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New Delhi: The <keyword id="20449324" type="General" weightage="100" keywordseo="Finance-Bill" source="keywords">Finance Bill</keyword> for the financial year <keyword id="20553400" type="General" weightage="20" keywordseo="2024-2025" source="keywords">2024-2025</keyword> which was moved by <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on August 6, will be taken into consideration and passing in <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords">Lok Sabha</keyword> today. "Further consideration of the following motion moved by Nirmala Sitharaman on the 6th August 2024 namely, that the Bill to give effect to the financial proposals of the Central Government for the financial year 2024- 2025, be taken into consideration. Nirmala Sitharaman to move that the Bill be passed," the agenda read. Earlier on Tuesday, Nirmala Sitharaman moved the Finance (No.2) Bill, 2024, for consideration in <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword> to give effect to the financial proposals of the central government for the financial year 2024-25. Union Ministers Jitendra Singh, Arjun Ram Meghwal, Pankaj Chaudhary, BL Verma, L Murugan, Satish Chandra Dubey, Ravneet Singh, Nimuben Jayantibhai Bambhaniaya, George Kurian will lay papers on the table in the Lok Sabha for their respective ministries. Union Minister to make a statement regarding the status of implementation of the recommendations/observations contained in the 27th Report of the Standing Committee on Communications and Information Technology on Ethical Standards in Media Coverage" pertaining to the Ministry of Information and Broadcasting. Union Minsiter Nimuben Jayantibhai Bambhaniaya to make a statement regarding the status of implementation of the recommendations contained in the 20th Report of the Standing Committee on Food, Consumer Affairs and Public Distribution on "Quality Control Cells (QCCs)" pertaining to the Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution. Meanwhile, in the Rajya Sabha, Nirmala Sitharaman to move The Jammu and Kashmir Appropriation (No.3) Bill, 2024, to authorise payment and appropriation of certain sums from and out of the Consolidated Fund of the Union territory of Jammu and Kashmir for the services of the financial year 2024-25, as passed by Lok Sabha, be taken into consideration. Also to move that the Bill be returned. "Nirmala Sitharaman to move that the Bill to authorise payment and appropriation of certain sums from and out of the Consolidated Fund of India for the services of the financial year 2024-25, as passed by Lok Sabha, be taken into consideration. Also to move that the Bill be returned," the List of Business read. Union Ministers Jayant Chaudhary, Ramdas Athawale, Nityanand Rai, Ajay Tamta, Sukanta Majumdar, and Harsh Malhotra will lay papers on the Table in the Rajya Sabha. "Nimuben Jayantibhai Bambhaniaya will lay on the Table, under clause (2) of section 19A of the Comptroller and Auditor General's (Duties, Powers and Conditions of Service) Act, 1971, a copy (in English and Hindi) of the Report of the Comptroller and Auditor General of India on "Storage Management and Movement of Food grains by Food Corporation of India" - Union Government - Ministry of Consumer Affairs, Food and Public Distribution Report No. 20 of 2023 - (Performance Audit)," it added. Moreover, Union Minister Rajiv Ranjan Singh alias Lalan Singh to make a statement regarding the Status of implementation of Recommendations contained in the 70th Report of the Department-related Parliamentary Standing Committee on Agriculture, Animal Husbandry and Food Processing on Employment Generation and Revenue Earning Potential of Fisheries Sector of the Department of Fisheries. The budget session of Parliament began on July 22 and is set to conclude on August 12.

Finance Bill to be taken for consideration and passing in Lok Sabha in Parliament today

The <keyword id="48510" type="ORGANIZATION" weightage="100" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> Ethics Committee has rejected former liquor baron <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms">Vijay </a><a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms">Mallya</a>'s resignation, saying that because of him not fulfilling what was expected from his end, he needs to be <a href="http://www.businessinsider.in/These-are-the-14-MPs-that-have-ever-been-expelled-from-the-Parliament-Know-why/articleshow/52026584.cms">expelled with immediate effect</a>. 
 
