Tuesday January 23, 2018
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T&T central bank sacks Indian-origin governor Rambarran

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Port-of-Spain: The sacking of Jwala Rambarran, who is of Indian descent, as governor of the Central Bank of Trinidad and Tobago, has triggered an uproar in both the political and ethnic quarters of the twin-island nation in the Caribbean.

Trinidad and Tobago Finance Minister Colm Imbert accused Rambarran of violating several laws, for which he and could face criminal charges.

He was appointed by former prime minister Kamla Persad-Bissessar, who is also of Indian origin, three-and-a-half years ago amid criticism that he was chosen over officials with better qualifications. His tenure was for five years.

Rambarran was the second person of East Indian descent to hold the position, the other being Winston Dookeran since the Central Bank was established in 1964, two years after Independence from British rule in 1962.

Even when the People’s National Movement (PNM) was in opposition, it had been criticizing Rambarran, calling him an On-the-Job Training(OJT).

Rambarran’s dismissal came on Wednesday after the cabinet held its last meeting before Christmas. A government source said that the governor breached several financial laws since the PNM came in power last September and could face criminal charges which carry fines and a prison term.

It is alleged that Rambarran breached three laws: the Central Bank Act, the Financial Institution Act and the Exchange Control Act.

“The cabinet took the decision after very careful deliberations,” Imbert said.

Rambarran had named three companies for violation of foreign exchange laws. The companies had written to Imbert to complain about this and had pledged to take legal action.

Rambarran said local laws gave him the authority to release the names, adding that people had a right to know that a large part of the foreign exchange was being used in the import and distribution trade. Rambarran also had announced that the economy of this oil- and gas-rich island nation had fallen into a recession with four straight quarters of economic decline.

Both Imbert and Prime Minister Keith Rowley said the governor did not back up his claim with government data.

Rambarran was fired following other complaints, including shortages of hard currency in commercial banks to pay for imports following several operational changes at the Central Bank, the government said.

Persad-Bissessar said that she was shocked but not surprised, noting that the removal had all the hallmarks of the PNM government. In a statement, she also likened his dismissal to the PNM regime’s action against former Speaker of the House of Representatives, and a former Chief Justice, Satnarine Sharma, both Hindus and of Indian origin.

Persad-Bissessar said that it was the continuation of the victimisation that has been taking place since the Rowley government took over from her last September. “Rambarran’s crime has nothing to do with his competence but with statements that have offended the governing elite and its friends,” she said.

About 35 percent of the country’s 1.2 million population is of Indian origin, most of them Hindus. (IANS) (Picture courtesy:ytimg.com)

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Indians say no to Visa as OCI cards enough to visit India

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New Delhi: Indians will no longer have to get a visa every time they travel to their motherland. The decision was taken seeing the Overseas Citizen of India (OCI) and Persons of Indian Origin (PIO) being merged under the same wing last year.

The pertinence of an OCI card will be enough to enter the country, hence eradicating the need for a visa.

Although, carrying a passport will be compulsory.

According to a senior government official: “Till now, every OCI card holder also had to get a visa affixed from the Indian High Commission whenever they planned a visit to India. Now, only the OCI card will be needed”.

The government has planned to print OCI cards in prominent countries like UK and USA, where a majority of Indian population resides.

ALTERATION

The government altered the citizenship act last year, collaborating the OCI and PIO
“Since the announcement, there was a lot of confusion among the diaspora regarding the two cards. The respective missions in foreign countries held workshops and tried to clear doubts. The earlier deadline to migrate from PIO to OCI was January 2016, but we have now extended the deadline to June 30,” the official said.

The merging of OCI and PIO will help the government in gaining an actual database of the Indian diaspora since an amalgamated figure is not present.

ENACTMENT 

“Keeping in view the promise [made by PM Modi in the USA and Australia in 2014], an ordinance was promulgated on January 6, 2015 whereby the eligibility and additional benefits of the PIO card have been incorporated in the OCI card and certain other relaxation to OCI card holders have been given by amending the Citizenship Act, 1955. The PIO and the OCI cards used to exist simultaneously, leading to a lot of confusion among the PIOs residing abroad,” an official said. (Inputs from The Hindu)

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