Business in bitesizes
The case of Vijay Mallya’s farmer guarantor is getting murkier. According to UP farmer Manmohan Singh—who was named Mallya’s guarantor in December 2015—the Bank of Baroda (BoB) has threatened him with dire consequences if he pursues his defamation case against the bank. In response, Singh has approached the local authorities for protection. Singh had earlier filed a defamation case against BoB and sought Rs 10 lakh in damages for falsely naming him the guarantor for the liquor baron. Although the bank has de-sealed Singh’s accounts, his name has not been cleared yet. But, what about Mr Vijay Mallya?
The government’s amnesty on black money is generating a lot of noise. While it has been structured in a way to not attract charges of discrimination, the big question is whether it will do any better than last year’s scheme. Meanwhile, at a recent conference of tax officials in Delhi, the government invited fiction writer Chetan Bhagat as one of the speakers. In his address, Bhagat put forth suggestions to improve tax collections. These included prettier stationery for the tax department’s missives and on-the-house treats for honest taxpayers. The officials rolled their eyes in despair and, no wonder, when rated, Bhagat got one out of five from most attendees.
Believe it or not, RBI governor Raghuram Rajan’s exit is being welcomed by some unions. They whisper that the future of two top officials hired by Rajan—Nagpurnanand Prabhala, who heads CAFRAL, and Prachi Mishra, who works with RBI’s research department—is now in doubt. Employees in RBI are wondering if these two officials will follow Rajan out of the RBI, though they have been hired on a permanent basis via the lateral entry route. If so, it would be pitiful. One hopes that better sense will prevail once the name of the new RBI governor is announced.
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