BEYOND REAL

A New Spam Caller...

2020-07-29T17:04:00.004+05:30

EVENT: Mark the mobile number, 7482857440, as an unidentified spam caller. The caller claimed he is Branch Manager of SBI, Bankajora branch. He asks to provide proper KYC to continue the SBI transaction. It also claimed a text SMS has already been forwarded to my mobile number where it is requested to provide KYC; the claim precedes a wrong direction. I never received any text SMS from Bank in last fortnight. Finally, I asked the detail identity of this, so called Branch Manager of SBI. The two minute and thirty two seconds conversation manifests the intension; as the caller hesitates to reply back. However, it replied as a Branch Manager, SBI Bankajora Branch. However, it is dubious whether there is any SBI branch available in the said location. Now the spam caller hesitates to reply further as he is facing the BOUNCE BACK.

He deliberately exercised to convince me either to provide proper KYC or to face SBI transaction failure.

It is quite surprise how this spam caller get the phone number and how does he confirm that I have SBI account. Is this a coincidental or planned call?

This is the second spam call received by me, dated 29^th July, 2020. And the earlier received on 9^th April, 2020.

WHAT TO DO: The event is to raise our alert system about our security. You might be the next target. No one knows who the next target of this spam caller group is. We always need to remember BANK NEVER ASKS THIS TYPE OF INFORMATION. However, your security is your responsibility. We should BOUNCE BACK this evil by raising our own security – NOT TO SHARE FINANCIAL INFORMATION TO ANY UNKNOWN EVEN IF HE EXPLAINS HE IS A BRANCH MANAGER.

I request all of you, hitting Like button is not the solution, however, share this alert notice among your Friends and relatives and appeal them to raise their alarm and throw a immense BOUNCE BACK.

HOW TO PROTECT YOUR STATE BANK OF INDIA (SBI) ACCOUNT FROM HACKERS I TRUE STORY ON 9TH APRIL 2020

2020-05-17T20:46:00.002+05:30

An awareness video based on real life story on 9th April 2020. One should know what not to disclose to a unknown caller or a hacker. Hackers are waiting for loophole to attack and convince you to make mistake so he can steal you.

Hackers are waiting, am I….

2020-04-09T17:35:00.002+05:30

Today is the sixteenth lockdown in India due to COVID19 alert. I started morning late. Preparing to pay a visit to my daily emails with tea and today’s newspaper. I have received a call from an unknown caller (+917362951949). I want to disclose as detail as I can so you can aware how HE is prepared to extract details of financial transaction.

The unidentified caller introduced himself as a reputed employee from State Bank of India, Headquarter, Sammriddhi Bhawan, Kolkata. He confidently asked about my last ATM transaction date that I have performed recently. [The point of STRIKE starts here]

I refused to say the details even I replied prompt Bank advertises it does neither and never ask this ever. Therefore, why should I tell you?

The caller might be expecting this answer, he replied well – your ATM service will be blocked from this time and INR 9000 will be deducted from your account.

VERY SHOCKING REPLY

I took time with an excuse; WAIT…I have to find my ATM card to forward the details. As I am prepared to log in my emails, I promptly log in my SBI account. I searched my ATM CARD Details. EVERYTHING IS OK. Nothing is blocked there. I log off – log in again. Searched my ATM details again. There is neither any block warning nor any remarkable notification from my Bank. I recognized the caller is waiting in other side of this voice call. Now I started speaking –

I find everything is ok, how then you can say a Bank can do this.

Now he replied do you like to enjoy the service or I block this service with an official SMS from SBI Headquarter.

I definitely want to enjoy the service.

Now the man replied, then reply the date of expiry of your card.

As my assumption was not to disclose details as I remember Bank does never ever ask these details, still I need to know how far the unidentified caller knows about me. Therefore, I replied with correct expiry date.

Now it gets more interest – he asks is it master card or visa.

Master card

[More intense inquiry] Please tell me the LAST FOUR DIGIT of your card.

I refused to reply and disconnected.

At fraction of seconds I received a SMS where digitally generated and manipulated version of deduction of INR 9000 is mentioned. SHOCKING..[attached the picture ]

Still I try to find where the mismatch is. However, there are series of mismatch from the beginning.

A second voice call came from (+917679089588). Now the unidentified caller using Hindi language.

He enforced me that did you receive Bank SMS? I replied yes.