"Since I do not want my name and reputation to be further dragged in the mud and since <a href="http://www.businessinsider.in/Vijay-Mallya-safe-in-UK/articleshow/52041381.cms">recent events</a> suggest that I will not get fair trial or justice, I am hereby resigning as a member of Rajya Sabha with immediate effect," Mallya had written in his resignation. 
 
Not only this, he had also said that he has been targetted by the media and is disappointed by fellow colleagues. 
 
"That I am facing trial by media and a lynch mob mentality is all too apparent," he wrote. "I have no faith that in the current climate prevailing in the country that I will get any justice even at the hands of my colleagues." 
 
Also read: <a href="http://www.businessinsider.in/Indian-wants-Vijay-Mallya-deported/articleshow/52027466.cms">India formally asks UK to deport Vijay Mallya</a> 
 
This is what he tweeted about him being called a ‘<a href="http://www.businessinsider.in/Vijay-Mallya-makes-another-attempt-this-time-he-is-offering-Rs-6000-crore-settlement/articleshow/51822342.cms">defaulter</a>.’ 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Agree Kingfisher Air owes money to Banks.I am neither a borrower or a judgement debtor.Why am I a defaulter inspite of a settlement offer ? — <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/727245283734786048">May 2, 2016</a></blockquote>
The resignation, however, was rejected by the panel, stating that it was required by their end to expel him, so that an example is set. Moreover, since Mallya never declared his liabilities in the past 10 years, which a RS member is supposed to do annually, he deserves to be handled with strictness. 
 
"Having considered the whole matter, including Mallya's letter, the Committee of Ethics unanimously decided to recommend to the House that Vijay Mallya be expelled with immediate effect. The committee adopted draft report to that effect. The panel hopes that by taking such a stern action, a message would reach to the general public that Parliament is committed to take such steps as are necessary against erring members to uphold the dignity and prestige of this great institution," the panel wrote in a letter to the Rajya Sabha. 
 
Mallya's <a href="http://www.businessinsider.in/These-are-the-14-MPs-that-have-ever-been-expelled-from-the-Parliament-Know-why/articleshow/52026584.cms">second term as a Rajya Sabha member</a> would have ended on July 1. 
 
<a href="http://images.financialexpress.com/2016/04/mallya-EP.jpg">Image source</a>

Expel Vijay Mallya, Parliament’s Ethics Committee says on receiving his resignation

New Delhi, May 4 () Rajya Sabha Chairman M Venkaiah Naidu on Monday held the first meeting with senior officials of the Secretariat since the lockdown was imposed on March 25 and discussed several issues, including the oath-taking of new members and the election of chairpersons of various standing committees.A decision on holding meetings of the standing committees would be taken after May 17, when the third phase of the lockdown ends, according to an official statement.During the hour-long meeting with the Secretary General and other senior officials, the chairman discussed the oath-taking of new members elected unopposed, electing chairpersons of standing committees that have fallen vacant after retirement of members, physical distancing and safety norms and saving resources.He directed officials to initiate the process to fill the vacancies of chairpersons of eight such committees.These vacancies include the chairpersons of Standing Committees on Human Resource Development and Industries held by Satyanarayan Jatiya and K Keshava Rao respectively.Chairmanship of three standing committees of Rajya Sabha - on Privileges, Subordinate Legislation and Papers Laid on the Table also fell vacant on the retirement of Harivansh, the deputy chairman, T Subbarami Reddy and C P Thakur. respectively.Three other committees without a chairmen are on Ethics, MPLADS and Provision of Computers for Members of Rajya Sabha held by Prabhat Jha, Harivansh and Tiruchi Siva, respectively.Regarding vacancies in Rajya Sabha, Naidu was informed that there were 20 vacancies.These vacancies include 18 for which elections were deferred, one caused by the disqualification of Shri Sharad Yadav, which is sub-judice, and another caused by the demise of Beni Prasad Verma, the statement said.Naidu observed that in view of the extension of lockdown till May 17 and the need for undivided focus of the Executive on containing the coronavirus outbreak, a view on holding meetings of the department-related standing committees and other committees of the House will be taken later, the statement said.On oath-taking by 38 members who have been elected unopposed, it was decided that the oath will be administered inside the Chamber of Rajya Sabha after the lockdown, if feasible before the next Session.Naidu sought to know the details of expenditure reduction plan.Secretary General Desh Deepak Verma informed that savings to the tune of Rs 60 crore has been identified against the annual budget of Rs 423 crore for the Secretariat for 2020-21.He said a total saving of Rs 80 crore is being targeted as the financial year progressed.Austerity measures identified include deferring of purchase of vehicles, keeping on hold international travel and training of officials, reduced study visits by Committees, prioritisation of publications, putting on hold award of fellowships and internships under Rajya Sabha Research Scheme, not undertaking fresh recruitment for this financial year, increased use of e-office to save on stationary.Naidu directed officials for strict monitoring of expenditure to increase savings.The Rajya Sabha chairman also sought details of safety norms being followed in the Secretariat which has been functioning since April 20 and also the work transacted by the Secretariat and the functioning of RSTV during the lockdown, the statement added. SKC KJ ABHABH

