Recover Lost Revenue

WITH the Supreme Court order, the mining in the hinterland of Goa has been shut down for time being. It has happened within the span of five years. Though many mining dependents, especially labour class, will be affected financially, state may benefit in many ways in future. One feels empathetic towards the labour class. There is always hope in seeing light at the end of a tunnel.  On the other hand, a few years ago the Shah commission report was released and, as reported, there were so many illegalities in the mining industry as a result of which around Rs 35,000-crore loss had occurred. Till this day, the citizens have been eagerly waiting to see whether any action has been taken against the persons who looted such an enormous amount. Has the government of the day made any attempts to recover the lost amount?  Without recovering even the smallest ‘looted amount’, the mining business in Goa started again and now shut down for the second time. At least now, the government must take all the legal means to recover the lost amount and utilise that money to rehabilitate all the mining dependents.


Respect People’s Time

IT has been a regular feature of invariably all ministers to keep public waiting at the venue of meetings, public functions etc. At a just concluded senior citizens sports meet at Fatorda stadium, Margao, the concerned minister kept the crowd of senior citizens waiting in hot sun for more than two hours on concluding day. This is the type of respect senior citizens get from the ministers and is highly deplorable. I left the venue in protest and many must have followed. But those who were to receive prizes and coming from faraway places had no alternative but to wait. It has become a trend wherein politicians come late and then seek apology. Incidentally, I had witnessed an incident wherein a prominent freedom fighter commenced a function in time without waiting for the chief guest, who happened to be a chief minister. The ministers in particular, arriving late for public functions, show a distinct lack of respect for other’s time.


RBI Governor Needs To Be Realistic

THE response of the Reserve Bank of India (RBI) Governor Dr Urjit Patel over RBI’s responsibility for PNB fraud is, unfortunately, typically escapist. Rather than being realistic, the Governor has detailed some features of non-empowerment which make RBI helpless in controlling public sector banking space. While, nobody would deny that a fraud, perpetrated with active insider collusion like the PNB fraud, cannot be prevented, the least that a common man would expect RBI is to undertake a technical and professional appraisal of the incident and take necessary actions to prevent such recurrence in future. There could always be room for improvement and relearning even for a regulator. Along with this, it is equally incumbent on the regulator, as the direct supervisory authority, to investigate the areas of failure, if any, on their own part, so as to plug the loopholes and also to punish the negligent. But why should RBI insist on infallibility or helplessness? Even within the current regulatory, supervisory and punitive powers vested with RBI under Banking Regulation Act, 1949, there is enough and plenty with them to straighten any bank which is found to be deviant or inadequate. Unfortunately, it is reported that PNB’s defaulting Brady House, Mumbai branch, although the biggest corporate branch of the bank, was not audited by RBI for past nine years. If this report is true, RBI can barely escape from answering uncomfortable questions. Besides, the Governor enumerates non-existence of powers with RBI to appoint and remove CMD, annul the defaulting bank’s licence, force a merger etc as causes for not being able to control banks. This argument, to say the least, is juvenile. One wonders whether the regulator can only adopt post-facto face-saving reactions to any problem.

Y KAPDI, Panaji

Categories: Commentary
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