CRB scam committee

A reader in a letter criticizes the formation of a coordinating committee to investigate various aspects of the CRB scam, comprising the CBI, RBI, SEBI and the MoF, because the RBI and SEBI were faulted for having failed in their job of controlling the misdeeds of CRB in time. This is viewed as a standard method of bureaucrats to wrangle out of the tangled web they weave, similar to the securities scam investigation. The letter concludes that the CRB investors were aware that the lure of high, non-legitimate returns was the principal cause of their current discomfiture.

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The government of India have appointed a Controller and a Deputy Controller of Capital issues in place of the Examiner and Deputy Examiner, respectively. The Controller and Deputy Controller will exercise the same powers in regard to capital issues as were exercised by the Examiner and his deputy immediately before the Capital Issues (Continuance of Control) Act, 1947, took effect.

The government has decided to renew the recognition of the Delhi Stock Exchange Association Ltd. under Section 4 of the Securities Contracts (Regulation) Act, 1956.

With the Shroff Committee's report on short-term finance for the private sector due soon, there is speculation among small and medium industries regarding their status in the recommendations. Banks have shown some inclination to modify their orthodox policy towards industrial banking, but with many conditions. It is accepted that checking unemployment largely hinges on the assistance these industries receive, as they have the largest scope for providing fresh employment. While the overall economy shows encouraging features, new industries have been few, and many smaller units have closed down due to lack of finance. Mr. S. G. Sathe is afraid new high-denomination notes may bring several evils, including internal unsocial activity and easy escape out of India to smuggle scarce and banned commodities