Did you perform any transaction – I say no..

Did you perform any transaction – no…. [same question with same answer]

Did you perform any transaction – NO, I don’t perform a transaction. Listen man – if Bank do any step without my concern I shall go to Supreme Court against my Bank. And you should know that I am not a layman. I read your memory and shall never get convinced anything from anybody like you.

Who is going to convince you – You are the man who is trying to convince me that I made a transaction. I completely get your attention.

But your transaction is at risk – It is my problem, I shall deal with my transaction and my cash balance, why are you so interested on my transaction. Let me inform the Police against you- wait.

The voice call disconnected.

I have learned many things from the above today. As the assumption saturated my mind that Bank never ever asks details of transaction, ATM pin, account no etc. therefore, mind was prepared not to disclose anything to this unidentified caller. However, I need to observe how far he knows about me.

It is observed this type of caller does not wait to think. One needs to reply promptly. Therefore one needs to follow the path where HE is taking you away. The alert system of pre-assumption made a strong defense – not to disclose the Key in this issue. If I would have been either provided the last four digits of ATM card or ATM pin (what he didn’t get time to ask) – I would have lost everything. Kindly observe the picture attached herewith how carefully the digitally generated SMS has been created to extract details – (1) the SMS has forwarded from a private number not from Bank server; (2) SBI ATM SMS always contain invisible first five digits and visible last six digits – total eleven digit of account number – in this case only last four digits are four crosses; (3) amount INR 9000.00, date, time, ATM id is marked with hyperlink; (4) the SMS defines my account is nil after this transaction.

Figure 1

Figure 2

As technology find new way to secure transaction, hackers finds complicated path to distract an individual. I must conclude with the one that boundary line between me and the Crime is how far am I alert. If I am alert then I can dodge the crime. So be careful and alert always.

Quest video series/ Preparation of UPSC/ State PSC / Rail / IBPS/ Bank and other competitive examinations from home

2020-04-09T15:49:00.000+05:30

Polity – Constitutional / Non-constitutional / Statutory / Regulatory / Quasi-Judiciary Bodies - (from May 2019 to Feb 2020) – https://www.youtube.com/watch?v=el3QtV8Tbrw

Economy – Government Initiatives – (from May 2019 to Jan 2020) – https://www.youtube.com/watch?v=Z7m5ZTtYy6g

Environment – Government Initiatives – (May2019 to Feb2020) – https://www.youtube.com/watch?v=a4qklzeT0uE

Arithmetic [Profit & Loss] – Question paper discussion with simple tricks in minimum time solution - https://www.youtube.com/watch?v=9uElW3Or1gQ

Arithmetic [Average] – Question paper discussion with simple tricks in minimum time solution - https://www.youtube.com/watch?v=lxLlwnwvhDY

Go back #COVID19 (2)

2020-04-03T18:19:00.000+05:30

WHO Experts are emphasizing on triple T and I formula mean Trace, Track, Treat and Isolate formula to attain Break the Chain of Corona Virus. Initially Administration have to trace the most probable cases may be the link embedded with current COVID19 patients and their family members. Administration need to track the further probable cases that either be less probable or may arise symptoms within next fortnight. A next prescribed step is to treat these all on top priority. And finally isolate them in most comfortable zone to arrest the infection from the rest World. This is the most scientific way to fight battle with COVID19 till date.

Today the movement of people is completely restricted in India. Therefore the probability of infection from foreign countries is nil. This is however true people came back home after a foreign travel might be a carrier of the deadly virus. It is requested from Administration to stay home quarantine for fourteen more days, if you have a travel history. The objective is if there is any virus infected person, the symptoms will definitely reported within 14 days. Every epidemic has its own history. History says about its appearance, proliferation in man, whether proliferated to livestock, amount of severity, death toll and finally how man had overcame the hurdle. It is pertinent to mention here that, appearance of Corona virus and volume of spread and the disaster in consequence is so sudden and unprecedented that it made the World lockdown inside room. There is no better way except lockdown.

