Thursday, December 14, 2017
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FRDI bill raises serious concern among bank, insurance depositors
The proposed FRC will be empowered to order amalgamation, merger, liquidation, and acquisition of any bank, insurance company, and non-banking finance company if it feels the institution concerned carries an 'imminent' or 'critical' risk to viability.
By Nantoo Banerjee
The Financial Resolution and Deposit Insurance Bill 2017, or FRDI Bill, which is expected to be moved during the short forthcoming winter session of Parliament, has rightly created a serious concern among all sections of depositors with banks and financial institutions as it seeks to dilute the security of deposits in case of institutional failure. Although the government, under growing public pressure, tried to defend the provisions of FRDI Bill, last week, saying the proposed legislation is aimed at protecting the interest of depositors, few are really willing to buy such an assurance. There are several issues. One of them is the 'bail-in' provision in the new bill, which seeks to allow a government entity to use depositors' money to save a financial institution on the verge of bankrupt...
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Scrape off the rust..!
By Robert Clements
While I was rehearsing "Abide With Me" under the legendary baton of Coomi Wadia a few years ago, my mind became still and I felt the power of the lyric enveloping me: Abide with me-fast falls the eventide, The darkness deepens Lord, with me abide; When other helpers fail and comforts flee, Help of the helpless, O abide with me! It was Henry F. Lyte, who had composed this hymn. He had taken his thoughts from the 23rd Psalm which is also my favourite Psalm: "yea though I walk through the valley of the shadow of death, I will fear no evil; for thou art with me, they rod and they staff they comfort me." I love this Psalm and when my father's grave needed an inscription I immediately had words from the same Psalm engraved on his tomb. My father had had words from this Psalm hanging over ...
Kashmir Times News Report
Mandir and Masjid can co-exist
By Kuldip Nayar
On December 6, the demolition of the Babri Masjid would be 25 years old. Instead of making amends for what the Congress Government did in 1992 with the connivance of the then Prime Minister, P.V. Narasimha Rao, the ruling Bharatiya Janata Party Government is bent upon building a temple at the site where the Masjid stood once. RSS chief Mohan Bhagwat has made a statement that only a 'grand temple' would be built in Ayodhya and nothing else. This is unfair to the Muslims or the liberals who support the country's diversity and had come to agree that both the mosque and the temple could stand side-by-side at the site. However, the demolition remains a blot on India's secularism. To build 'only' the temple would be tantamount to rubbing salt in the wound that was inflicted. I recall that a...
Kashmir Times News Report
The foreign hand..!
By Robert Clements
It was a Hand I'd been told I'd never seen before. It had arrived late at night by ship, and the captain who I luckily knew had asked me if I was interested in having a look at it, "You mean this Hand travelled all by itself?" I asked the captain, who nodded in affirmation. I looked at the door of the first-class cabin, "It's travelled in style!" I said more to myself, but the captain who heard me above the din and bustle of the ship nodded, "It's always travelled in a classy way," he smiled. "You mean you've had it travelling with you before?" I asked, and the captain nodded, "Last year during the US elections it travelled with me, and was received by Clinton!" "Hilary?" I asked surprised. "Yes!" she came on board and escorted it to the newspaper offices, and after she lost the electi...
Kashmir Times News Report
Rampage around Film Padmavati
Power of historical fiction
By Ram Puniyani
Nearly a year ago multiple rowdy protests took place when the film Padmavati was being shot in Rajasthan. Sanjay Leela Bhansali had to interrupt the shooting for some time. Currently again, more intense opposition has been witnessed as the film was due to be released. On the basis of its trailer, the Karni Sena threatened that film should not be released. Crores of rupees were on offer from BJP leaders for cutting the nose of Deepika Padukone, the one doing the role of Padmavati and for the head of Bhansali, the director of the film. Bhansali was also interrogated by the Parliamentary committee. The assertion from Karni Sena was that the film distorts history and is an insult to Rajput honor. An intense intolerance to the artistic freedom of the director has been on display, with state lo...
Kashmir Times News Report
No Rules..!
