Economy

Arun Jaitley calls wilful defaulters 'scars on economy'

Arun Jaitley calls wilful defaulters 'scars on economy'

Companies need to get into the habit of doing ethical business.

Addressing the ET Global Business Summit 2018, Jaitley urged that these sections of business that are lagging behind must retrospect upon their practices. "Also, that involves an amendment to the law (Banking Regulation Act), as well as amendment in the political consensus", FM Jaitley said at an event in the national capital here.

Union Finance Minister Arun Jaitley on Saturday slammed regulators for failing to detect the ₹11,400-crore fraud in the Punjab National Bank (PNB) for seven long years, saying unlike politicians, regulators in the Indian system are unaccountable. "Regulators have a very important function, regulators ultimately decide the rules of the game and they have to have a third eye which perpetually be open".

The finance minister called it worrisome that loan frauds went undetected in the banking sector and a single flag was not raised when the fraud was detected.

More news: Twitter Reaction: Canada's bronze in men's hockey feels good as gold

Without naming the PNB scam, Jaitley said the recent bank frauds had glaringly highlighted the failure of both internal and independent auditors, as well as the inadequate supervision by regulators. "Similarly, top management who were indifferent, multiple layers of auditing system which chose to look another way, it creates a worrisome situation", Jaitley added. "The law would be tightened further, if necessary, in order to find out where they (fraudsters) are and what is the extreme action that law permits against such delinquent persons". "Supervisory agencies also must introspect what are the additional mechanisms they have to put in place", he said.

The PNB fraud involves celebrity jeweller Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems. "The old concept that money that has been borrowed may or may not be returned has to end now", he added.

"Cases of willful default and bank frauds are much more than a business failure".


  • No problem with Chelsea despite Conte row, says Mourinho

    No problem with Chelsea despite Conte row, says Mourinho

    Mourinho's relationship with Pogba has also come under further scrutiny after he was left out of the starting lineup at Sevilla . The problem at Man United is that Pogba feels he is being played out of position. "I think it's the other way round", he began.
    Klopp: Liverpool want Mane on new deal

    Klopp: Liverpool want Mane on new deal

    It led to a 47-day probe that was finally completed on Wednesday, but during that time Firmino scored five goals in seven games. I think the drink driving thing was a little bit different. "The fact we want to keep the players together is not a secret.
    Canada's Sebastien Toutant wins gold medal in Olympic big air

    Canada's Sebastien Toutant wins gold medal in Olympic big air

    Switzerland has beaten top-seeded Austria to take the gold medal in the Olympic debut of the Alpine team skiing event. Then, when the pressure was on for his second jump, he landed the flawless "Bloody Dracula".
  • North to send another senior delegation for Olympic closer

    North to send another senior delegation for Olympic closer

    Eight months later, the North bombarded South Korea's front-line Yeonpyeong island, killing two marines and two civilians. Speculation only grew after her departure, when local media reported that Kim Yo Jong was pregnant.

    Vicar of Dibley's Alice dies at 53

    Actor James Dreyfus, who appeared alongside Emma in Notting Hill , wrote: 'RIP the wonderful and talented Emma Chambers . In the movie, she plays Honey, Hugh Grant's little sister and the romantic interest of Rhys Ifans' character Spike.
    The most off-script moments from President Trump's CPAC speech

    The most off-script moments from President Trump's CPAC speech

    He seemed excited to talk about upcoming midterm elections, asking Republicans not to get "complacent" during the midterms. He urged activists to help Republicans in the fall midterm elections and heed his recent calls to address gun violence.
  • Trump Finally Discusses Gun Control - With His Guests At Mar-A-Lago

    Trump Finally Discusses Gun Control - With His Guests At Mar-A-Lago

    In February 2014, while in 8th grade, Cruz was transferred to a special school for children with emotional and behavioral issues. Due to lack of gun control and scanty check and balance, the suspect was able to buy his weapons of choice at a local gun store.
    Family that took in Florida shooting suspect speaks out

    Family that took in Florida shooting suspect speaks out

    The Post reported Nikolas Cruz moved out of Deschamps' home after she told the 19-year-old he could not keep a gun at her home. They hadn't realized until after the Valentine's Day shooting that Cruz must have kept a key to the gun safe for himself.
    Butland error keeps Stoke in Premier League relegation zone

    Butland error keeps Stoke in Premier League relegation zone

    I am happy for all the players in the squad because we have good competition - in defence, midfield and attack". "It's not the first or last mistake he will make".
  • Suspect shot multiple times while trying to rob liquor store

    Suspect shot multiple times while trying to rob liquor store

    The suspect eventually takes the gun from Mrs Ring and appears to pistol-whip her in the head, knocking her to the ground. On Thursday night, Tulsa police were called to a shooting and attempted robbery at Forest Acres Liquor.
    Investor Warren Buffett says good deals tough to find

    Investor Warren Buffett says good deals tough to find

    Berkshire on Saturday reported a record quarterly and annual profit, benefiting from a lower US corporate income tax rate. The recently passed GOP tax law has been kind to Warren Buffett's Berkshire Hathaway , to say the least.

    To Post Q1 2019 Earnings of $0.03 Per Share, Cormark Forecasts (K)

    Based on a recent bid, the stock is trading -90.02% away from its 52-week high and 12.78% away from its 52 week low. By looking at the Volatility of the company, Week Volatility is at 2.93%, whereas Month Volatility stands at 3.00%.