Naidu holds first meeting with Rajya Sabha officials during lockdown

Until now, there was no rule of barring bankrupts from contesting elections, which is why the Ethics Committee of Parliament had to especially recommend the disqualification of absconding liquor baron <a href="http://www.businessinsider.in/Rajya-Sabha-MP-Vijay-Mallya-a-billionaire-had-asked-for-Rs-20000-as-perks/articleshow/51943521.cms">Vijay Mallya from Rajya Sabha</a>. However, keeping this in mind, there might come a new law to automatically disqualify a bankrupt person from becoming even a lawmaker. 
 The <keyword id="3345895" type="UNKNOWN" weightage="100" keywordseo="Joint-Committee-of-Insolvency-and-Bankruptcy-Bill">Joint Committee of Insolvency and Bankruptcy Bill</keyword>, which is headed by BJP MP Bhupender Yadav, has put forth a recommendation that counts several such disqualifications for bankrupts, and it also includes being disqualified from being elected to any public office through elections or in any local authority. If the government nods yes to these recommendations and it gets incorporated in the revised Bill is expected to be presented in this current Parliament session, this ban could further be extended to people contesting elections for municipal bodies, state assemblies and Parliament. 
 
<a href="http://www.businessinsider.in/Forcing-Vijay-Mallya-to-come-back-to-India-is-bad-strategy/articleshow/51945959.cms">Also read: 'Forcing Vijay Mallya to come back to India is bad strategy' 'Forcing Vijay Mallya to come back to India is bad strategy'</a> 
 
Mallya, who emerged as one of the most prominent <a href="http://www.businessinsider.in/Vijay-Mallya-makes-a-proposal-offers-to-repay-Rs-4000-cr-debt-by-September-this-year/articleshow/51612831.cms">loan defaulters</a> in India, has <a href="http://www.businessinsider.in/Indian-wants-Vijay-Mallya-deported/articleshow/52027466.cms">fled the country</a> and said that he <a href="http://www.businessinsider.in/Vijay-Mallya-safe-in-UK/articleshow/52041381.cms">won’t return to India</a> amidst these conditions. 
 
The past few years have seen many businessmen coming to the Parliament and state assemblies, and some of them also have a chequered loan repayment record. This is why the committee has recommended that people who have been declared bankrupt could also not be able to become public servants or being appointed as a trustee for a trust, estate or settlement. 
 
