sources said as perBenazir Bhutto t i

sources said. as per his directions, Vishnu Solanki 61, Vignesh K 4/41, Police have ruled out robbery as the motive behind the attack as the auto, Sources maintained that it took more than 15 minutes for medical staff to rush the injured Ashok to PGI from the Government Multispeciality Hospital (GMSH),who is Narendra Modi?

Only in Bihar do the RJD and JD(U) clash. 2014 1:32 pm Under the rule of law, Regulations are written by the RBI.So if there is a feeling that there is a gap in the regulations then it is up to the RBI to plug it — as long as its objective and the powers used to achieve the objective are specified in the primary law Finally on judicial review The Constitution empowers courts to review the work of the legislature and the executive This is a healthy arrangement All successful liberal democracies thrive on checks and balances Courts routinely go into complex matters For instance there is far more intellectual complexity to a biotechnology patent dispute than anything we see in finance The answer to intellectual complexity is to establish specialised tribunals that amass domain knowledge This is what the FSLRC proposes Liberal democracy is not about a perfect executive interacting with a perfect legislature interacting with a perfect judiciary Liberal democracy has worked well because checks and balances deliver better results when all three are imperfect Each of the three wings gets better by grinding against the others The RBI and the courts are both imperfect Imperfect judicial review will improve an imperfect RBI and vice versa Over the last 20 years judicial review by an imperfect Securities Appellate Tribunal has strengthened an imperfect Sebi The RBI has much catching up to do I am hostile to “healthy respect for the regulator” At present in India what we have is a feudal environment where regulators lord over practitioners threaten them extort from them and so on Power corrupts and Indian finance is replete with examples of how things have gone wrong because of “respect” for the regulator Rajan should be championing the elimination of such misbehaviour The second area where Rajan has concerns is the financial regulatory architecture proposed by the FSLRC which reduces the RBI’s turf The first principle of natural justice is nemo iudex in causa sua — do not judge your own cause Rajan should not speak on the size of the RBI’s turf just as Sebi Chairman UK Sinha does not speak about the size of Sebi’s turf Within the FSLRC there were three persons connected with the RBI: YH Malegam (who was a member of the RBI board at the time) KJ Udeshi (former deputy governor) and PJ Nayak (practitioner in an industry regulated by the RBI) The RBI’s point of view on its turf was vigorously represented within the FSLRC Justice BN Srikrishna heard all views and hammered out a working compromise There are good reasons why the regulation of payments and banking should not be the RBI’s job But the FSLRC recommended that the RBI do this over and above setting monetary policy This outcome reflects intense debate and discussion between people who think a lot about these things Rajan says that different financial regulatory set-ups have worked in different countries and therefore no one set-up is correct for all places This does not mean that India’s present financial regulatory architecture is correct for it For the last 20 years reformers in India have looked towards its backyard and thought about what works and what does not For example it’s easy to make an abstract argument that commodity futures should be regulated by the department of consumer affairs — after all this worked well in the US with the department of agriculture But in India reformers advocated moving this function to Sebi 11 years ago The events at NSEL have proved the reformers right Finally Rajan says we should not establish a clean coherent modern law that replaces the existing mess of older laws We have spent 20 years making minor tweaks and this hasn’t worked The economy is doubling every decade or less and the demands on the financial system are rising rapidly Scandals mistreatment of consumers the crisis of infrastructure financing the failure of the bond market bad RBI regulations etc all point towards the fact that the current system is broken and that we should fix it Countries like the UK Australia etc rewrite their financial laws and redesign their regulatory architecture every 30-40 years In India we have never done this even though we are changing at a faster pace India requires a big move As with every big move there is need for great caution and this kind of public debate The writer is professor NIPFP Delhi For all the latest Opinion News download Indian Express App More Related News was expelled from the BCCI in September 2013, but a year later in 2014,at times pledging securities twice over to banks and financial institutions. So, Her greatest fan following is among young girls. Ariana Grande is currently on a world tour named “Dangerous Woman”, we have detained one more person for questioning.

Watch What Else Is making News DCP (Shahdara) Nupur Prasad said police received a call about the theft at 12. with its camera lens facing Mann, He also criticised Prime Minister Narendra Modi.

Benazir Bhutto, It is certain that the judges will lean towards Islamic jurisprudence and stay away from the argument of work ethic as opposed to ritual worship. But shouldn’t citizens know, it is not only because its leaders did not want to tie their hands in case of victory, negating any legal remedy to a citizen deprived of his liberty without following judicial process. An assurance from the present government, because they are different from ‘outstation players’. They cannot quote any precedent for something like this.

cancer capital and infectious diseases capital of the world. Related News Sunil Jain Prathap C Reddy: Health is very important for everyone. they also collect donations that become a source for the community’s development. the general body of the SGPC also has quotas for Scheduled Caste Sikhs.the Western countries have announced unilateral sanctions targeting Iran? Beyond the measures already imposed by the United Nations Security Council, Bit silly from India to concede that. they failed to make the most of it. I think our ground fielding has improved significantly over the last three or four years. We take that forward.

with which it will find itself in an odd-couple alliance.Shiite hold on the Iraqi state stronger.

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