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Showing posts from April 8, 2014

Finmin rejects RBI’s proposal to bifurcate CMD’s post in PSBs

The Finance Ministry has turned down the Reserve Bank’s proposal to bifurcate the post of Chairman and Managing Director in public sector banks saying this position doesn’t enjoy absolute powers as is being claimed by some international experts. Rejecting the RBI’s proposal to restructure the board of PSU banks, the Finance Ministry in a communication to RBI Governor Raghuram Rajan said “the board is headed by CMD (but that) does not mean that CMD enjoys absolute power and the board of the bank is subservient to CMD”. The Finance Ministry said this in response to the Reserve Bank of India’s contention that CMDs of public sector banks enjoy absolute power along with boards. The central bank, according to sources, had also said CMDs often dominate the board during their tenure and therefore it also recommended that the post of CMDs be separated to empower the board. However, the Finance Ministry said the board is a collective decision making organ through which major decisions of the o…

Twenty years after the genocide in Rwanda

Ban ki-moon
The United Nations and its partners are more frequently deploying human rights monitors to trouble-spots — “eyes and ears” that show governments and non-state actors alike the world is watching Today in the Central African Republic, government and community leaders are struggling to help the country find the path of peace. On Monday in Kigali, I will join the people of Rwanda in commemorating the 20th anniversary of the genocide, the reverberations of which are still being felt across an arc of uncertainty in Africa’s Great Lakes region — and in the collective conscience of the international community. Each situation has its own dynamics. So does the Syrian conflict, which each day claims new victims. But each has posed a complex life-and-death challenge: what can the international community do when innocent populations are being slaughtered in large numbers and the government is unable or unwilling to protect its people — or is among the very agents of the violence? And wh…

The New Land Acquisition Law: A Critical Review

The new land acquisition law came into force on 1stJanuary, 2014.The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, (LARR Act) replaces the Land Acquisition Act, 1894, which existed from colonial times.The new LARR Act is an attempt to revamp and make the land acquisition process more effective by addressing the major lacunae in the old Land Acquisition Act. This article makes an attempt to analyse how the LARR Act tries to improve the land acquisition legal framework incorporating provisions which supposedly are rooted in the right based approach.The Land Acquisition Act, 1894 was under serve criticism for various reasons which inter alia include: (1) the lack of comprehensive definition of public purpose, which determines the need for land acquisition and (2) lack of proper legal framework to determine adequate compensation for acquired land.Lack of the legal stipulation to take care of rehabilitation and resettlement, dis…