Parliament passes bill to punish bribe givers, along with takers

Agencies
July 25, 2018

New Delhi, Jul 25: Parliament today passed a bill to amend the 1988 anti-graft law by seeking to punish bribe- givers for the first time along with the bribetakers, as the Lok Sabha gave its nod to it.

Moving the Prevention of Corruption (Amendment) Bill for passage in the Lower House, Minister of State in the Prime Minister's Office Jitendra Singh said its aim was to enhance transparency and accountability of the government and also to make the provisions under the law stringent.

The measure reflects the Narendra Modi government's zero tolerance towards corruption, he said.

Replying to the debate before the bill was passed by a voice vote, Singh said through this measure, it is also being ensured that honest officers are not harassed.

Not only taking bribe, but giving bribe would also be a crime, he said.

The Minister said that now prior approval for investigation will be required in cases of all government officers. Earlier, it was restricted to officials above the rank of a Joint Secretary.

The bill, which got the Rajya Sabha's nod last week with 43 amendments, seeks to set a timeframe within which a court would decide on corruption issues, he said, adding that verdicts in such cases has to be given "ordinarily" in two years.

He also said that immunity from arrest would be available to all levels of officers, as against the existing provision of joint secretary and above.

The Minister said the bill had many provisions to ensure speedy trial of corruption cases, besides providing protection to bureaucrats, even after their retirement, from malicious complaints.

For the bribe takers, the bill proposes to increase the punishment to a minimum of three years of imprisonment, which may extend to seven years, besides fine.

During the debate, K H Muniyappa (Cong) said electoral reforms were badly required to check corruption in the system.

Corruption can be tackled to some extent if money is not involved in polls right from the panchayat to Parliament.

Earlier, Congress leader Adhir Ranjan Chowdhury said the opposition will support the government if they fought corruption in reality rather than making claims.

"Under your rule, India, which was known as land of saints, has turned into land of scamsters....Vijay Mallya, Nirav Modi and many others fled the country after defaulting on banks' money," he said.

Chowdhury also raised the issue of Rafale deal and asked the government why it was unwilling to share the entire information about the deal with the House.

Countering his charges, the BJP MP Prahlad Joshi said it was during the rule of UPA government, the money was given to all these businessman who have now fled.

"The loans were sanctioned by banks after they were pressurised by the top people in the UPA government," Joshi alleged while speaking on the bill.

He said the NDA government has adopted a progressive approach by bringing this bill and was working to root out corruption from the system.

K Nimala (TDP) alleged that the central government was using the anti-corruption laws for their vested political interests. There is a need to effectively implement these laws, he said.

APJ Reddy (TRS) wondered whether graft can be prevented effectively. He said that corruption was involved from birth to death as, at every stage of life, one should have to pay bribe for any work.

He said there is a problem in the clause where it talks about punishing bribe givers. This would discourage whistleblowers to come forward, he said, adding "we need to hit the root cause of the menace".

B Khan (CPI-M) said nothing has happened so far in the Saradha scam in West Bengal. He also raised the issue of delay in the appointment of the anti-graft ombudsman Lokpal.

Idris Ali (TMC) refuted graft allegations against the TMC saying these were false and West Bengal Chief Minister Mamata Banerjee was a "symbol of honesty".

K Geetha (YSRCP) said that excessive regulation, lack of transparency and lack of transparent laws led to corruption. Citing an example, the member of parliament said that she herself was a victim of corruption.

Expelled RJD MP Rajesh Ranjan alias Pappu Yadav said corruption was worse than terrorism. He alleged that politicians only crib about corruption and they should resign.

Yadav said that people including officers and politicians need to be investigated by Enforcement Directorate and other agencies, it should be started "from Paapu Yadav".

He also said that funding of political parties should be made more transparent as it impacted the election process.

Shiromani Akali Dal's Prem Singh Chandumajra and AAP member Bhagwant Mann also spoke.

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News Network
January 9,2020

New Delhi, Jan 9: Amazon founder and CEO Jeff Bezos will be visiting India next week and is likely to meet Prime Minister Narendra Modi and officials, besides industry leaders, according to sources.

The top executive will also attend SMBhav – an event focussing on small and medium businesses in India - that is slated for January 15-16 in the capital city.

When contacted, Amazon declined to comment.

Amazon, which has seen significant growth in its business in India, has also witnessed protest from a section of traders in the country who claim that e-commerce giants including Amazon and Walmart-owned Flipkart offer deep discounts and engage in unfair business practices.

Last year, the government had tightened rules for e-commerce marketplaces with foreign investment. These rules barred such platforms from offering products of sellers in which they hold a stake and banned exclusive marketing arrangements among other clauses. Following this, Amazon restructured its joint ventures to ensure compliance.

Bezos is likely to discuss regulatory issues in his meeting with the government officials.

He is also slated to engage with SMBs during the SMBhav event. The event - which will focus on discussions around how technology adoption can enable SMBs in India - is slated to see participation from industry experts, policymakers, solution providers and Amazon leadership.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
March 21,2020

New Delhi, Mar 21: A couple was deboarded from a Delhi-bound Rajdhani train on Saturday after co-passengers observed a home quarantine seal on the husband's hand, the Railways said Saturday.

Officials said the Delhi-based couple boarded the Bangalore City-New Delhi Rajdhani at Secunderabad on Saturday morning.

When the train reached Kazipet in Telangana at 9:45 am, a co-passenger noticed the quarantine mark authorities are putting on suspected coronavirus cases —on the husband's hand when he was washing his hands. Other co-passengers then informed the TTE onboard.

The train was briefly detained and the couple was taken to a hospital. The coach was completely sanitised in Kazipet and was locked, officials said.

The air conditioning was also switched off.

The train left for its destination at 11.30 am.

People fleeing quarantine has been a common problem reported from different parts of the country.

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