Indian economy to grow at 8%: Jaitley
New Delhi, Sep 25 : Finance Minister Arun Jaitley on Tuesday said the new insolvency law, indirect tax regime and demonetization will help drive India's growth rate and sustain it at 8 per cent.
He added that there was a need to trust the banking system for meeting the needs of the economy and asked banks to, in turn, ensure clean lending to justify the trust reposed in them.
"Banks must strive to be seen always as institutions of clean and prudent lending," he said at the annual review meeting of the public sector banks here.
Jaitley said the Insolvency and Bankruptcy Code (IBC), Goods and Services Tax (GST), demonetization and digital payments had enabled better assessment of financial capacity and risks which, coupled with inclusive growth, had unlocked the purchasing power which would drive India's growth.
He said this should help India sustain a growth rate of around 8 per cent, an official statement said.
"A growing economy will also help banks grow in strength," he said.
Jaitley underscored the need to have trust and confidence in the banking system as a necessary precondition for meeting the needs of the economy.
"With the recent amendment to the Prevention of Corruption Act, there now need not be any apprehension in the minds of bankers in supporting investments that are in the best interests of the economy, the nation and the banks," he said.
He noted that the perception regarding the health of PSBs had become more positive as banks had posted positive results in terms of resolution, recovery, provisioning and credit growth.
At the same time, he exhorted the banks to ensure all steps at their end to ensure clean lending and effective action in cases of fraud and wilful default, the Finance Ministry statement said.
Noting the positive results from the Insolvency and Bankruptcy Code mechanism, Jaitley flagged the need to assess and revisit the efficacy of the Debts Recovery Tribunal (DRT) mechanism, particularly in view of the long time taken in disposal of cases.
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BCI urges CJI to take action against Andhra HC judge for sending young lawyer to 24-hour custody
New Delhi (PTI): The Bar Council of India on Wednesday sought the urgent intervention of Chief Justice of India Surya Kant following a "deeply disturbing" incident where a judge of the Andhra Pradesh High Court reportedly sent a young advocate to
24-hour judicial custody over a procedural lapse.
The Bar Council of India (BCI) Chairperson and senior advocate Manan Kumar Mishra, in a formal representation, termed the conduct of Justice Tarlada Rajasekhar Rao "grossly inappropriate" and "damaging to the confidence of the Bar".
“I most respectfully request your Lordship to kindly take immediate institutional cognizance of the matter and call for the video recording of the proceedings, the order passed, and the surrounding circumstances.
“I further request that appropriate administrative action may kindly be considered, including withdrawal of judicial work from the learned Judge pending review, his immediate transfer to some far off High Court, and his nomination for appropriate judicial training/orientation on court management, judicial temperament, Bar-Bench relations, and proportional exercise of contempt/judicial authority,” Mishra wrote.
This representation is made to preserve the “dignity, moral authority and public confidence of the judiciary”, he said, adding, “Judges command the highest respect not by fear, but by fairness, patience, restraint and constitutional humility”.
The communication urged the CJI to intervene at the earliest to ensure that the faith of Bar, particularly young advocates, in the protective and corrective role of the judiciary is restored.
The controversy stems from proceedings on May 5.
According to the BCI, a video circulating online shows Justice Rao rebuking a young advocate who was unable to produce a specific order copy during a hearing.
The letter said that despite the advocate "repeatedly seeking pardon and mercy" and claiming he was in physical pain, the judge remained "unmoved".
The judge allegedly told the lawyer, "now you will learn," and mocked his experience before directing the Registrar and police personnel to take him into custody for 24 hours.
The BCI chairperson said that the judge’s actions lacked proportionality and fairness.
"The dignity of the court is not enhanced when a lawyer is made to beg for grace in open court and is still sent to custody for a procedural lapse," the letter said.
"A young lawyer... is an officer of the Court, still learning, still growing, and entitled to correction without humiliation," it added.
The bar body said that such actions create a "chilling effect" on the legal fraternity, particularly among junior members, and undermine the mutual respect required between the Bench and the Bar.