In India people participated ‘Janata Curfew’ on 22^nd March 2020. With a successful response of the day the Union Health Administration inspired to invite 21 day complete lockdown all over the country. However, lockdown was initiated at 00:00 on 25^th March 2020 and it will run to 23:59 on 14^th April, 2020. All the mega events of sports, religious affairs, political assembly, cultural events etc. is forbidden in this period. Airways, Railways and Roadways are closed and borders of states are sealed. It is advised to stay home and stop any human movement on this period. It is estimated that the consequence will definitely be reported by 4^th or 5^th April 2020. And experts say that 5^th April 2020 results will be the final affected cases and attain a saturation. It is expected no further increase of cases may happen after this date. However, this is a far more favorable condition for India. Till the lockdown period we need to perform the triple T and I formula so that there would have favorable number of cure patients in state, which inevitably build confidence. However, situation is tougher than it seems.

There is a tendency not to disclose the travel history to health officials and doctors from the patients who have Corona similar symptoms. People are not interested to get tested. However, the awareness becomes so high, neighbors taking initiation and invite health officials in block level along with Police personnel. Therefore, it became easier to administration to track the potential cases. It is glad to see people embarked temporary blockade to their premises. Outsiders are forbidden for lockdown period, insiders are allowed to move if there is a necessity. Therefore, movement is restricted almost in all dimensions.

Restriction and social distancing are also being maintained market places. People are maintaining at least one meter distance among each other. Some sellers are refused to sale products if an individual is refused to stand on marked white line. It is hard to find people in a market. It is really astonishing that people are selecting time zones suitable to purchase consumables. This is however alarming that people are aware about the issue and co-operating with Administration to move a resolution. On this very crisis, online delivery system has withdrawn its delivery services. Technically updated people, who depend on online delivery services, are facing problems. On the other hand, volunteers are distributing food-grains to poverty line people. As a consequence, there is neither a panic but stability in market sustains.

It is also pertinent to mention that, Administration has a strong vigil to ensure no movement is being performed. However, it is gratified to express that we are on the path to overcome this calamity. This is the war, for the people, by the people, of the people would be concluded satisfactorily.

Again it is to mention, the environment is pollution free on this days. We are failed to inhale carbonated air. Less movement inevitably invited lesser sound pollution. Apart from this the clear blue sky is visible. Nature invites her harmony and integrated a pollution free environment again for the rest World. And Civilization is blessed.

YOUTUBE VIDEO - QUEST VIDEO SERIES

2020-03-29T00:17:00.001+05:30

This is to cordially inform you that I have created a video series of tutorial. This tutorial contents solution of Arithmetic problems in competetive examinations. I have excercised to cover most of the Government Job competetive examinations.This is to rather mention that the subject is so enormous, it is difficult to cover the whole subject on a single video. It is pertinent to mention that the language used in video is Hindi. I am trying to adopt the skill on Hindi.

It is also to mention here that I am going to upload more videos on this regards.

Youtube Link -- https://www.youtube.com/watch?v=9uElW3Or1gQ

Go Back #COVID19

2020-03-25T00:02:00.004+05:30

I am not in the age of World War, neither had I seen any War. However, I am scared about the NEOLIBERAL VIRUS CORONA broke out to abolish Man from this battleground.

WHO declared attack of Corona is pandemic. It proliferated almost among all Nations of the World. India is also one among them. Civil Aviation Department has shuts its door for foreign flights from 22^nd to 28^th March 2020. All the States like Punjab, Delhi, Jammu & Kashmir, Uttar Pradesh, West Bengal, Manipur, Nagaland and Southern States & UTs have declared lockdowns and even unaware or misbehaving persons are being enforced to abide by Law under current situation. West Bengal declared the shutdown of domestic aviation from 23:59, 24^th march 2020.

A serious process is running to turn the State General Hospitals to treat Corona infected patients. It deliberately discharged the patient on board to ensure and protect the proliferation of further infection. The nature of proliferation is in geometrical progression. Therefore, the objective is to arrest the problem till that moment when it is still within the grip, else it may be late. On this very objective State Government requested the private hospitals to work with the Government on same footing. They have been requested to uphold infrastructure to cope up with the new Corona cases. The proper response has already reported and twenty six new private hospitals reported with proper isolation bed with attached toilets, ventilation facility, masks and proper sanitization facilities. However, it is a very welcome move by the Administration. It is extremely vulnerable that how can we cope up with this rapidly spreading virus in a more than 1.3 billion Nation.

