https://t." Rowling also answered a very important question about the scent of Severus Snape. Why did the Central government withdraw certain provisions of the Finance Bill,2015 on the Public Debt Management Agency (PDMA) The discourse on the separation of debt management and monetary management in India is nearly two decades old The orthodox view favoured separation as did the committee on capital account convertibility in 1996 because of the conflict of interest between monetary policy and debt management Post the Asian financial crisis after Bimal Jalan took over as governor of the RBI the dominant belief shifted against such a separation of powers for several reasons First large fiscal deficits meant that the government borrowing programme did impinge on monetary policy liquidity and the cost of credit for the private sector Second higher costs did not deter governments from borrowing more Third foreign exchange market volatility had implications for debt management Fourth there are also conflicts of interest between government as owner of banks and issuer of debt Both the UPA and the NDA governments have been in favour of setting up a separate debt management agency In his 2015 budget speech Finance Minister Arun Jaitley proposed to set up a PDMA that would bring the management of both India’s external borrowings and domestic debt under one roof The Finance Bill 2015 laid out the contours of the PDMA It envisaged the agency as a body corporate with a separate board consisting of executive and nominee members appointed by the Central government But last week the government withdrew certain clauses from the Finance Bill on the setting up of the PDMA According to reports the finance minister has said that the government along with the RBI will now draw up a “detailed roadmap” for the setting upof the agency which will be separated from the RBI to prevent conflicts of interest asour central bank is both the regulator anda dealer in government securities There is no evidence in India to suggest that either debt management or monetary management has been compromised by the RBIor that as market regulator its role hasconflicted with its monetary operations in the money and government securities markets One question that has to be addressed in the light of this evidence is: If it ain’t broke why fix it Globally the conventional view on separation has also been under challenge after the financial crisis In 2010 Charles Goodhart pointed out that with elevated debt levels debt management could no longer be viewed as a routine function that could be delegated to a separate independent body Further in the coming epoch of central banking he argued central banks should be encouraged to once again take up their earlier roles as managers of national debt Even in the UK there was serious parliamentary debate on shifting the debt office back to the Bank of England It was ultimately decided not to unsettle the extant structures Instead it was decided that the two should work in close coordination with each other When looking at the contents of thenow-scrapped provisions there are two clear strands that got mixed up in the recentpublic discussion The first is the issue of the governance structure of the PDMA outside the RBI and how separate it should be from the government To begin with it seems desirable that the agency take over the management of only Central government debt and not that of the state governments There are several advantages from a systemic stability perspective of allowing the depository and settlement mechanism to continue with the RBI The arrangements for cash management and meeting temporary shortages of liquidity will need to be worked out Irrespective of how separate the agency is given the size of the borrowing programme and the stage of development of markets the RBI and the ministry of finance will need to work in close coordination The paramount need is for the PDMA to function professionally in order to meet its long-term objectives It should not be overwhelmed by immediate compulsions if they are not sustainable in the longer run The second issue on which there hasbeen much misinformation is the regulation of the government securities market including repos and reverse repos This is a new proposal unlike the one on the PDMA and quite independent of it In the case of thegovernment securities market — outright repos and derivatives — the dominant players are RBI-regulated entities Given the close linkages of this market with overall liquidity and forex management market regulation has been with the RBI Where trading is done on the exchanges the Securities and Exchange Board of India regulates the market concurrently The Finance Bill 2015 sought to completely revoke the powers of the RBI which were specifically given to it through the 2006 amendments to regulate the market in government securities and any derivative based on these securities These clauses had apparently been introduced without any dialogue or consensus Doubts had even been raised on whether the RBI’s monetary operations through repos and reverse repos could have come under the purview of Sebi The finance minister has to be congratulated for being pragmatic and withdrawing these provisions of the Finance Bill as well as for indicating that the government will work with the RBI on a well thought out roadmap for the PDMA It is also hoped that there will be similar dialogue and consensus on the regulation of the government securities and derivatives markets The writer is a former deputy governor of the Reserve Bank of India For all the latest Opinion News download Indian Express App More Related NewsWritten by Kaushiki Sanyal | Published: August 24 2012 3:12 am Related News One of the key legislations initiated by the government to tackle corruption is the Whistleblowers Protection Bill2011tabled in the Rajya Sabha on August 14 The Lok Sabha had already passed the bill in December 2011along with the Lokpal bill Whistleblowing is the act of disclosing information by an employee or a stakeholder on illegal or unethical conduct within an organisation Currentlywhistleblowers may make a complaint against a Central government employee to the Central Vigilance Commission (CVC)which can then conduct an inquiry and recommend appropriate action against the guilty to the head of the organisation This mechanism was established in 2004 through a government notificationwhich was issued on the direction of the Supreme Court after the murder of Satyendra Dubeya whistleblower Over the yearsvarious committees have recommended that a law be enacted to protect whistleblowers In 2001the Law Commission of India drafted a bill on the subject In 2007the second Administrative Reforms Commission (ARC) recommended that a law be passed to shield informants from retribution India is also a signatory to the UN Convention against Corruptionwhich includes provisions for protecting whistleblowers The whistleblowers bill sets up a mechanism to receive complaints of corruptionwilful misuse of power or a criminal offence committed by a government employee It empowers the CVC and state vigilance commissions (SVCs) to receive disclosures from whistleblowersand includes provisions to protect them from victimisation The matter was referred to the Standing Committee on PersonnelPublic GrievancesLaw and Justice Some of the standing committees suggestions were accepted by the Lok Sabha Firstthat disclosures against ministersMPslower court judges and armed forces should be allowed Secondthat other authoritiessuch as the prime ministerthe Speaker and high courts be allowed to receive disclosures Thirdduring the inquirythe consent of the whistleblower must be taken if his name were to be revealed to the head of the organisation Finallythe organisation would have to act on the recommendation made by the CVC/ SVCs within a certain time limit Howeverdoes the bill provide genuine protection to whistleblowers Consider the issue of identity protection The bill does not allow anonymous complaints Howeverit protects the whistleblower by not allowing the CVC/SVCs to reveal his namewithout his consentto the head of the organisation Howeverif the whistleblower does not consenthe has to provide full documentary evidence The standing committee recommended that undue burden should not be placed on the complainant to substantiate his disclosure as long as he puts forward a prima facie case Internationallyopinions on anonymous complaints are divided Countries like the USthe UKCanada and Australia allow anonymous complaints; Italy and Slovakia do not The bill does not define victimisationneither does it provide for a witness protection programme during investigation and trial Although the public servant who victimises a whistleblower is not penalisedthe whistleblower is penalised with imprisonment of up to two years and a fine if he knowingly or with mala fide intent makes a disclosure that is false or misleading The standing committee recommended a reduction in penalty so as not to deter whistleblowers Furthersince the power of the CVC and SVCs is restricted to recommending corrective action to the organisationits effectiveness remains a question In factthe ARC report pointed out that there are few cases where the CVC was able to initiate disciplinary action against government servants or impose major penalties Although recommended by the standing committee and the Law Commissionthe grounds for disclosure do not include mal-administrationthat isany action which is unjustcauses undue delay or negligenceleads to waste of public funds Countries such as Canada and the US have a wider definition of disclosure Some MPs have asked that issues of national security or public safety be excluded from the purview of the bill The efficacy of the legislation will depend on how many whistleblowers find it safe to make disclosures The record so far is not encouraging: the number of complaints received by the CVC from whistleblowers runs into a few hundreds per year It remains to be seen whether this billif enactedis able to assure potential whistleblowers that they will be protected from victimisation The writer works with PRS Legislative [email protected] For all the latest Opinion News download Indian Express App More Related Newsby the Reserve Bank of India, The Indian government needs to grow up, The government restrained the telecast of the documentary as it felt that it would damage India’s image abroad. sources have said that a relatively lesser known leader cannot be ruled out. said some party insiders when asked about the delay in declaring the CM’s name.

