Stringent Penalty For Fraud

Updated: Mar 25 2004, 05:30am hrs

Stringent Penalty For Fraud
It was shocking to note that a UK judge fined the Bank of India a hefty amount of Rs 370 crore for a fraudulent transaction done by their manager in London. This is quite a deterrent punishment.
Without going into the legal aspect of the case, one needs to note the wording of the judgement given by the Judge “It (allowing BOI to go scot free) would allow banks such as Bank of India which chose to rubber stamp the recommendations of the senior managers without ensuring that all proper diligence has been carried out, simply to side step liability by relying on ineptitude”.
Let us hope the Reserve Bank of India and the finance ministry devise methods similar to those in the UK and check frauds in the banking industry in right earnest.
Satish Murdeshwar


Welcome Verdict
This refers to the welcome verdict of Andhra Pradesh High Court to strike down ban on poll ads on TV channels. The verdict will bring an end to surrogate poll advertisements on TV channels. It will also check the role of black money in elections because all expenses on TV and radio ads are accounted for.
Madhu Agrawal


IIM And MMM
It would be apt to describe the so-called fee reduction efforts with veiled threats from the babu(s) of the HRD ministry as Murli Manohar Madness. Across the country there are many basic, fundamental issues relating to education at the primary, secondary and entry level college stages which beg attention and remedial actions. There are many schools sans a roof to protect from the rain and sun, sans seats, sans teachers and sans regulations.
Hierarchy of needs would demand attention at the bottom level prior to focussing on IIMs where the students constitute a minority. Interestingly, neither the students nor their parents have complained as to the enormity of the fees.
It appears that even the learned judges of the Supreme Court have erred in conceding to the unjustified claims of the human resources development ministry and could have perhaps broadened the issue by asking the HRD ministry to firstly focus on the fundamentals rather than working on ornamental issues like IIM fees.
Perhaps, the HRD ministry should be sans MMs and Pandeys who seek to interfere in an unwarranted manner. The PMO should take note and act.
H R Anekar

Bell The Cat
Malvika Singh’s ‘Where is the look or feel good’ (March 20) summarises what ails India. In fact it is the ubiquitous babu, and that term includes all government servants in general and those coming into contact with the public in particular. They are responsible for this mess mainly because of corruption and the almost total absence of work culture.
Despite liberalisation and globalisation of the Indian economy, the situation has hardly changed and the hold of the babu remains almost the same. No doubt there is weight in the suggestion “Let the private sector into essential services” made by Ms Singh. But who will bell the cat when all those who matter in the country are not above board, as is evident from the frequent scams being reported from time to time
Vidya Sagar, Delhi