Almost all Nations are doing their best to Break the Chain of Corona. Because no one knows the breakthrough that can either control and destroy the virus. If current situation prevail Break the Chain is the only method to arrest the infection and make it localize as we don’t know the proper chemistry. It is the most scientific method till date. Western countries are almost devastated as they took late decision according to experts and media report. I don’t blame to Indian Administration about their late response, however, I congratulate to experts, who have thoroughly analyzed the pros and cons of the administrative deliberations on this situation. Time is best teacher. And we learn according to time, hence the step is taken for a better tomorrow. Administration has implemented the stricter laws for execution of discipline. It declared citizens are requested to STAY HOME, till the lockdown period. One can steps out only either medical emergency or to intake food grains. No additional or luxurious step is permitted in this situation. If it is found someone to violate the norm, would be treated as criminal offence and may face criminal proceedings implemented by State.

I must pay my humble gratitude to the Prime Minister of India for twenty one days lock down from 25^th March 2020 at 00:00 hours till 14^th April 2020 at 23:59 hours. On the very life threatening battleground, this action is extremely laudable. No action other than this move can achieve our required goal of Break the Chain.

It will not be exaggeration if I say Corona hit the Human Civilization on this very Digitally Globalised World, where people can access everything at her fingertip. Therefore it is threat to Human. All the action is to save the Human. Everyone is requested to co-operate with state by abiding law and order. Here we are not in the state of blame. However, people are anxious about the civil rights and morality of this behavior. On the contrary, one needs to observe the condition where every human is in stake. We can compromise our civil rights for a certain time for the sake of Human Civilization. No one knows how the virus will attack and to whom. No specific laws still emerged to confine the nature of this microbe. However, scientists are doing their best to come a conclusion as soon as possible.

This is also to mention here that we need to keep our patience. It is our responsibility not to believe on FAKE NEWS. We need to oath that we have to follow and act accordingly what the Administrative and authorized media declaration.

This is a day to take oath. We should not do anything else prescribed in order. Danger will inevitably be invited if we do anything in our own interest.

Time will define who is going to win the battle – life or death. Please remember that today’s pain is tomorrows gain. I strongly believe we can win the battle with Corona. We need to believe again Slow but steady wins the Race.

We should remember that we are doing this for the sake of humanity. We are creating history in our own by creating an example to rest of the World.

Impact of Climate Change on West Bengal

2020-03-24T23:59:00.002+05:30

Geographically West Bengal is a diverse state – starting from the hilly mountain of Darjeeling district towards dry western Purulia district ends with littoral South 24 Parganas. A number of domestic and trans-national rivers are draining from north to south and from west to east. Therefore the formation of hydrological cycle is majestic in nature. This majestic geography inevitably develops tropical vegetation to its people. However, this makes a natural garland that binds people with the Mother Nature.

World is already affected due to the effects of global warming. US & Europe faced several climatic hazards during this year and the intensity of destructive nature became more and more aggressive in comparison to the earlier years. The Environmentalists are crying for precaution for years. However, nationalism and economic activities prevails more. Administration all over the World is intentionally not to focus on this serious issue. Report says oceans became 26 percent more acidic from the era of industrial revolution. It also says five years from 2015 is set to be warmest of any recorded period. The inevitable result is already visible. Hydrological cycle changes its natural pattern of rain and snow fall. There is a heavy deluge where rainfall was quite often and the converse also recorded. Several conventional climate models are failed to predict the climatic events.

One of its aspects is upraising the seawater level. The calculations from environmentalists confirmed by the satellite imaging observation prescribed this most aggressive nature. It is easily perceived that the littoral states/ cities all over the World will severely be affected.

One of the natural disasters ‘Aila’ seriously affected the life of South 24 Parganas people. It embedded ‘Salt’ in the soil. Therefore natural vegetation has already affected in this locality. However, it is became a natural issue of landslide into river. Thousands of acres of land lost its identity and people lost their land for agriculture. As a result the amount of cultivable land is shrinking on rapid pace – that indicates the amount of accessible food is also shrinking. On the other hand, it is around more than 700 million population in this World aggressively accessing land promote habitation. Hence the most difficult question comes how the food will be distributed among such a huge people on earth?

After the severe attack of ‘Foni’ and ‘Bulbul’ residents of littoral region became more vulnerable and eager to migrate towards mainland which is less dangerous. Civil society may not accept this big deal however, it is impossible to accommodate a huge mass over a limited land. Therefore the existence of littoral region is at stake. Peeping through the hole, at the point of Administration, there is no explicit rehabilitation policy of littoral resident either in urban area or any other rural area. Even there is no proper clarification about the urban slums.

