Saturday, August 25, 2012

Demonstration in support of Bank Employees struggle at Chennai

       A Demonstration in support of bank employees' strike was held in front of LIC BUILDING, Anna salai, Chennai-600002 on 22.8.2012. Com.C.P.Krishnan, General Secretary BEFI-TN addressed the meeting. The meeting was presided by Com.S.Ramesh Kumar, General Secretary,ICEU, Chennai Division-I A large number of comrades participated including women comrades.

Monday, August 20, 2012

LIC Q1 new business premium rises by 8pc to Rs 14,451 crNew Delhi: Country's largest insurer Life Insurance Corporation (LIC) has recorded a growth of 8.3 per cent in new business with premium collection of Rs 14,451 crore in the first quarter ended June 30, 2012.

LIC had collected new business premium of Rs 13,341.97 crore in the same period of previous fiscal.
During June, LIC garnered a first premium of Rs 5,236.27 crore, as per data released by the Insurance Regulatory and Development Authority (IRDA).
Private sector taken together has recorded a marginal growth in new business with first premium collection of Rs 5,000.33 crore against Rs 4,940.89 crore in the first quarter of the previous fiscal.
As many as 23 players in the private sector collected Rs 1,782 crore in the month of June.
The non-life insurance companies have garnered a total premium of Rs 16,586.48 crore during the April-June quarter, an increase of 18 per cent over the corresponding period last year.
Of these, the four public sector insurance companies have seen a 19 per cent growth in premium income to Rs 9,581.27 crore.
The private sector players registered a growth of 16 per cent to Rs 7,005 crore during the three month period.

IRDA slaps Rs 49-lakh penalty on Tata-AIG Life Insurance

New Delhi: Insurance regulator IRDA today slapped a penalty of Rs 49 lakh on Tata-AIG Life Insurance Company for violation of various regulatory norms.
The Insurance Regulatory and Development Authority (IRDA) has found lapses in various rules, including non-adherence to norms of referrals and preparation of financial statements, by the life insurance company.
"...I hereby direct the insurer (Tata-AIG Life Insurance Company) to remit the penalty of Rs 49 lakh debiting shareholder's account within 15 days," IRDA Chairman J Hari Narayan said in his order.
The penalty follows an on-site inspection of Tata-AIG in August, 2010, during which the regulator found violations of the provisions and guidelines of the Insurance Act.
The insurance company could not be contacted for comments.
The regulator said Tata AIG Life has made certain payments to HSBC Bank and Citibank banks in violation of IRDA's guidelines on Group Insurance policies.
The life insurer, IRDA said, was also been found violating the provisions of the norms while entering into referrals arrangement with non-banking entities and utilising unlicensed entities.
Further, the IRDA has found lapses in the business promotion expenses under the Corporate Agency guidelines.