<a href="http://www.plcla.com/wp-content/uploads/2012/07/monopoly.jpg">Image source</a>

New proposed bill asks bankrupt people to stay away from contesting elections

Several opposition leaders, including Trinamool <keyword id="1575" type="General" weightage="30" keywordseo="congress" source="Orion">Congress</keyword> MP <keyword id="326914" type="General" weightage="100" keywordseo="mahua-moitra" source="Orion">Mahua Moitra</keyword>, Congress leader <keyword id="272830" type="General" weightage="80" keywordseo="pawan-khera" source="Orion">Pawan Khera</keyword> on Tuesday alleged that their mobile phones were being targeted by the Centre. In a post on X , Moitra said, "Received text and email from Apple warning me that the government is trying to hack into my phone and email. Home Minister's Office - get a life. Adani and PMO bullies - your fear makes me pity you." She also tagged Shiv Sena MP Priyanka Chaturvedia and said, "Priyanka Chaturvedi, you and I and three other Indhave got it so far." Shiv Sena (UBT) Rajya Sabha MP Priyanka Chaturvedi was to flag it on Monday night.In a post on X, she said, "Wonder who? Shame on you. Cc: Home Minister's Office for your kind attention." In another post, she tagged Union Ministers and said, "Kind attention Ashwini Vaishnaw and Rajeev Chandrasekhar." Khera, who is a Congress Working Committee (CWC) member of the grand old party too came forward and said, "Dear Modi Sarkar, why are you doing this?" He also attached the screenshot of the message. The email titled "ALERT: State-sponsored attackers may be targeting your iPhone. These attackers are likely targeting you individually because of who you are or what you do. If your device is compromised by a state-sponsored attacker, they may be able to remotely access your sensitive data, communications, or even the camera and microphone." "While it's possible this is a false alarm, please take this warning seriously," the warning mail read. The development comes ahead of the Delhi High Court hearing the defamation suit filed by Trinamool Congress MP Moitra in alleged cash for Parliament questions against BJP MP Nishikant Dubey and lawyer Jai Anant Dehadrai on Tuesday. She has been asked by the Ethics Committee to appear before it on November 2. Moitra was first asked by the Ethics Committee to appear before it on October 31. Following the first summons, she sent a letter to the Ethics Committee Chairperson Vinod Sonkar saying that she will depose on any date after November 5 after her pre scheduled constituency programme ends and not on October 31. The ethics committee is probing BJP MP Dubey's allegations that Moitra accepted cash and favours for asking questions in Lok Sabha on businessman Gautam Adani at the behest of businessman <keyword id="221666" type="General" weightage="20" keywordseo="Hiranandani" source="Orion">Hiranandani</keyword>. On Thursday, Dubey and advocate Jai Anant Dehadrai gave "oral evidence" to the panel against Moitra.

Mahua Moitra, Cong and Sena leaders allege Centre trying to 'target' their phones

