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Government “intolerant towards financial irregularities”, ensures strict action: PM Modi

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 Prime Minister Modi said that the management and auditors of the banks should perform their duty with due diligence. He appealed to policymakers to perform their duties with dedication.

 

After coming under fire for not talking about the alleged 11,400 crores Punjab National Bank scam by the absconding diamantaire Nirav Modi, Prime Minister Narendra Modi finally broke his silence on Friday. PM Modi was addressing a gathering of businessmen and industry professionals at the Global Business Summit. Referring to the PNB scam and the multi-crore loan default by Mehul Chowksi of Gitanjali Gems, he said that his government will not tolerate such a loot and he will ensure that strict action is taken against the culprits.

PM Modi said, “Our government has time and again taken stringent action against the financial irregularities.” “We will continue to do so in future as well,” Modi assured.

Recently, Finance Minister Arun Jaitley reacting to PNB scam had come down heavily on the management and auditor of Punjab National Bank for not being able to identify the fraud at the earliest. He also highlighted that the supervisory agencies should put in place a new mechanism to detect such irregularities and frauds.

Reiterating the Finance Minister’s statement, Prime Minister Modi too said that the management and auditors of the banks should perform their duty with due diligence.  He further appealed to policymakers to maintain the ethics of their profession and perform their duties with utmost dedication.

A few days ago, the opposition Congress had hit out at PM Modi for maintaining silence on the scams in the country. In a video titled “Maun Modi”, the party took a jibe at PM Modi’s alleged silence on crucial issues that are a matter of national concern. The Congress is also planning to corner the government in the budget session over the PNB and Rotomac scam.

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Additionals funds required to fulfill promises: Tripura CM to Centre

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BJP appointed Biplab Kumar Deb as the CM of Tripura after its victory over the LEFT Front 25 year rule.

Agartala: Tripura CM Biplab Kumar Deb has demanded additional financial aid from the Union government to fulfill the promises made during the state election.

Biplab Kumar Deb met Nripendra Misra, principal secretary to Modi at the Prime Minister’s Office in New Delhi to place these demands on Friday.

In a statement issued by the CM’s office, it mentioned “Some promises have been made to the people of the state. Fulfillment of all these promises can be possible with additional financial support from the Centre as the state government is passing through a very difficult financial position”.

Deb has desired an additional funding for filling up 12,222 vacant posts of school teachers, the introduction of the 7th central Pay Commission recommendations for state government employees, setting up a central agricultural university and a super-specialty hospital like the All India Institute of Medical Sciences (AIIMS) in Tripura.

The chief minister has also requested the Centre to allow one-time relaxation in educational and professional qualifications for teachers in Tripura.

After the first BJP government in Tripura came to power in March, it was sanctioned Rs 2,587 crore central funds for development projects and schemes such as housing, education, and rural jobs.

According to the BJP, Tripura is under a deficit of Rs 11,355 crore, accumulated during the 25 years of Left Front rule.

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Death to child rapists: Union Cabinet approves the POCSO Act

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Keeping in mind the uproar over the recent rapes of minors in the nation, the Union Cabinet has approved the promulgation of an ordinance to allow courts to award death penalty to those convicted of raping children up to 12 years of age.

Official sources said in New Delhi that the criminal law amendment ordinance seeks to amend the Indian Penal Code (IPC), the Evidence Act, the Code of Criminal Procedure (CrPC) and the Protection of Children from Sexual Offences (POCSO) Act to introduce a new provision to sentence convicts of such crimes punishment of death.

Until now,  the minimum punishment for such heinous crimes was seven years in jail and the maximum was a life-term.

The move comes after the outrage caused by the nation due to the rape and murder of minor girls in Kathua and Surat district recently. But even while the Cabinet led by PM Narendra Modi was meeting on Saturday morning to discuss the issue, the rape and murder of a four-month-old infant in Indore sent fresh disturbance across the country.

 

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Cabinet approves Fugitive Economic Offenders Ordinance 2018: Provision for confiscating properties of escapees

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The cases where the total value involved in such offences is Rs.100 crore or more will come under this order.

The Union Cabinet has approved the Fugitive Economic Offenders Ordinance 2018. This would help in laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.

The cases where the total value involved in such offences is Rs.100 crore or more will come under the purview of this Ordinance.

Prime Minister Narendra Modi had earlier approved the proposal of the Ministry of Finance to introduce the Fugitive Economic Offenders Bill, 2018 in Parliament.

The ordinance states to re-establish the rule of law with respect to the fugitive economic offenders as they would be forced to return to India to face trial for scheduled offences. This would also help the banks and other financial institutions to achieve higher recovery from financial defaults committed by such fugitive economic offenders, improving the financial health of such institutions.

A special forum to be created for the expeditious confiscation of the proceeds of crime, in India or abroad, would coerce the fugitive to return to India to submit to the jurisdiction of Courts in India to face the law in respect of scheduled offences, according to the ordinance.

In the near past, there have been several instances of economic offenders flee in the jurisdiction of Indian courts, anticipating the commencement, or during the pendency, of criminal proceedings. The absence of such offenders from Indian courts has several deleterious consequences – first, it hampers investigation in criminal cases; second, it wastes precious time of courts of law, third, it undermines the rule of law in India.

The ordinance has provisions for a Court (‘Special Court’ under the Prevention of Money-laundering Act, 2002) to declare a person as a Fugitive Economic Offender.

 

A Fugitive Economic Offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution.

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