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Raids conducted by CBI in P.Chidambaram house

Sonu Kanojia

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Hindu World Bureau.

Former Union minister P Chidambaram and his son Karti houses were raided by the Central Bureau of Investigation(CBI) on Tuesday. This came after FIRs were registered against Karti Chidambaram, Indrani and Peter Mukerjea in connection with Foreign Investment Promotion Board (FIPB) approval to INX media.

CBI conducted raids conducted at 14 places in Chennai and Delhi.

Meanwhile Bharatiya Janta Party (BJP) leader Subramanian Swamy attacked  Chidambaram over the issue. “His name is involved in many cases, there have been a lot of violation that has happened. Process has begun and I hope Chidambaram will be sent where he belongs”, he said.

While Chidambaram denied the allegations levied upon him. Chidambaram has issued a statement stating the allegations put against him are false. He said, ” The government, using the CBI and other agencies, targeting my son and his friends. The government’s aim is to silence my voice and stop me from writing, as it has tried to do in the cases of leaders of Opposition parties, journalists, columnists, NGOs and civil society organizations. All I will say is, I shall continue to speak and write.”

“The five Secretaries who constitute the FIPB, the officials of the FIPB Secretariat and the competent authority in each case are the public officials. There is no allegation against any of them. There is no allegation against me,” he added.

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Rafale Deal Case: Supreme Court rules out probe in the deal

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The verdict was pronounced on a batch of pleas seeking court-monitored probe in the multi-billion dollar Rafale fighter jet deal with France.

 

New Delhi| The Supreme Court Friday said there is no occasion to doubt the decision-making process in the multi-billion dollar Rafale fighter jet deal with France.

A bench, headed by Chief Justice Ranjan Gogoi, said there has been the necessity of fighter aircraft and the country cannot remain without fighter jets.

The Chief Justice of India (CJI) is reading out the judgment for the three-judge bench.

The verdict was pronounced on a batch of pleas seeking court-monitored probe in the multi-billion dollar Rafale fighter jet deal with France.

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Make sure private banks stay in Indian hands: RSS affiliate to new RBI governor

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New Delhi | Days after new RBI governor Shaktikanta Das assumed charge, an RSS-affiliated outfit on Thursday said he should “rethink” about the regulatory framework for private bank ownership in the country so that it remains in Indian hands.

The Swadeshi Jagran Manch (SJM) Thursday organized a discussion on ‘Future of Banks in India’, which was moderated by its co-convener Ashwani Mahajan.

After the discussion a paper was released, in which the SJM said, “There is a need for the new RBI Governor to rethink the regulatory framework for private bank ownership. None of us want India homegrown banks to be allowed in the hands of foreign players.”

These remarks come just two days after Das was appointed as the Central bank governor and a day ahead of RBI’s central board meet in Mumbai.

The Sangh affiliate further suggested that the promoters cap should also be reexamined, adding “present guidelines for compulsory dilution of the equity appear unnatural” as it is helping more foreign funds to make way into the Indian markets.

“SJM is worried that the foreign funds are increasing their penetration among the public sector banks as well as taking control of various private banks. In absence of any agreements on this at multilaterals, including the World Trade Organisation (WTO). SJM believes that the ownership of banks in India should stay among Indians,” the paper said.

It is worrisome, as India doesn’t have mature funds with deeper pockets to take up equities in the banks, the forced equity dilution pushes the banks to go abroad, SJM said while underlining that the motive of bringing in private sector banks in 2001 was to bring in more competition in this space and improving the access to credit to more Indians.

Asserting that the country needs strong and healthy banks for inclusiveness in the society, the SJM said there are two main disruptors for banks, the implementation of International Financial Reporting System (IFRS) based accounting standards and BASEL-III norms.

Basel III capital regulations are a global capital to risk norms. As per the norms, banks have to maintain a minimum common equity ratio of 8 percent and a total capital ratio of 11.5 percent.

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Supreme Court to pronounce verdict on pleas for probe into Rafale fighter jet deal

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Eric Tappier

New Delhi | The Supreme Court is scheduled on Friday to pronounce the verdict on pleas seeking court-monitored probe into India’s multi-billion dollar Rafale fighter jet deal with France. A bench headed by Chief Justice Ranjan Gogoi had reserved its verdict on a batch of pleas on November 14.

Advocate M L Sharma was the first petitioner in the case. Later, another lawyer Vineet Dhanda had moved the apex court with the plea for court-monitored probe into the deal. AAP leader Sanjay Singh has also filed a petition against the fighter jet deal.

After the three petitions were filed, former Union ministers Yashwant Sinha and Arun Shourie along with activist advocate Prashant Bhushan had moved the apex court with a plea for a direction to the CBI to register FIR for alleged irregularities in the deal.

The Centre has defended the multi-billion deal for 36 Rafale fighter jets and opposed public disclosure of the pricing details.

India signed an agreement with France for the purchase of 36 Rafale fighter aircraft in a fly-away condition as part of the upgrading process of Indian Air Force equipment. The estimated cost of the deal is Rs 58,000 crore.

The Rafale fighter is a twin-engine Medium Multi Role Combat Aircraft (MMRCA) manufactured by French aerospace company Dassault Aviation.

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