CVC reconstitutes advisory board to check commercial frauds

The Central Vigilance Commission has reconstituted an advisory board to assist the CBI in probing cases related to bank, commercial and financial frauds.

The six-member board will have a tenure of two years and it would form part of the organisational infrastructure of the CBI and Reserve Bank of India providing the required investigative and secretarial services along with the necessary funds.

“The Board’s jurisdiction would be confined to those cases where, in disagreement or dispute with the Bank, Public Sector Undertakings or financial institution, the CBI desires to register a Regular Case/Preliminary Investigation in respect of an allegation of a fraud,” an order said.

Besides, it may also advise on any other technical matter referred to it by the CBI or CVC.

The board, under the chairmanship of former Deputy Governor of RBI Shyamala Gopinath, will be based in Mumbai but it can meet anywhere in the country at its convenience.

“Considering the limiting number of such disputes arising annually, the Commission does not, at the moment, find it appropriate to specify the levels above which the reference could be made to the Board,” it said.

CBI can refer any case to the Board where it has a difference of opinion with the organisation concerned, irrespective of the level of the officers/officials involved in it.

“The Board plays a crucial role in assisting the CBI to probe cases of bank, commercial and financial frauds.

Avoid disruptions to trade, Manmohan urges BRICS Summit

At the BRICS summit being held at New Delhi Prime Minister Manmohan Singh asked to  avoid  political disruptions that create volatilities in global energy markets affecting trade flow. The BRICS Summit discuss ways to enhance intra-BRICS trade and review the situation in the region.

Addressing the fourth BRICS Summit, Prime Minister Manmohan Singh also said that the grouping has agreed to examine in “greater detail” a proposal to set up a South-South development bank, funded and managed by BRICS and other developing countries.

He also urged member countries to speak in one voice on key issues such as UNSC reforms.

The Summit is being attended by Brazilian President Dilma Roussef, Chinese president Hu Jintao, South African president Jacob Zuma and Russian president Dmitry Medvedev besides Dr.Singh.

The BRICS (Brazil, Russia, India, China and South Africa) represent over 40 per cent of the world’s population and the leaders of the five countries discussed ways to enhance intra-BRICS trade and review the situation in the region.

Touching upon the issue of terrorism, Dr. Singh said the countries should enhance cooperation against terrorism and other developing threats such as piracy, particularly emanating from Somalia.

ONGC, gets most out of NELP-IX

The Petroleum and Natural Gas Ministry, on Wednesday, signed Production Sharing Contracts (PSCs) for the newly awarded 16 oil and gas blocks under the IX round of New Exploration Licensing Policy (NELP), with Oil and Natural Gas Corporation (ONGC) emerging as the biggest winner with six blocks.

Union Petroleum Minister - S. Jaipal Reddy