NEWS TIT BITS

by CCV · Published 23/04/2018 · Updated 23/04/2018

THE TELEGRAPH, CALCUTTA

23 April 2018

Given below are some pieces of news (in today's Telegraph Calcutta) which are eye-catching and will have a huge impact. News item 1 proves that even banks which are known for good governance, cannot be relied on for their financial statements. SEBI's proposal to do a forensic check of ICICI Bank's financial statements and disclosures, proves this point. Does it mean, the audits are also doctored now-a-days? The question which crops up immediately is the responsibility of the Institute of Chartered Accountants of India. Another very important piece of news is the Government's decision to go in for Pension Review. In the absence of an alternative social safety net, this decision is a matter of great concern for pensioners and those who are going to get pension. It appears that the government is looking for an exit route out of its liability to pay pension after retirement. It is certainly an ominous sign. It appears that the government is trying to ensure that a person does not survive after retirement on the strength of his/her pension. And we are still looking forward to "Aachhey Din!"

The last piece of news of IMF Policy to fight corruption is an interesting one. Will it succeed in India and China? IMF's thought process on this line is in alignment with that of our Pope Francis, who notwithstanding the stumbling blocks put by a few powerful members of his Curia (just like the 107-year-old Catholic Association of Bengal – though in terms of scale the two are not comparable but in mindset they are one) is trying his best to clean up the Vatican Bank finance cobwebs/ bottlenecks. Will our church hierarchy headed by the CBCI take a cue from the IMF and strive for more transparency and accountability to the Laity in financial matters? Will it also give more emphasis on Human Development instead of harping on Evangelization or spiritual development and more expansion (like the Syro Malabar Church) in terms of real estate? Even leading Lay Associations should follow the IMF approach and clear their own backyards for greater transparency and accountability to their members. Many such associations do not even acknowledge, like Archbishops/ Bishops, communications and queries received. Their websites are very hazy, just for namesake. Isaac Gomes, Asso. Editor, Church Citizens' Voice.

Sebi stand on ICICI

NEW DELHI: Sebi is mulling getting a forensic examination done on the financial statements and disclosures made by ICICI Bank in the last few years amid a controversy over alleged conflict of interest involving the lender's CEO Chanda Kochhar and her husband. According to top officials, the capital markets regulator will also consult the RBI on the matter to avoid any intra-regulatory jurisdiction issues. PTI

Data Privacy

NEW DELHI: Trai will finalise its recommendation on privacy, security and ownership of data in the telecom sector by month-end, its chairman R. S. Sharma has said, asserting that the regulator intends to give the issue its due importance. PTI

Pension Review

NEW DELHI: The Labour Ministry looks to appoint an actuary to assess if the Employees' Pension Scheme (EPS) is sustainable over the long term.

The EPS, 1995 is one of the three schemes meant for old- age social security of employees run by the Employees' Provident Fund Organisation (EPFO). PTI

IMF Policy to fight Corruption

Washington: The International Monetary Fund (IMF) will systematically address corruption and its impact on economic growth with all its member countries, under new guidelines launched on Sunday.

The new policy also tackles how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership.

"We know that corruption hurts the poor, hinders economic opportunity and social mobility, undermines trust in institutions and causes social cohesion to unravel," IMF managing director Christine Lagarde said in a statement.

"We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries," the statement added.

Corruption and poor governance sap economic growth and exacerbate inequality, according to the IMF, and the new policy ensures the institutions will hold all members to the same standards — something it had not always done. PTI