Apart from this a huge contribution need to provide to the wildlife habitats. On this anthropogenic climate crisis wild life is the most vulnerable species and be seriously affected. Expansion of human civilization is an absolute threat to the wildlife. Not only wildlife habitat, but the extreme threat is poachers or the illegal tradesmen of animal products. Another issue is deforestation. Stringent the laws being made, severe the crime executed. As a consequence, wildlife is asymptotically reducing and attained the state of endangered species.

There is always a ray of hope. Let us hope one day people will understand the threat in her own. She will do her best to save life both Man & Wild and create eco-friendly atmosphere for all.

Need Protection as it cures

2018-09-05T11:56:00.001+05:30

The recent media report of misbehavior of J&J regarding its business ethics again stand the safety and security of the public health in India. The issue again demands that foreign companies are here just only for profit making and with no ethical value to their clients basically Indian patients.

The report says replacement of knee of a person performed with metal ball and socket manufactured by J&J. however, the post-surgical complexities arises that the metal ball and socket discharging the metal in blood causing serious pain, inflammation and other physical complexities. J&J suggested performing another replacement surgery with fiber material which may reduce the symptoms, instead of compensating its Indian patience.

Indian Judiciary is however timid to take severe step for a civilian. It is however true that the law of tort is quite flexible regarding these issue. Therefore, breach or violation of right is inevitable. It should appear under Drugs & Cosmetics Act in India. Apart from this, there should be a CBI inquiry. Union Health Ministry should take a severe and aggressive action towards these foreign companies who are only here for profit making. We need to compact our laws so none can breach it, if breach is found – quantum of compensation can be retrieved.

Human can help human and other creatures. Capitalists should remind if clients get benefitted today, he shall come again and will recommend others to go. Perhaps it seems there is only one bad report; on the other hand there are quanta of profits throughout the country. However, it deliberately invites mistrust to the company.

Business always should have some ethical value, whether it is small or big.

Also Indian Judiciary should be fearless as its objective is ‘Satya me va Jayate’.

‘Vasudhaiva Kutumbakam’ – the World is my family – by Maha Upanishad.

Link:
https://www.thehindu.com/todays-paper/tp-opinion/drugs-are-not-sweets/article24867607.ece

Guaranteeing Right to Vote may establish a Democracy, But Ensuring it’s Right Use Only Will Bring a True Democracy

2018-06-10T20:42:00.001+05:30

Let us never forget that government is ourselves and not an alien power over us. The ultimate rulers of our democracy are not a President and senators and congressmen and government officials, but the voters of this country. -Franklin D. Roosevelt

Governments of a country draws its power from the Supreme law of land i.e. Constitution of that country. Constitution is the bible of how the government would run its business along with the administration, law and order, vigilance, rights and else. The process of election is a machinery to find out most suitable and eligible candidate who can perform his duty on behalf of the people. Therefore, ‘the government formed by the people, of the people and for the people shall not be perished from Earth’.

Representative Democracy is being practiced in India. There are two national level parties proposes their ideology among public domain. Indian electors are very mature in ratifying the proposal or to reject it. Approval or rejection of a proposal in case of national agenda has a deep impact on democracy. However, people do elect most eligible candidate for next tenure. The elected candidate enjoys the supreme power in law and policy making. There is no any authorized rule to overthrow this candidate if s/he fails to perform. It became a master whether once promised to be a servant and the people who are the authentic master became slave – that completely contradicts the statement by Mr. Roosevelt.

However, if the elected member is failed to perform as well as unable to deliver an issue, Indian Political System has no instrument for impeachment. The elected member is safe till the legislature get dissolved for the new election. It inevitably implies, people have no right to raise their voice if the person not fit for the post. Accordingly, right to vote implies only involving the adult franchise to the polity.

On the other hand, ensuring its right inevitably adopts other machineries like plebiscite, referendum, recall, initiative etc. belongs to direct democracy. Only the matured democracies of the world executed these. However, the true democracy is being practiced in matured democracies.

RBI should issue digital currency in India

2018-04-19T10:16:00.002+05:30

RBI is being entrusted to issue currency under the RBI Act 1934, section 22. Generally RBI issues coins and printed notes. However, there is an ambiguity to issue digital currency on the same legislative power. Description of authority, limit of transaction, security features and else are several serious issues regarding this.

