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China launches campaign against underground banks


Beijing: Chinese police have launched a nationwide campaign against underground banks to maintain order in the financial and capital market, the police said on Monday. Meng Qingfeng, vice minister of the public security, urged the police to fully understand the harm of underground banks to the national economic security and the order of the financial market, Xinhua reported.

CHINA_UNDERGROUND_BANKING_44892805A similar campaign was launched in April by the Ministry of Public Security (MPS), the central bank and the State Administration of Foreign Exchanges to stop transfers of illicit money through offshore companies and underground banks. The campaign uncovered several major cases involving more than $67.2 billion, Meng said.

Meng said underground banks are still rampant and becoming a channel for other crimes to transfer illicit assets. They have also disturbed the financial and capital market. Meng urged police around the country to better coordinate with the central bank and the foreign exchanges regulator in the campaign, which will run from now to the end of November.


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Prime Minister Narendra Modi Appeals MPs To Utilize Their Winter Season Well

The session would have 20 sittings spread over 29 days

According to LocalCircles, each person who voted in the survey is registered with the portal with their detailed information and in many cases they shared their residential address.
Narendra Modi.

Prime Minister Naredndra Modi on Monday appealed to all MPs at an all-party meeting to utilize the winter session of Parliament well as it will be the last full-fledged session before the 2019 Lok Sabha elections.

Addressing an all-party meet at Parliament House a day before the session commences, Modi said the government was ready to discuss all issues as per rules and procedures and was open to the opposition’s inputs for better working of Parliament.

Parliamentary Affairs Minister Narendra Singh Tomar briefed the media on what transpired in the meeting.

“The Prime Minister said that we all need to cooperate with each other on the issues of public interest. He underlined that in a democracy both the government and the opposition share their inputs for efficient governance,” Tomar said, quoting the Prime Minister.

“The Prime Minister also said that the government was ready to discuss all issues as per rules and procedures. If anybody wants to bring something to the government’s notice inside the House or even outside, we are open to it,” he added.

Tomar said that all the political parties present at the meeting have assured full cooperation in the smooth functioning of Parliament.

Narendra Modi
Narendra Modi (Wikimedia Commons)

Asked if the government was ready for a JPC probe in the Rafale fighter jets deal, he said the opposition had several issues including Rafale, farmers’ plight and economy “but they would have to prioritise things as the session was only four weeks long.

“These things can be settled in the Business Advisory Meetings,” he added.

The Minister said a legislation on Ram Mandir was “not the topic of today’s discussion”.

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“When something to this effect comes up, we will let you know,” he said.

He said the government had 46 items on the agenda including three ordinances, Supplementary Budget and government legislations.

The session would have 20 sittings spread over 29 days. (IANS)