(B) The Amended Act will facilitate confiscation of the offender’s property
Looking at A & B, who in their right mind will COMPLAIN about being forced to give a bribe?
(C) Prior to Amendment, permission was only necessary to file a #charge#sheet against serving officer(s) who is accused of taking/demanding bribes. Under the Amendment, Even to Investigate, you have to get prior permission.
(C Contd) This "permission" requirement now extends to even Retired officers. For Joint secretary & Above, specific permission is required from the central government
Effectively (C) Provides enough time lag between complaint & permission to investigate => Clean up evidence.
(D) Prior to Amendment, “disproportionate assets” vs Known sources of Income was more than enough proof to investigate. Post Amendment, “intentional and illicit enrichment” has to be demonstrated.
With (D), even if a serving officer has “disproportionate assets” just like Former late CM of Tamil Nadu Ms. Jaya Lalitha, that does not mean he took favors to build the "Dipropionate Assets"
A combination of (C) and (D) effectively provides RETIRED OFFICERS protection from getting investigated since those Assets can emerge abroad.
As one can conclude from A-B-C-D, there is JUST NO MERIT in a law abiding citizen to complain about corruption for 2 reasons.
(1) Lets say there is proof, the bribe giver will also go to jail if the accused officer turns around and says that you tried to bribe knowing full well that his footprints can be cleaned up by the time INVESTIGATIVE Authorities get permission from the Ministry
(2) Even after all of that, you have to prove "Intention" since "Disproportionate Assets" is not proof enough.
So Basically Why bother to Complain? Indias Currency Notes in Circulation as % of GDP is higher vs Pre-Demonetization even with UPI => possible More Black money today??
If you want to READ the key Clauses of the Prevention of Corruption (Amendment) Bill, 2013 this is a good link
Now lets look at 3 More #Amendments by #Modi Govt which provide #Watertightness to the Prevention of Corruption (Amendment) 2018 bill
(FIRST) the Lokpal and Lokayuktas Act (2013) was diluted in 2016 to exempt public servants’ families from disclosing their assets.
(SECOND) The #Whistle#Blowers#Protection#Act was diluted in 2014 to prohibit disclosures running counter to the Official Secrets Act, a provision that could nullify the primary intent of the legislation
(THIRD) By amending the Companies Act to lift the ceiling on political donations, introducing a system of non-transparent electoral bonds to ensure anonymity of donors/ donees #AntiCorruption#Corruption#NewIndia
(FOURTH) Deletion of "Anti Corruption clause" from the "Defense procurement Procedure". This Clause was part of the Tender issued by the previous govt in the #RafaelDeal
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#FX#THREAD#STUDENT
Bank of Interenational Settlements BIS just published thier 2022 #BISTriennialSurvey (took place in April 2022).
This is what I learnt....
In 2022, Global foreign exchange (FX) market turnover/day breached $7.5 trillion/day on a Net Basis Value.
This growth was entirely due to Inter-dealer activity rather than end customers.
Share of SPOT transactions in Global FX market turnover fell from 30% to 28% over the past few years. Rest was made up by Fwds. Swaps, etc
SPOT transactions could include Trade Related, Foreign Portfolio Buying/Selling (Equity & Debt), Interest Payments on loans, Remittances inbound (NRIs) /outbound (Education, Holidays, Medical, Overseas investments etc). So in effect, just TRADE RELATED Sport FX is barely…
This reminds me of the #TelecomScam... only thing is that this is #REALASSETS. Ideally allowing this USE change should be ONLY in the case of AUCTIONED mines. No prizes for guessing which of the 4 OLIGARCHs will benefit
EXISTING REGULATION, captive mine operators can sell 50% of the annual output from their mines but only after meeting the entire needs of the end-use plant for which a mineral block was originally allocated by the government.
WHAT WILL CHANGE ? Proposed amendment further blurs the distinction between captive and commercial mines. Captive mines producing major minerals may soon be allowed to sell half their output in the open market even if they are not able to supply to their existing facility.
EU regulator ESMA & @bankofengland disqualify key Indian institutions like CCIL & NSE Clearing Corp as @RBI , @SEBI_India reluctant to let them inspect, collect data from these orgs. European banks in India in a flux
ESMA had to tier and review the recognition of all third country CCPs (TC-CCPs) that had been recognised prior to 21 September 2020, in accordance with EMIR (Article 89(3c)). Among these TC-CCPs, six are in India, namely:
The Clearing Corporation of India (CCIL)
Indian Clearing Corporation Limited (ICCL)
NSE Clearing Limited (NSCCL)
Multi Commodity Exchange Clearing (MCXCCL),
India International Clearing Corporation (IFSC)
NSE IFSC Clearing Corporation Ltd (NICCL)
#RBI's Employee Costs is a Mammoth Rs3800 to Rs4800 Crores a year.
Recently @RBI employees took up about 20-25 Apartments in a plush south Mumbai residential complex with an Average Rent of Rs1.7lac per Apartment per month. I dont know how much of a persons Take home or Gross Salary is the Company Leased Acco, but assuming its 30% of Gross
So that would mean that many of the RBI Employees are making at least Rs5 to 5.5 lacs in Gross Income. That would make them amongst the top Millions Salaried income earners in India, not to mention all the lifetime perks like Medical etc.. Why sweat it out in the private sector ?
1/ This is clearly a #AssetManager#Bias since he is in the business of ONLY #COLLECTING#AUM ... The headline is "Half a trillion-dollar FII inflows may be heading India’s way and focus is on 3 sectors: Saurabh Mukherjea"
2/ The Share of INDIA DEDICATED FII money as a proportion of all the FII money in India today is about 7% from ACTIVE fund Managers . That Ratio of 7% about 10 years about was more like 12% and back in 2007-08, it was almost 25-30% .....
3/ So clearly 85% of the FII money in India IS NOT DEDICATED to India but a Regional Allocation from either Global Emerging Market funds or Asia Pacific Funds... The question is, if INDIA was so sexy, how come INDIA DEDICATED FII Money fell as a proportion
There is tremendous hype about Rishi Sunak being
selected as PM of Britian; which makes many Indians proud and happy
2/ However , how many of us know that Leo Varadkar, the current Prime Minister of Ireland is of Indian descent? His parents are from Vasai, near Bombay.
3/ As late as 2003, Leo completed his internship at KEM Hospital, Bombay.
His mother is an Irish lady and his father an Indian from Vasai, a suburb of Bombay, in Thane District of Maharashtra.