Digital currency or the Block-chain method is immediately required to introduce in India. Indian Judiciary works slowest in comparison to other Judicial services of the World. Therefore, fraudsters utilize loopholes of judicial machinery and used to draw billions. In the current system of Economy, people perform their fraud game; however the detection can be performed after years. Henceforth, the current system indigenously provides a platform to the fraudsters to perform a game with the public money as well as pay time to settle a new destination until the case is being reported in media.

Another burning issue is that the cost of printing notes has been doubled, according to data released by RBI, 7965 crore in FY’17 from 3421 crore in FY’16 which is the post note-ban scenario. RBI has to deal with counterfeiting currency throughout the year mostly in porous border area. as per PTI, RBI says 7.62 lakh pieces of counterfeited currencies detected in FY’17 as in 6.32 lakhs in Fy’16.

The cost of transaction is also a serious issue. According to SBI, transaction up to Rs 10,000 is Rs 2.50 plus GST in bank branch, however, Rs 1.00 plus GST in internet banking.

Let us discuss the details of Block-chain technology. This is an algorithm of digital transaction. A user who has an account in Block-chain can precede a transaction cash and kind. This technology can be incorporated in land purchase, logistics, management, transport, power sector, currency transaction and all rest departments which has not yet been included. The advantage is, a single transaction get updated to all the rest servers simultaneously whether it may be land deeds or payment of power consumption bill. This technology minimizes the option for fraudsters to perform and make always alert to next servers. It is true that the update may take time several hours; however the process is solely transparent.

This paradigm shift concept is slowly making an impact to the world. US worried about ‘governance and risk management will be critical’. Europe posed no threat to central banks’ monopoly on money. Peoples’ Bank of China believes ‘conditions are ripe’ for it to embrace technology. Bank of Japan wants to study more about the crypto-currency. Bundesbank concerns about ‘more of a speculative plaything than a form of payment’. Bank of England is cited about crypto-currencies as a part of potential ‘revolution’ in finance. Bank of France concern about ‘those who use Bitcoin today do so at their own risk’. In India, using crypto-currency is violation of foreign exchange rules. Central Bank of Brazil concerns about ‘no immediate risk for the Brazilian financial system’. Bank of Canada thinks ‘This is really an asset, or a security, and so it should be treated that way’.

The innovation should have to emphasized with security features so that, it should be abandoned for any evil purpose. Time should pay attention to the nations, when they feel free, can take up the concept and implement as well. The new algorithm definitely deserves to replace the old process to make more transparent transaction. [Information taken from RBI site, ET News, India Today etc.]

Antibiotic Alarm

2017-12-19T14:20:00.000+05:30

Legislative Assembly Election of West Bengal

2016-05-11T10:52:00.000+05:30

Legislative Assembly Election of West Bengal has just been completed peacefully. Political parties had nominated candidates to elect 294 constituencies for this assembly election 2016. The previous assembly election was held on 2011 and TMC got their highest victory. Comparing the number of voters from 2011 to 2016, it is seen that this number has increased by 16%, henceforth it is the custom to arrange proper infrastructure to cast their vote.

Election Commission of India played a vital role here. They identified the most politically vulnerable areas and keep the zone under armed force surveillance. They raided several houses and smashed every planning of nuisance. These steps boost the confidence of people to attend their respective polling station peacefully.

For the first time ECI has incorporated NOTA button, where one can cast NOTA if do not like any candidate. ECI issued voter slip with photograph, serial number, part number, name and address of polling station. The Central Armed Force played a major role secure electoral dynamics. ECI has also arranged cold drinks and water for voters on the scorching heat of summer. Separate EVM were arranged for the physically challenged, blind and other types of disabled people. VVPAT also been incorporated this year. ECI paid special respect to the transgender; they were being assigned to run the election mechanism in some specific polling station.

The overall scenario of election theatre seems to be more transparent and more responsive from Govt. side. All the arrangement throws positive energy to the people to attend polling station. There were several disturbances occurred during election, still these are very small and were easily handled by ECI. ECI played its full fledged authorized game to make the whole procedure more transparent, more dynamic and more peaceful with more motivation.

The representative of Govt. should play like a way that people can understand that Govt. is the guardian to them rather the political parties. The above statement has proved by ECI in last few days. We should really trust and to feel proud for this constitutional institute – Election Commission of India.

Here we live..!

