The institution of Auditor General, established in 1860, became Comptroller and Auditor General of India (CAG) with the commencement of the Constitution. On the occasion of the initiation of year-long celebrations to mark 150 years of the institution, may one, as a former member of the Indian Audit and Accounts Service, put forward a few suggestions (numbered for convenience) aimed at enhancing the effectiveness of the institution? 1. It is a...

Maharashtra weeded out 2.9 million bogus ration cards last year, launching an identity verification drive to make the system foolproof. Residents had to provide electoral roll numbers, electricity bills and rent receipts to receive a ration card. Migrants had to present an official document confirming their change in residence. That led to the exclusion of many poor, homeless and migrant families as they lacked the necessary papers. This is the kind...

The Economic Offences Wing of the Central Bureau of Investigation has unearthed a multimillion-rupee bribery scam and arrested top officials of public sector banks and financial institutions, including the Chief Executive Officer of the Life Insurance Corporation Housing Finance Limited. On Tuesday, the CBI conducted raids in Mumbai, Delhi, Chennai, Jaipur, Kolkata and Jalandhar and seized some documents. “Five separate cases have been registered,” Joint Director P. Kandaswamy told a press...

The two day 43rd Session of the Indian Labour Conference (ILC), the apex national tripartite body that discusses key issues affecting labour and employment and provides policy perspectives and recommendations, concluded in New Delhi today. The Conference was inaugurated by Prime Minister Dr. Manmohan Singh on Tuesday 23rd November 2010. Senior level representatives of the three pillars of the tripartism, Trade Unions, Employers’ Associations and Government, participated in the deliberations...

The SKS IPO and the Andhra Pradesh ordinance have suddenly changed everything. Will it be the death knell or will it usher in a reformed and healthy industry? There are three basic facts about micro-finance in India. First, most of what is described as micro-finance industry is actually micro-loans. There is hardly any provision of micro-savings, micro-investments, micro-insurance or micro-pensions. This is mostly because of regulatory reasons, i.e. accepting money...