More powers for bank auditors

In an important move to get at any scam in the future, bank auditors have been given powers to directly interact with RBI on bank irregularities. In a recent circular to all banks, the RBI has said auditors are required to report to the RBI serious irregularities, if any, noticed by them in their bank’s working which required immediate attention. Bankers aver the proviso is in line with the general practice abroad where bank auditors can open a dialogue with the central bank by sometimes even bypassing the individual bank management.

Notice to regulate genetic material movement

The Centre will soon issue a public notice to regulate the movement of genetic material, both plant and animal, outside India. Announcing this at a press conference here on Thursday, the Minister of State for Environment, Mr. Kamal Nath, said the notice, to be issued under Section 5 of the Foreign Trade and Regulation Act, would be a forerunner to the comprehensive legislation on bio-diversity. It would be issued after consultations with the Law and Commerce Ministries.

Battle for central Asian car market

The dusty streets of Central Asia, where horses and donkeys still amble, are the unlikely setting of a market share battle between makers of luxury cars. Central Asia and Kazakhstan comprise an ex-Soviet region of over 50 million people linked over vast expanses of steppe and desert by a diaphanous net of pot-holed roads.

Mercedes do not so much purr as lurch over these highways, but an increasing number of nouveau riche are buying luxury cars which cost hundreds of times the average annual wage.