2016-05-11T10:39:00.001+05:30

There is a well known feature that your behavior is your signature. This is applicable to each element in our nature. It behaves as it is and the rest finds the flavor of it. The presentation and assessment is done by the audience. Under Article 19(1)(a) of Indian Constitution, freedom of speech and expression has dedicated to the people of India. It includes organization, press and individuals. Freedom of speech and expression can be expressed in terms of word of mouth, printing, painting or writing. It is clearly clarified in Article 19(1)(a) of IC, that the above does not mean one can express anything illegal or uses some slang terminology which seems to be abusive to other. One can express any burning event of recent days and analyze rationally with their logical point of notion.

Sometime it is seen our so called ‘mammoths’ expressing threat to their opposition parties. This is truly illegal, abusive and violates Article 19(1)(a) of IC. If we dig the historical background of their mind, no one can hesitate to perceive that these mammoths are coming from respected trolls from a literally backdated and economically vulnerable class of society. Most of them are not properly educated, perhaps they are school dropouts. However, they did not learn what should be the moral character of a respectable person of society. Understanding constitutional philosophy is rather batter far of their level of knowledge.

This political behemoth lays most vital role in the confluence. In several these behemoth expresses their inner threat and hatred on a public meeting, use abusive language, personal abusive comments and so on.

These types of ‘mammoths’ misguide their team to direct their followers in diverse direction. They should keep in mind they have been selected to move the society in the true path which will bring peace, fraternity and security. Moreover, they should not violate the Constitution.

Dismantling any garland is not big or hard work rather to bind thread with proper alignment of flowers to build the garland is really a hard work. They should keep in mind people had elected them to unite the nation rather to break the thread and put off all small units and keep into the garbage.

True and moral character comes from education and continuous practice to inculcate the mechanics of learning. A true learner can learn anything to serve his motherland. To imbibe the extract of learning one should have proper intention to learn, otherwise everything will be smashed. Our nation contains enormous resource, well organized culture, secularism and fraternity. Apart from this our country would have been more jovial and enjoyable if the apex persons would have been more suave, moral and ethical in character.

NOTA

2016-05-11T10:32:00.002+05:30

Honorable Election Commission of India has introduced a new option to the respected voters. For a long period of time Indians were bound to cast their voting rights to any of the candidates, who may eligible to elect. Voters had no option rather to cast unwillingly. However, these misbehaving candidates were elected for Assembly and Parliament. It may be embarrassing and not accepted. It should have some action to opt for some other button which proclaim the voting rights as well as one can discard a vote to his/her unwanted candidates. This is the proper democracy that choice must be independent.

None Of The Above has incorporated in the new EVM since last three years. Here if anyone thinks that he do not want to elect the candidate of any party from his constituency, can cast his vote to NOTA button. Earlier, people defaced the ballot papers by casting multiple votes. According to the rule, if one ballot contains more than one vote, is likely to be cancelled and rejected. And it is not on count. These rejected ballots were not credited to any one of the candidates. In the new system, NOTA also plays a similar role, the number of NOTA votes are not being credited to any one of candidates, however, this statistics possess that number of voters in a specific constituency are not satisfied with the service.

This type of information was completely lost in earlier times. The Govt. now can understand the significance of NOTA. Govt. can learn the parameters of governance should have to modify to praise trust of the voters.

NOTA is a democratic instrument which has been bestowed to the people of Nation. One should have understood the significance as well as importance of NOTA. It is seen that NOTA attendance is less than one percent of the total vote casted. It can easily be said that people are not selfish, they are thinking for the large scale. So they understand the significance and they are applying their democratic rights for the interest of large scale.

Only Maggi !!!

2016-01-14T17:45:00.001+05:30

I must pay my humble tribute to the SC order for fresh test Maggi.

The quick noodle that can be prepared within 2 minutes is under surveillance. As the ingredients are very simple, the basic technology to preserve the food for future requires some additive chemicals. It is not just true for only Maggi - true for all packed foods and beverages. It is our responsibility to choose whether we should either eat or reject. Best option is to reject. Nothing will change if we reject those foods. Think about the day where these types of foods were unknown to Humankind. People depends on the basic food grains.

It is true that these foods and beverage has made our life more easier, less time consuming, simple to prepare food and affordable cost. But on the other hand, it is proved that if you consume the packed foods for a longer period, one day you will find symptoms of reducing haemoglobin, which may cause serious health disorder. Children has lower immunity than the adults and it is seen that they are consuming packed foods more rapidly.