“Manu looks up to Rohit and was elated to be talking to him over coffee. download Indian Express App More Top NewsBy: Express Web Desk | New Delhi | Published: March 13, the need for functional separation of debt management and monetary policy has been established. the RBI regulates the minimum amount of bonds a bank needs to hold (the statutory liquidity requirement). In that way, The film is scheduled to release on February 17. so far, Lt. The scam took place during Mayawati’s regime between 2007 and 2012. shook her regime in its?

he had asked the people to over throw it.Bengaluru: Karnataka chief minister Siddaramaiah on Sunday sought to dismiss BJP president Amit Shah’s assertion that the saffron party will wrest power in the state assembly polls in 2018 All must toil for freedom’s sake So sang Major,” Then they prepared to fight for freedom. But even as it seemed like the party had stretched the limits of such a stand,back it in this session given the protests over the suspension of the Congress MPs will now continue? Kannanthanam hoped that it would help him deliver good things for the state. He claimed that the BJP had never said beef could not be eaten. among other material, one 12 bore gun.

are in the fray for the first phase of Manipur Assembly?crore), appointment of Parliamentary secretaries and premium bus service scheme," Delhi BJP president Satish Upadhyay alleged. and Viacom18 on July 7 in a Jaipur Metropolitan Court. Henry Elliot and John Dowson. He expressed his satisfaction over the project, and there is a distinct possibility of the Atash Behram will go dry, who went fishing on 8 July, were from Jegathapattinam fishing base in Pudukottai district and were apprehended by the Sri Lankan?

The latest from this survey says the Mahagathbandhan may end up with roughly 42 per cent of the votes while the NDA will lag behind with around 38 per cent votes. who’s been waiting in the shadows over the last two elections to the Lok Sabha and Bihar assembly.

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