Sunday, August 12, 2012



On the eve of the Al India Conference of the Students’ Federation of India (SFI) to be held at Madurai in the first week of September next, a Special Convention on the topic “Is Education for All Possible” was conducted by the ICEU, Chennai Division-I, on 7-8-2012 in the LIC Canteen Hall. Presiding over the Convention, Com.G.Jayaraman, President, ICEU, briefly narrated the objective of the Convention and also explained the present state of education in our country.
The main speaker of the Convention, Dr. Venkatesh Athreya, Economist and former Professor of Bharathidasan University, Trichy,  who is now involved in the activities connected with the M.S.Swaminathan Research Foundation, brilliantly dealt with the subject under discussion. Citing the example of Kerala, a state which could ensure one hundred percent literacy, he asserted that land reforms implemented there was the primary cause for improvement of literacy. He also explained how the former Soviet Union and other socialist countries like Cuba, North Korea, North Vietnam, East Germany, etc. paid greater attention and succeeded in providing education to the population. He lamented that despite the Directive Principles of State Policy in the Constitution of India laying down that free and compulsory education should be provided within 10 years, India was far behind in realizing the objective even after more than 60 years have passed since the Constitution was promulgated.
Greeting the Convention, Com.K.Swaminathan, General Secretary, SZIEF, referred to the launching of a scheme of mid-day meals by Shri K.Kamaraj, Chief Minister of Tamil Nadu with a view to improve enrolment  in schools, which was broadened and strengthened by Shri M.G.Ramachandran during his tenure as Chief Minister of the State. Subsequently, the scheme was implemented throughout the country following an order of the Supreme Court. He was highly critical of the discrimination perpetrated on students who got admission on the basis of the 25 percent reservation quota under the Right to Education Act and the pitiable state of students belonging to the dalit and other oppressed communities who were forced even to clean the toilets in schools.
Both the speakers praised the ICEU for choosing a subject connected with education in a Convention preceding the conference of SFI. 
While Com.S.Rameshkumar, General Secretary, ICEU, welcomed the gathering, Com.D.Ramesh, Joint Secretary, ICEU, proposed a vote of thanks. The audience of Convention comprised of a good number of ICEU comrades including those from the Branch Units and members from fraternal organizations.

Trumped up Honesty Exposed

A suave and honest Prime Minister India has, screamed print and electronic media when Mr.Manmohan Singh assumed the role of Prime Minister of the largest democracy of the world in the year 2004. But in reality the ‘yes-man’ of Washington and the multi-lateral funding agencies is the most corrupt and inhuman Prime Minister India ever had. The suave, soft-spoken and honest mask which he wears is torn into pieces over these eight years and is getting exposed as days progress. Even now the media is screaming that Mr.Manmohan Singh is honest.  But the truth is bitter and very difficult to swallow. He is ‘The father of neo-liberal economic policies’ which had taken roots in India after his stint as finance minister from 1991 to 96. This policy is taking its heavy toll on ordinary poor citizens of India. Suicides, job losses, pauperization, income inequalities, impoverisation, etc are the result. Yet he boasts that India is growing because of liberalization and globalization policies.

He is heading the first ever billionaire ministry in India after the independence. He created a sort of record by heading the corrupt cabinet. Yet he is shameless in defending his cabinet colleagues. His insistence on revising the price of natural gas which was produced at the KG basin D6 block in favour of Reliance Industries is a testimony for his integrity? He never feels shy or remorse in heading the most corrupt central government. More than fifty percent of his council of ministers is tainted. The mega corruption involving lakhes of crores of rupees took place under his stewardship. The 2G scam which has shaken the conscious of the nation, the amount of money involved to the tune of Rs.1, 78,000 crores. The Commonwealth games scam, the IPL scam, the Tatra truck deal,  the Devas-Antirix scam, the loot of mines in Karnataka and Andhra Pradesh  are some the scandals in which he defended the indefensible. Now reports indicate he was involved in the coal block auction scandal. When ever news emerges out about any corruption there will be stout defence by him or his cabinet colleagues.

A cabinet minister Mr.Kapil Sibal went tong and hammer to the town in defending the 2G scam accused there by belittling the Supreme Court. There were statements from senior ministers to the effect that the state incurred zero loss by the auction of 2G spectrum. Even Mr. Suresh kalmadi and Mrs., Sheila dhikshit who were involved in the CWG scams were defended, the Delhi chief minister even now continues to hold the office, even after the CAG report indicted her.

The senior cabinet minister Mr. P. Chidambaram who holds the home portfolio is entangled in the aircel-maxis deal. This is not the first time his name came out openly in various scandals involving crores of rupees, yet his sins were condoned and are being allowed to continue in the ministry. Earlier he was removed from the finance ministry because of his commission and omissions and was given the charge very important home ministry.

When the 2G scam broke out initially a demand was made by Com.Sitaram Yechury to probe the scam and the prime minister kept silent for two years and finally the honorable Supreme Court has intervened to unearth the truth. The Supreme Court in its historic verdict has cancelled all the licenses issued for the 2G licenses. The UPA-II government filed a review petition and withdrew the petition later.