The inclusion of an advisor from <keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Limited (AGEL) in an <keyword id="6356826" type="General" weightage="20" keywordseo="environment" source="Orion">environment</keyword> ministry panel created a political uproar on Tuesday, with <keyword id="6360456" type="General" weightage="20" keywordseo="opposition" source="Orion">opposition</keyword> parties slamming the government for a perceived 'conflict of interest'. Janardan Choudhary, a key advisor to Adani Green Energy Limited (AGEL), was named as one of the seven non-institutional members by the Union Environment Ministry when it reconstituted the Expert Appraisal Committee for hydroelectricity and river valley projects in September. The AGEL's 1,500 megawatt Tarali <keyword id="19493703" type="General" weightage="20" keywordseo="pumping-storage-project" source="Orion">pumping storage project</keyword> in Maharashtra's Satara came up for consideration during the reconstituted EAC's first meeting on October 17-18, according to the minutes of the meeting available on the Environment Ministry's PARIVESH portal. Choudhary clarified to PTI that while he attended the October 17 meeting, he refrained from participating in the session focusing on the AGEL Tarali project. He said he serves as an advisor to AGEL and is not on the company's payroll. Choudhary had a 36-year tenure with <keyword id="45180" type="General" weightage="20" keywordseo="nhpc" source="Orion">NHPC</keyword> and retired as director (technical) in March 2020. He assumed the role of advisor to AGEL in April 2022. He also said he had disclosed his affiliation with the company to the ministry before his appointment to the EAC. The primary function of the EACs is to offer recommendations to the environment ministry regarding project proposals after evaluating their potential impacts. Based on these recommendations, the ministry decides whether to reject the proposal or grant clearance with specific conditions to mitigate or compensate for the impacts. Latching onto the issue, political parties criticized the Narendra Modi government, questioning who appointed Choudhury to the EAC and why. "Adani Pradhan Sevak appointed Adani employee Janardhan Choudhury as a member of EAC under Environment Ministry. This committee has to approve 6 Adani projects (10,300 MW)," the Kerala Congress posted on its official X account. Shiv Sena (UBT) leader and Rajya Sabha member Priyanka Chaturvedi said on X: "Please don't even mention conflict of interest etc. that applies for others not where friends with benefits are concerned." "If an ethics committee can hold an elected member of parliament guilty for sharing email by calling it a national security and conflict of interest issue, how is a person working as an advisor to a private company, a company that has pending approvals in MoEFs NAC be allowed a seat on the NAC itself? No issues of conflict of interest applicable here? No reasons to investigate and find out how he made it there, who put him there &amp; why is he the chosen one?" she said. TMC MP Mahua Moitra, facing possible expulsion from the Lok Sabha following a recommendation by the Ethics Committee, said, "Modiji's Ministry of Environment appointed Adani employee Janardhan Choudhury as a member of EAC - 6 Adani projects totaling 10300 MW up for appraisal by this @moefcc committee."

