Black money a problem, but no magic solutions: PM

June 25, 2012
Black_Money_A_problem

New Delhi, June 25: As G-20 countries worked on steps to tackle black money, Prime Minister Manmohan Singh has said it is a problem but no "magic solutions" were available to deal with menace.

"The problem is there but there are no magic solutions available. I think it is going to be a slow process," Singh told reporters accompanying him on his return home after his eight-day foreign tour.

The Prime Minister's remark came when he was asked whether the black money issue has become irrelevant for the Group of Developed and Developing countries (G-20) or any improvement was there in dealing with the problem.

"It is too early to say one way or the other," he said. The just concluded G-20 Summit at Los Cabos in Mexico welcomed the efforts to enhance interagency cooperation to tackle illicit financial flows.

In its communique, the G-20 said it supported the renewal of the Financial Action Task Force (FATF) mandate, thereby sustaining global efforts to combat money laundering.

In the tax area, the G-20 leaders including Prime Minister Singh reiterated their commitment to strengthen transparency and comprehensive exchange of information.

The 14-page document also called on relevant stakeholders to play an active role in fighting corruption, saying graft impeded economic growth, threatened the integrity of markets, undermined fair competition and undermined the rule of law.

Global Financial Integrity (GFI), a US NGO, praised G-20 leaders today for prominently focusing on the issue of illicit financial flows and committing to move toward the automatic exchange of tax information.

G-20 leaders have committed "to lead by example in implementing" the practice of automatic tax information exchange, and called upon other "countries to join this growing practice as appropriate," a move lauded by GFI as a major step in the right direction.

Corruption, crime, and tax evasion in the form of illicit financial outflows cost the developing world US$1 trillion per year, according to GFI research.

"We are thrilled to see the G-20 commit to adopting a standardized system of automatic tax information exchange," said GFI Director Raymond Baker. "Automatic information exchange will go a long way towards curtailing tax evasion."

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Agencies
January 15,2020

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

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News Network
March 23,2020

Bengaluru, Mar 23: Indian stocks plunged over 9% on Monday, as the rapidly spreading coronavirus pandemic sent major states including the country's capital into a lockdown amid increasing fears that outbreak could bring world economies to a grinding halt.

The NSE Nifty 50 index slipped 9.17% to 7,937.75 by 0408 GMT, while the S&P BSE Sensex was 9.42% lower at 27,093.24.

Over the weekend in India, the virus drove several companies to shut operations and the government sent states into lockdowns, bringing normal life to a grinding halt.

"Panic has gone up domestically because of the lockdown situation," said Vinod Nair, head of research at Geojit Financial Services.

"There is fear that the situation will not be brought under control soon."

The rupee hit a fresh record low of 76.05 against the dollar, as a flight into cash and worries about tightening liquidity boosted demand for the world's reserve currency.

Meanwhile, global markets crumbled, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding nearly 4% as the global death toll climbed to over 14,000, further battering economic activity, and raising fears of a global recession.

After market hours on Friday, the Securities and Exchange Board of India halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares to curb "abnormally high" volatility amid the pandemic.

In domestic trading, the Nifty PSU Bank Index plunged 8%, while the Nifty bank index crashed nearly 10%.

The Nifty Auto Index slid 9% after several carmakers over the weekend suspended production due to the virus.

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News Network
May 7,2020

May 7: Two people, including a child, were killed and nearly 70 hospitalised after a gas leak at a chemical plant in Andhra Pradesh's Visakhapatnam in the wee hours of Thursday, officials said.

People in Gopalapatnam area, where the chemical plant, LG Polymers, is located, complained of irritation in eyes, breathlessness, nausea and rashes on their bodies.

District Collector V Vinay Chand said two people were killed due to the gas leak, while some are in a critical condition.

Close to 70 people have been admitted to the King George Hospital after for treatment, he said.

TV channels showed people lying unconscious on roads.

Teams of the National Disaster Response Force (NDRF) have rushed to the spot.

Reports said the gas leak has been contained.

Chief Minister Y S Jagan Mohan Reddy enquired about the incident and directed the Visakhapatnam district collector to ensure proper medical care for the affected people.

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