By Robert Clements
"We don't need any rules in this country," said the truck driver smiling at the auto rickshaw driver and then looking at me angrily. "We are a free nation," said the tiny rickshaw driver proudly, "fifty years of freedom from inhuman laws and unfair regulations." "But traffic laws are meant for our own safety," I protested, "it is meant for our survival." "Survival of the fittest," said the burly truck driver as he playfully gave the rickshaw driver a slap on the back, which sent him sprawling onto the middle of the road, where he was cursed and shouted at by a group of pedestrians who were making their way to work. I walked with the two to a roundabout where a massive traffic jam was taking place. The vehicles were all lined up round the circle and looked as if they were chasing each ...
Kashmir Times News Report
Next year in Jerusalem
By Gwynne Dyer
This time, with President Donald J. Trump about to announce that the United States will recognise Jerusalem as Israel's capital and move the US embassy there, King Abdullah simply sounded resigned: "The adoption of this resolution will have serious implications for security and stability in the Middle East." "All of us are saying: 'Hey, United States, we don't think this is a very good idea'," said Jordan's King Abdullah II in 2002, when it became clear that President George W. Bush was going to invade Iraq. But Bush didn't listen, and it turned out to be an extremely bad idea. This time, with President Donald J. Trump about to announce that the United States will recognise Jerusalem as Israel's capital and move the US embassy there, King Abdullah sounded resigned: "The adoption of...
Kashmir Times News Report
Invisible Policemen..!
By Robert Clements
The traffic constable at the junction asked me politely for a lift up to the next signal. "Saab," he said grinning at me, "from tomorrow you will not see us anymore. We will be there, but we will not be seen. They are going to try and make us invisible!" "But you guys have already learnt to become invisible," I said, "hiding behind lampposts, behind bushes, trying to become part of the background, and doing a good job of it." "Ha, ha, ha," said the traffic policeman, "you are a very understanding man, you have understood the problem fully." "I have?" I asked doubtfully. "What is the problem?" "The problem of hiding all the time," said the policeman. "It is very difficult for a person like me to hide behind a lamppost for eight hours a day." "I agree with you," I said, "It must have ...
Kashmir Times News Report
Nobel peace prize ceremony has a clear message
Nuclear ban treaty must be enforced
By Dr. Arun Mitra
On 10th December 2017, Oslo the, capital of Norway will be filled with exciting events when the Nobel Peace Prize for this year will be bestowed upon the International Campaign to Abolish Nuclear Weapons (ICAN). This campaign has 468 partners who have been consistently working since long for a nuclear weapon free world. ICAN was officially launched in Vienna, Austria in April 2007 during the Non-Proliferation Treaty preparatory committee meeting. It was inspired by the International Campaign to Ban Landmines, which had played a major role in the negotiation of the Anti-Personnel Mine Ban Convention, also known as the Ottawa treaty. As a result of continuous work since then in the form of lobbying with governments in many countries and the UN public opinion building by the partners in ...
Kashmir Times News Report
Giving visibility and land rights to the indigenous
By Fabíola Ortiz
Indigenous peoples are all but invisible on the development agenda but a hoped for change is on the cards with the launch of the world's first and only funding institution to support the efforts of local and native communities to secure rights over their lands and resources. "Include us, so that we can protect our lands for our children and protect the planet's biodiversity for all the world's children," said by Victoria Tauli-Corpuz, UN Special Rapporteur on the Rights of Indigenous Peoples during the launch. Recognising the land rights of native and traditional peoples is a low-cost solution toward achieving the world's development, environment and climate agendas. Known as the International Land and Forest Tenure Facility, the new institution dedicated to scaling up the recognition o...
Kashmir Times News Report
Religion over law
By A G Noorani
One is at a loss to understand why the Supreme Court took up for hearing appeals in the highly-charged Babri Masjid case. In truth, neither side is keen on a judicial intervention, whatever they may say in public. The BJP said so when it raised the issue in its Palampur Resolution of June 11, 1989: "It just cannot be sorted out by a court of law. A court of law can settle issues of title, trespass, possession etc. But it just cannot adjudicate as to whether Babar did actually invade Ayodhya, destroy a temple and build a mosque in its place. .. The sentiments of the people must be respected and Ram Janmabhoomi handed over to the Hindus - if possible through a negotiated settlement, or else by legislation. Litigation certainly is no answer". However, since 1950, both sides have pursued the...