Adani advisor's role in environment ministry panel sparks uproar

<ul><li>As many as 22 bills are to be tabled this session, which intends to protect women, senior citizens, and transgenders and turn adoption easier. </li><li> Added to that, the most discussed bill that will be tabled will be that of data protection that has been buzzing ever since the Aadhar scandal broke out. </li><li>The Narendra Modi-led government is on a warpath to amend many laws this winter session.</li><li> Some of them intend to modernize laws with changing times and empower the central government. </li></ul> After passing 28 bills in the budget session of the Parliament including the controversial abrogation of <keyword id="405091" type="PERSON" weightage="20" keywordseo="Article-370">Article 370</keyword>, the Narendra Modi-led government is on a warpath to amend many laws this winter session. Some of them intend to modernize laws with changing times and empower the central government. As many as 22 bills are to be tabled this session, which intends to protect women, senior citizens, and transgenders and turn adoption easier. Added to that, the most discussed bill that will be tabled will be that of data protection that has been buzzing ever since the Aadhar scandal broke out. The winter parliament will seek a way to end the many river disputes between states. However, the winter session also has controversial bills which can empower the central government to cancel an OCI (Overseas Citizen of India) card. Here is a list of major bills to be introduced in the Winter Session of Parliament The Transgender Persons (Protection of Rights) Bill, 2019 It protects the rights of transgender persons and provides for their welfare. <keyword id="250148" type="ENTERTAINMENT" weightage="20" keywordseo="The-Bill">The Bill</keyword> was introduced in the Lok Sabha on July 19,2019 and passed by the Lok Sabha on August 5. The Surrogacy (Regulation) Bill, 2019 The bills bans commercial surrogacy in India. Constitutes the National Surrogacy Board and respective State Surrogacy Boards to regulate the practise of surrogacy. Introduced in Lok Sabha on July 15, 2019 and passed by the Lok Sabha on August 5. The Juvenile Justice (Care and Protection of Children) Amendment Bill, 2019 The bill empowers the District Magistrate instead of the Court to reduce delays for receiving adoption order. The Maintenance and Welfare of Parents and Senior Citizens (Amendment) Bill, 2019 The Bill aims to make life easier for senior citizens by amending the existing act to make it contemporary as per the changing socio-economic needs. The Personal Data Protection Bill 2019 The Bill if it turns into a law will protect and regulate all aspects of personal data, and promote the growth of digital economy. The Prohibition of Electronic Cigarettes (Production, Manufacture, Import,Export, Sale, Distribution, Storage and Advertisement) Bill, 2019 It will replace an ordinance and prohibit the production, manufacture, import, export, sale, distribution, storage and advertisement of e-cigarettes, vaping products and similar devices. The Healthcare service personnel and Clinical Establishments (Prohibition of violence and damage to the property) bill, 2019 It will prohibit violence against healthcare service personnel, and damage or loss of property of clinical establishments. The Citizenship (Amendment) Bill, 2019 Amends the definition of illegal migrant, reduces the residency requirement to obtain Indian citizenship through naturalisation, and empowers the central government to cancel the registration of an Overseas CItizen of India (OCI) card. The National Commission for Indian System of Medicine Bill, 2019 It repeals the Indian Medicine Central Council Act, 1970 and sets up a National Commission to regulate the education and practise of Indian systems of medicine. It was introduced on Jan 7, 2019 in Rajya Sabha. A standing committee report is pending on the matter. The Jallianwala Bagh National Memorial (Amendment Bill, 2019 It removes the president of the Indian National Congress as a trustee and empowers the central government to remove nominated members. Introduced in Lok Sabha on July 8, 2019, and passed by the Lok Sabha on August 2. The Dam Safety Bill, 2019 As the country suffered through many floods this year, the bill intends to manage its dams better. The Bill provides for the surveillance, inspection, operation and maintenance of specified dams across the country. It was introduced in the Lok Sabha on July 29, 2019 and passed by it on August 2. The Inter-State River Water Disputes (Amendment) Bill, 2019 It provides for a permanent tribunal with multiple benches and a Dispute Resolution Committee for adjudication of inter-state river water disputes. It was introduced in the Lok Sabha on July 25, 2019 and passed by the Lok Sabha on July 31. The Arms (Amendment) Bill, 2019- Amends the <keyword id="7183713" type="UNKNOWN" weightage="20" keywordseo="Arms-Act-1959">Arms Act, 1959</keyword> to enable the law enforcement machinery to curb crimes related to illegal arms. The Assisted Reproductive Technology (Regulation) Bill, 2019 Establishes the National Board, the state boards and the National Registry to regulate and supervise assisted reproductive technology clinics. Establishes assisted reproductive technology banks to prevent misuse and promote ethical practices. The Aircraft (Amendment) Bill, 2019 The bill intends to meet the recommended standards and practices laid down by ICAO for the safety and security oversight function. The Mines and Minerals (Development and Regulations) Amendment Bill, 2019 Amends section 5(1), section 6(1), and section 17A (2A) of MMDR Act, 1957 to remove the requirement of prior approval of the central government before the grant of a mining lease. The National River Ganga (Rejuvenation, Protection and Management) Bill, 2019 It prescribes measures to prevent, control and abate pollution in the river Ganga and ensure its continuous and adequate flow.

