-The Indian Express Contrary to the perception that money laundering is widespread across the country's banking sector, the Financial Intelligence Unit (FIU) has found an average of only about 700 cases annually over the last four years on which investigations could be initiated. The FIU is the national agency responsible for tracking information related to suspect financial transactions. Finance ministry data shows that during the last four years, banks and other entities have...
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Granaries full, but cereal prices up 20% -Surojit Gupta & Sidhartha
-The Times of India The Centre is blaming state governments for a near 20% rise in cereal prices despite overflowing granaries that have record stocks, and suspects that hoarding and high state levies are causing the spike. The latest wholesale price inflation data showed that the price increase in this segment was estimated at over 19%. According to the consumer price index, inflation is of the order of 17%. Last month, Food...
More »Ajay Chhibber, Regional Director of the UNDP interviewed by Arlene Chang
-First Post In an interview with Firstpost, Ajay Chhibber, Regional Director of the UNDP, tells us why India ranks low on the Human Development Index, below China, Sri Lanka and Iran, what we need to do to improve our standing and why welfare schemes are not to be blamed for poor growth or inflation. Excerpts from the interview: * Why does India lag other BRIC countries in the HDI ratings? Compared to the other...
More »Give More Info on Money Laundering: Fin Min to Banks
-Outlook Taking note of a sting operation that alleged money laundering by three leading Private Sector lenders, the Finance Ministry today said that it has asked banks for more details on the issue. "RBI has contacted the banks invloved...We have asked banks for more details on the expose," Banking Secretary Rajiv Takru said here. Meanwhile, RBI Deputy Governor Urjit Patel in Mumbai said the central bank is in touch with the concerned banks...
More »UN report belies India's claims of inclusive growth-Devjyot Ghoshal
-The Business Standard This has meant the GNI per capita has more than doubled from $1,229 in 1990 In recent years, India's growth has undoubtedly been spectacular. Income growth a year has averaged about five per cent from 1990 through 2012. This has meant the gross national income (GNI) per capita (purchasing power parity, in dollar terms) has more than doubled from $1,229 in 1990. However, even if one discounts the drop in...
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