Kashmir Times News Report
Adversity builds Perseverance..!
By Robert Clements
A young man asked a holy man to pray that he would have more perseverance. The holy man got on his knees and began, "Lord ,send this young man problems in the afternoon, send this young man adversity in the evening, send this young man…" "Stop!" shouted the young fellow, "I didn't ask you to pray for problems and adversity, I asked you pray for more persistence." "Ah," responded the holy man, "It's through adversity that you learn perseverance..!" We in India saw this happening at the Olympics some years ago with J.J. Shobha, the athlete from Hyderabad. Shobha ran with an injury. Spectators cheered as they saw her surging forward, grimacing with pain from her torn ligament, they cheered as she gritted her teeth and slowly, steadily inched past her competitors…."I was shocked," said on...
Kashmir Times News Report
Gujarat poll result will have major impact on 2019 poll
By Brij Bhardwaj
Surprisingly all talk of development in Gujarat during last two decades under BJP rule is missing in campaign speeches. Instead BJP is attacking Congress on issue of dynasty and alleged discrimination by Congress Prime Ministers in past that is Jawahar Lal Nehru and Indira Gandhi. Who will come out smiling after the poll in Gujarat which is heading for a close finish, according to the latest poll conducted both parties have equal vote share of 43 per cent each ,but BJP will have a edge in number of seats as there vote is concentrated in urban centres while Congress vote is spread over in the countryside. The pendulum has been shifting in favour of the Congress with passage of time as earlier polls had predicted a big lead for BJP . At stake is prestige of Pr...
Kashmir Times News Report
Everything Big..!
By Robert Clements
According to newspaper reports, the sale of SUVs have nearly beaten the sale of other cars in the country! Some years ago I looked at the blue print of the car that lay on an automobile engineer's table. "It looks like a second world war ambulance," I said. "We know our people well," said the engineer simply. "For we Indians, big is the ultimate. Big houses, big rooms, big TVs, big cars, big everything, it doesn't matter whether those big houses are difficult to maintain." "Or your big cars look like sumo wrestlers with obsolete underpowered engines," I said. "Maybe," said the engineer, not too happily as he went back to looking lovingly at his blue print. "The seats in this car are six inches taller than other cars," he said proudly. "What?" I said, "You have already made all vehicle...
Kashmir Times News Report
Challenge before Rahul Gandhi
By Kuldip Nayar
Political parties all over the world have come to be closed shops. What is known as the 'High Command' usually dictates who will be installed as the President. Rahul Gandhi has been 'elected' as the Congress President. The outgoing chief, Sonia Gandhi, saw to it that her son would occupy the top party position. I had seen the change in the Conservative Party of the United Kingdom from close quarters when I was India's High Commissioner at London in the nineties. Margaret Thatcher was the Prime Minister. But she was asked to step down and she had to abide by the orders of the party. I asked her directly why she was doing so. Her children were doing business in South Africa and they were not in any way connected with the issue. She said that she had purposely sent them far away lest she s...
Kashmir Times News Report
Wearing a mask in Delhi..!
By Robert Clements
During the last and final test between Sri Lanka and India, pollution masks were worn by the Sri Lankan team on the field, with cricketer Suranga Lakmal even vomiting on the field. "I think we are making a mountain of a molehill!" said a political heavy weight who lived in the capital, "Masks have always been worn in Delhi, and it is only right that when in Rome do what we Romans do!" "Whoa! Whoa!" I exclaimed as another Sri Lankan player started coughing and throwing up on the field and their harried doctor was called to assist him in his breathing, "How could you make such a statement?" "Well," said the politician, "Just look at our Prime Minister!" I looked in the direction of Gujarat where I saw a white-bearded white-haired man campaigning for the elections, "Surely you are wrong?...
Kashmir Times News Report
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