The Lokpal legislation, in whatever form, will not be the only law we have on corruption. Apart from statutes on prohibition of benami transactions and prevention of money laundering, there is the IPC (Indian Penal Code). Under Sections 169 and 409 of IPC, depending on the offence, public servants can face imprisonment (from two years to life) and fines. This wasn't enough of a deterrent and after Bofors, we had...
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MFIs: Still in the doldrums by Shruti Sarma
MFIs in Andhra Pradesh are paying for the sins of their past. Market for new loans has dried up, banks have turned off their spigots while the AP government is content to sit back and watch. It has been eleven months since the Andhra Pradesh government issued an ordinance—later converted into the Andhra Pradesh Micro-Finance Institutions (Regulation of Money Lending) Act—which, the microfinance industry hoped, would be the magic remedy that...
More »Anna Hazare's so-called "second freedom struggle" raises questions by CL Manoj
Anna Hazare's so-called "second freedom struggle" raises questions, one, about how long the protests can be sustained, and, two, on the merits of the protesters' demands and methods. But before that, Team Anna should be given credit for reviving long-somnolent mass politics in this country, something beyond the Opposition that has been reduced to activism on the idiot box. It shows how much anti-government political space had been abandoned by the...
More »CBI assesses 2G loss to Rs30,000 cr
-The Times of India CBI on Saturday concluded its arguments on framing of charges against the accused in the 2G scam saying that going purely by the note on revision of licence fee by Indian Revenue Service officer Manju Madhavan or the PM's letter, a loss of Rs 30,000 crore has been caused to the public exchequer due to the scam. Concluding his arguments, special public prosecutor U U Lalit said...
More »Who will watch the watchmen? by Minhaz Merchant
The audited balance sheets of the six largest political parties in India are hard to get and harder to decipher: they hide more than they reveal but are nonetheless worth close examination. Between them, the Congress, BJP, BSP, SP, NCP and CPM reported total income of Rs 1,046.76 crore for the year ending March 31, 2009. That was the year in which most of the funds for the 2009 Lok...
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