Here is a list of major bills to be introduced in the Winter Session of Parliament

New Delhi, Dec 3 () The government raised Rs 2,79,622 crore from the disinvesment of public sector undertakings (PSUs) during 2014-19 compared to Rs 1,07,833 crore during the 10-year UPA rule from 2004-14, Union minister Anurag Singh Thakur said on Tuesday.
 Speaking during the Question Hour in the Rajya Sabha, the Minister of State for Finance said, "In five years, we raised double the amount. This was done in an average 21 transactions each year, while it was four between 2004-2014."
 During 2014-19, a total amount of Rs 2,79,622 crore was realised from the disinvestment transaction using various modes, he said.
 "If you compared it with 2004-14, which was 10 years period, through 40 transactions, only Rs 1,07,833 crore could be raised," Thakur said in the Upper House.
 For the current year, the target is to raise Rs 1.05 lakh crore. "We are trying our best to achieve this."
 The Minister said that the government follows a policy of disinvestment through minority stake sale and strategic disinvestment. So far, the government has given 'in-principal' approval for strategic disinvestment of 33 central public sector undertakings (CPSEs).
 Think-tank Niti Aayog has been mandated to identify such PSUs based on the criteria of national security, sovereign functions at arm's length and market imperfections and public purpose.
 In reply to a separate query, Thakur said the Insurance Regulatory and Development Authority of India (IRDAI) has cancelled recruitment exercise initiated in February 2018 due to administrative reason and therefore, there is no need for any enquiry.
 The minister said the IRDAI had issued an advertisement for recruitment February 16, 2018.
 "During the recruitment process, it was found that the minimum experience criteria mentioned in the notification did not explicitly specify the sector or area of work in which work experience was required. This led to some candidates without useful experience being considered for further stages of recruitment process," he said.
 To maintain transparency and avoid possible future litigation, Thakur said the IRDAI cancelled the recruitment on May 20, 2019.
 "The expenditure incurred in the process, including advertisement, conducting of written examination and evaluation of answer scripts, was about Rs 22.47 lakh," he added.
 IRDAI had received some complaints related to experience criteria, lowering of maximum age, re-allocation of unfilled vacancies, pattern of questions in written examination, rejection of application due to late receipt, reservation of posts and rosters.
 "IRDAI has stated that the recruitment process was cancelled due to the reasons as stated above and as such no inquiry was necessitated," the minister said.
 On a question related to impact of climate change on lending and risk in financial sector, Thakur said the RBI and the IRDAI are aware of the issues.
 The RBI has informed that it is conscious of the role of banks in providing finance for sustainable development and has urged financial institutions to integrate it in their practices, the minister said.
 "RBI has apprised that banks have been sensitised to various international initiatives, including the Equator Principles, which are a set of voluntary environmental and social guidelines for ethical project financing, and that banks were asked to adopt lending strategies to keep abreast of developments in the field of sustainable development," he added.
 The RBI has further informed that the Indian Banks' Association has formulated the National Voluntary Guidelines for Responsible Financing, which are sector-specific and combine and adapt best practices on green banking, including international standards as well as national experiences.
 In addition, RBI has included lending to social infrastructure and small renewal energy projects within priority sector lending targets, giving a fillip to green financing.
 Moreover, he said the National Bank for Agriculture and Rural Development (NABARD), has informed that 38 climate change mitigating projects worth Rs 1,819 crore have been sanctioned under various funding mechanisms.
 These projects are related to water resource management, rainwater harvesting, spring shed development, improving water use efficiency through micro irrigation, climate-smart agriculture, crop residue management and integrated farming system, he added.
 NABARD has been designated as the national implementing entity by the government for the National Adaptation Fund for climate change and by the international funding entities under the United Nations Framework Convention on Climate Change.
 India is signatory to the United Nations Framework Convention on Climate Change (UNFCCC), and is committed to its principles of protecting the climate system against human-induced change.
 To address climate change concerns, Thakur said the government is implementing the national action plan on climate change, comprising of eight National Missions. LUX/MJH LUX MR
MR

Govt raises Rs 2.79 lakh cr through divestment in last 5 years

An <keyword id="3098877" type="UNKNOWN" weightage="20" keywordseo="EY-report">EY report</keyword> reveals that government initiatives, strong domestic demand and rapid inflow of foreign direct investment led India on an upward growth trajectory this year. 
 
The recent demonetization drive, introduction of new regulations such as the Bankruptcy code and push toward a digital economy have had a profound impact on businesses and consumers alike. 
 
While the short-term situation could be challenging, these moves have the ability to<a href="http://www.businessinsider.in/Signs-to-tell-if-your-employee-is-indulging-in-fraud/articleshow/53978165.cms"> quash fraud and corruption</a>, raise compliance standards, focus on individual accountability and increase investor confidence in the long run. 
 <keyword id="3960789" type="UNKNOWN" weightage="20" keywordseo="ey-fraud-investigation-dispute-services">EY Fraud Investigation &amp; Dispute Services</keyword> highlighted key trends in its Forensic Outlook 2017 for companies to enhance compliance, stimulate business growth and redefine the Indian business diaspora. 
 
Arpinder Singh, Partner and National Leader, Fraud Investigation &amp; Dispute Services, EY India said, “The growth, profitability and sustainability of businesses depends on many factors, and compliance is a critical component in an organization’s success matrix. With cases of fraud and corruption on the rise, companies need to enhance the state of compliance through robust internal controls, due diligence processes and integrity trainings for internal and external stakeholders.” 
 