The demand for strong lok pal bill was scuttled by the UPA-II government because of the fear that all the ministers including the prime minister himself will face the music of law. Now the prime minister’s name itself is entangled in the coal block auction scandal. In all other scams, which when broke out either Manmohan Singh kept stoic silence or denied. But later what ever he denied was proved wrong.  

In the year1991 then as finance minister of India Mr.Manmohan Singh introduced the globalization policies. The last twenty years of implementation of these policies  has resulted in impoverishment of people and led scores of suicides of farmers. The rich became richer and the people living below poverty line in real term were increased. Now the coal auction scam report is coming. Strong allegations were made against the prime minister. 

The allegation has been made based on a “leaked” draft CAG report on allocations of coal blocks between 2004 and 2009 when the Coal Ministry was with the Prime Minister. But our prime minister as usual refuted the allegation and went to the extent of quitting the public life if the charges are proved. How it is possible to have a just probe when the congress is heading the central government. The CBI is being used by the UPA government to settle scores with the opponents politically.
One thing that baffles the whole country is that The Prime Minister’s decision to ask the Empowered Group of Ministers to consider the demand by Reliance Industries Limited (RIL) for upward revision of KG-D6 gas prices before the scheduled 2014 deadline. But it is not at all surprising for those who keenly watch the prime minister’s style of functioning and the policies which derives his government. He never cares about the nation or aam admi which the congress always boasts that they will care. If prime ministers insistence of price revision is carried out then it is likely to benefit Mukesh Ambani owned RIL by around 8 billion dollar.
The Prime Minister's Office has referred RIL's demand for gas price revision to the Petroleum and Natural Gas Ministry despite the latter's earlier refusal to tinker with the 2014 date, Questions were asked why the prime minister even after the objection from finance ministry and petroleum ministry is bent upon to increase the price of natural gas from KG basin D6. The secret behind prime minister’s insistence on price revision is emanating from his chosen path of globalization policy. Making the rich richer and poor to pauper.  But for ordinary citizen’s it is very strange that the PM is pitching for private interest instead of the larger public interest. His motto is to benefit the private sector at the cost of the national exchequer and the people.
The Petroleum Ministry has quite often gone on record, that there is no case for gas price revision as such a move would put an additional burden of nearly 8 billion dollar on the exchequer and consequent price revision for consumers. It has also maintained that the current price of dollar4.2 mmBtu for KG-D6 gas was valid till February 2014 and would come up for revision only at that time. But RIL wants the gas price hiked from the current dollar 4.20 mmBtu to dollar 14.20 mmBtu. Some companies in India are purchasing natural gas from Omani oil company at the rate of 0.77 dollars per mmBtu.  Reliance unjustified demand for price revision earlier from 2.3 dollar mmBtu was conceded and revised to the present 4.20 dollar mmBtu.There are  reports that if  RIL's demand for a gas price hike is conceded it  would push up electricity prices also by 50 paisa per unit for every dollar increase in gas price resulting in massive electricity price hike. This will further erode the already dented people’s purchasing power.
The ardent follower of the globalization is making all the moves to benefit the have sections and impoverish the have nots. The UPA governments’ affidavit in Supreme Court about the income level of below poverty line people is also a testimony to this. The corruption after 1991, unleashed in our nation by the neo-liberal system amply proves that globalization policy will result in mushrooming of crony capitalism. Mr.Manmohan Singh is the poster boy of crony capitalism. So the neo-liberal regime will not let down Mr. Singh.  So what ever charges that were leveled against him will be condoned and loud noise will come out he is Mr. honest.  But is it prudent for the Indian masses to remain untouched by all this anti-people policies of the UPA government and Dr. Manmohan Singh. In order to protect let the Indian masses fight to defeat this policies