UN ESCAP (Economic and Social Commission for Asia and the Pacific) report has cautioned. The report says India is among the mostaffected countries. According to the report, the rising food prices prevented more than 19...
More »New draft of MFI Bill to give more teeth to RBI by Dinesh Unnikrishnan
The earlier draft covered only non-NBFC MFIs incorporated as trusts and non-governmental organizations that constitute a very small part of the total industry The proposed microfinance Bill for governing India’s Rs. 22,000 crore microlending industry is set to give more teeth to the Reserve Bank of India (RBI) to regulate larger microfinance institutions (MFIs). This will be done by removing such entities from the purview of laws enacted by state governments...
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