He added – “The use of technology will be a key factor to strengthen anti-fraud and anti-corruption frameworks and mitigate fraud, waste and abuse.” 
 
Here are key findings of the report: 
 
Continued crackdown on bribery and corruption 
 
Globally, there has been an upswing in regulations as well as enforcement actions by Governments, according to the report. 
 In India, the crackdown on bribery and corruption has been through improved reforms such as the recommendations suggested by the Rajya Sabha Committee for the Prevention of Corruption Amendment Bill 2013, demonetization drive to uncover unaccounted black money, upcoming Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword>, Income Disclosure Scheme and many others. 
 
2017 prediction: 
 
In 2017, the battle against corruption is expected to accelerate as India strives to keep pace with global standards. Procedures to simplify the ease of doing business will see an uptick, corporates will turn to adopt global leading practices such as ISO 37001 standard which is the first international standard on anti-bribery management systems. Compliance programs will be more visible, technologically-led and enforcement actions by local authorities to penalise perpetrators will grow stronger. 
 
Curbing financial crime in the banking and financial services sector 
 
The banking and financial services sector has been struggling with the non-performing assets crisis, and saw more challenges in the form of unaccounted black money, counterfeit currency, ATM fraud and money laundering activities. Building robust systems, conducting proactive checks and adopting digitized payment methods turned out to be the need of the hour. In 2017, it will be imperative to deploy preventive and detective measures to address potential financial crime risks, at the systemic as well as organization levels. Priority areas include effective management of red flag NPA accounts, identification of early warning signals, stronger controls to mitigate data leakage and mis-utilization of propriety data sets. There will also be a focus on newer solutions such as robotics or automation within lesser explored areas such as Know Your Customer during customer on-boarding and transaction monitoring to enhance efficiency. Technology upgradation to meet regulatory requirements as well as reducing overall compliance costs would be vital. 
 
Leveraging technology for compliance 
 The widespread use and dependence on technology is transforming the compliance landscape. As large volumes of information continue to be exchanged over networks, the risk quotient with respect to data leakage, data theft and cyber-attacks has augmented. The adoption of sophisticated technologies is crucial as India moves toward a digitally-driven economy. In 2017, the use of technology to fuel compliance and combat risks will be instrumental. <keyword id="3214170" type="UNKNOWN" weightage="20" keywordseo="forensic-data-analytics">Forensic Data Analytics</keyword> will play a critical role to identify early warning signals, spot unusual and potentially suspicious patterns in transactions. The C-suite will turn to deploying dashboards to present results from analytics as it is a much more interactive and dynamic alternative. Companies could also look to integrate high-end robotics with artificial system intelligence to automatically detect signatures or patterns associated with execution of malwares or other malicious codes. 
 
Compliance with food safety standards 
 
Global regulators have taken various steps in updating laws and guidelines for the food industry. In India, the Food Safety &amp; Standards Act 2006 regulates the sector, focusing on increasing consumer awareness and enforcing regulatory standards. With the quality of food products being deemed questionable in recent times, there have been a reasonable number of concerns and the regulator has issued a number of advisories as well as imposed fines on large brands. In 2017, food business operators will have to conduct food safety audits and periodic testing during the entire product life cycle to enable compliance with quality and ensure seamless functioning of the business. 
 
Re-engineering the CFO 
 
The role of the modern day Chief Financial Officer (CFO) is unique, and goes beyond financial leadership to drive governance and maintain an ethical tone at the top. Today, CFOs are expected to spearhead investment decisions, stay updated on regulations, be technologically inclined and break stereotypes. But changing regulations can lead to compliance inadvertently taking a back seat. This is because maximum energy and resources are arranged to handle the business due to a dynamic external environment. In 2017, CFOs will have to prepare for the anticipated reforms such as the GST implementation, updates in the demonetization drive and others in the pipeline; but at the same time, keeping compliance at the centre of all activities and decisions. As the cost of fraud and corruption continues to escalate, non-compliance could potentially result in companies shelling out millions in penalties and damaging reputation which could have an adverse impact on the bottom-line.

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