Authorities stop playing to gallery
Nirav Modi impact: RBI halts issue of letters of undertaking for import trade credit. Business line datd14/3/18
Does it mean RBI has accepted that it can not monitor authorised dealers. This is the tragedy of Indian regulators as well as authorities. They just want to show to the gallery that they are initiating action. But logical conclusion of the issue is not there. This action shows you can manipulate authorities by screaming fraud. Why you have to stop this facility to all others who are playing by the rules.
RBI failed in monitoring rather punishing violates of prime rate,Base rate policy, and started introducing mclr. So instead of punishing violators. You are introducing new avenues to violate.
Do you believe LOU will not be introduced as LC.
So many times I have informed in pgportal that after delegating every power to Authorised dealer, is it not the duty of regulator to supervise whether they have put in place systems effectively to use the delegated power.
Every AD is misusing the power to garner business by compromising public interest. FEMA has become foreign exchange mismanagement act since 2004. One more villain is reporting by bank as a whole. So no one knows whether true reporting is done. Gold import irregularities in 2000to 2005 not initiated action. No monitoring of Merchant trade exports and imports. Advance received against exports since FERA days.
No action on EDPMS data of defaulters. IDPMS data is awaited in april2018. Even elimination of outstanding entries are being done with further violation of FEMA provisions.
It is high time RBI becomes a true regulator not a paper tiger.
If my pgportal complaints since last 3 years were to be probed many a embarrassing things could have been avoided. And many hidden scams could have been unearthed before the culprits getting warning. Even now it is not too late.
Punish the guilty exemplify so that others don't dare to do it again.
But entire system is so rotten that culprits are protected and promoted and those who oppose and report irregularities are hounded, harassed and punished with active support of the authorities including judiciary. See my other posts more
Does it mean RBI has accepted that it can not monitor authorised dealers. This is the tragedy of Indian regulators as well as authorities. They just want to show to the gallery that they are initiating action. But logical conclusion of the issue is not there. This action shows you can manipulate authorities by screaming fraud. Why you have to stop this facility to all others who are playing by the rules.
RBI failed in monitoring rather punishing violates of prime rate,Base rate policy, and started introducing mclr. So instead of punishing violators. You are introducing new avenues to violate.
Do you believe LOU will not be introduced as LC.
So many times I have informed in pgportal that after delegating every power to Authorised dealer, is it not the duty of regulator to supervise whether they have put in place systems effectively to use the delegated power.
Every AD is misusing the power to garner business by compromising public interest. FEMA has become foreign exchange mismanagement act since 2004. One more villain is reporting by bank as a whole. So no one knows whether true reporting is done. Gold import irregularities in 2000to 2005 not initiated action. No monitoring of Merchant trade exports and imports. Advance received against exports since FERA days.
No action on EDPMS data of defaulters. IDPMS data is awaited in april2018. Even elimination of outstanding entries are being done with further violation of FEMA provisions.
It is high time RBI becomes a true regulator not a paper tiger.
If my pgportal complaints since last 3 years were to be probed many a embarrassing things could have been avoided. And many hidden scams could have been unearthed before the culprits getting warning. Even now it is not too late.
Punish the guilty exemplify so that others don't dare to do it again.
But entire system is so rotten that culprits are protected and promoted and those who oppose and report irregularities are hounded, harassed and punished with active support of the authorities including judiciary. See my other posts more
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Banks are busy in finding the ways to loot the account holders. The do not have time to fix responsibility and punish the guilty. stopping a facility is not solution to the already existing issue. Easy money is very attractive. more
Apr 22
Seize the property, stop all retirement benefit and put them behind the bar, is the only solution for such rogues. We have seen during Demonetization period how these Bank Managers were indulged in converting old to new currencies. more
Mar 23
It is the failure of PNB management. The non-accountability, secure job, rampant corruption and inefficiency are deeply infested in every PSB. The quality of manpower has also deteriorated due to various quotas, political interference and corruption and resultantly even class IV employees becomes officers within years. The laws should be amended to award severe punishment to wrong doers within 6 months and all ill gotten assets be confiscated. The fraudusters should also remain in jail till death without any bail on any ground. By exploiting the present out dated grey laws, the powerful convicts remain out of jail by buying bail orders on various grounds. more
Mar 18
Strict penalty Laws should be prescribed for such bank fraud, involving bank officials . eg The concerned corrupt officials/managers should be removed from service without any retirement benefit. What this auditors do ? Every year audit is done and no one find the fault of the misdoings done in crores ,it shows it is a close chain of fraudsters. more
Mar 16
we are living in world of fraud and scams. The authorities are there to support the fraudsters in all aspect whatever be the nature of fraud. There is close network between the fraudster and the authorities. crime against women is increasing day by day and even if a person is caught and handed over to the Police, 99% chances are there that he will manage to escape and the person who has reported the case to the police will be harassed to such a extent that he will never dare to report such cases again. It is unfortunate but true. more
Mar 17