Once a reporter used to investigate several states of India about the amount of pesticides in our food. He noticed, a two inch Gourd is taken to market with some chemical injection. It took 3 hours to market. The market will see a Gourd of one kilogram. It's just horrible. The regarding farmer just wants to market it with a handsome price - just a POISON. The dust or grain tea is almost similar texture with the dust of tyre - yes you are seeing the right term - vehicle tyre. It can be mixed and sold in good price - remain un-noticed, a POISON. Asbestos dust can mingle with rice. One can not distinguish the difference - a POISON. And so many things we don't know even, consuming without question.

It will be very good step if the Apex Court order to test all packed foods and beverages and keep the eyes open. It is a continuous process to keep it test, have to be done frequently and randomly.

It is suggested reduce the procurement of packed foods and beverages to avoid this un-noticed fatal health disorder.

To Mr. M. Zuckerberg

2016-01-07T21:07:00.002+05:30

This is a feedback article as an advertorial published in Times of India on January 7, 2016. Sir, the point you have highlighted here are very serious in now a days. Please try to understand the root of the problem rather to impose on the society. We the soul of India may have different view, perhaps it have completely opposite of your approach – as Preamble of our Constitution encompass the Liberty of thought & expression.

It is true that the almighty Government issues free basic books up to certain level in Schools. But it is astonishing fact that the school does not know how to use a library. Even in my school, I ever not seen a library and I think my friends will support it. The library just opens its doors annually to collect gradation in the inspection. So a huge amount of revenue spending on library are simply wasted – mean, students are not aware even I think teachers are not aware about the use of it.

You have mentioned about the free basic healthcare. It is very true that Government has launched several healthcare policies. Still it is found medicines are not easily available, doctors are not available especially at night time, proper nursing is inaccessible and so many things. People of India are just happy with the healthcare service. I don’t know why and how they are satisfied.

You have mentioned about free basic education. Every child deserves to go to school. After the successful launch of Sarva Shiksha Mission, the initiation motivates the families to send their children to school on the basis of FOOD. Today, I find all the primary school teachers are busy with the cooking; there is no time to teach those children. So the basic objectives of school are somewhere lost. Here I am not mentioning about the education strategies – it will take another new horizon of the discussion.

So up to this point, the society is crippled to adopt any new idea – where technology associated with internet is rather different thing.

Suppose there is a man earns thousand rupees per month in a rural area. He has four family members. He can somehow manage his family using very low priced clothes or gifted from some middle class family (which is rare), eat hardly a half-day or not and education for his children is a dream. This family do not have any security for a fixed income, have no medical security, he does not know what amount will cost if one of his child will suffer in Malaria. Can I ask you how the free basic internet service will play a role in this family? Is it not a new kind of burden on this family?

There is another wide perspective in our society which we need to resolve as early as possible. We have religious discrimination, female feticide, child labour, human trafficking, eve teasing, improper public distribution system and so on. These are common and serious problems to all communities in India. Are these problems can be solved just by introducing free basic internet service to all? Can a vacancy be created with proper service situation for the earning member of the above family just by using internet? If we do not have any social equality, what is the necessary to incorporate digital equality?

Digital equality is a word just to DREAM for the poorest person.

“Recall the face of the poorest and weakest man you have seen, and ask yourself if this step you contemplate is going to be any use to him.” - Mahatma Gandhi

My First Book

2016-01-06T16:09:00.003+05:30

The Pre-primary and primary education infrastructure in Bengal is not satisfactory now a days. Several discrepancies has found under literary research. The books written for primary education, especially in literature, is quite insignificant. The language of these books are so difficult to understand. It proposes that it is intentionally been written not to understand the linguistic intricacies in greater detail. They do not pay either respect or attention on them.

We need to adopt the idea that children are our future resource, they will be the next President, Prime Minister, Vice President and so on. We should respect their understanding. It is completely ridiculous just to draw some cartoons to illustrate something as it is written for children. Its true that the concept behind cartoon illustration is to make learn. Still the process is quite old and have to modify now.

The dynamics of any language is hidden on its grammar. All types of linguistic intricacies can easily be understood if one can accustom and comfortable with the grammar. But I don't find why our renowned writers try to compensate on this regard. To overcome this mess, completely new pattern has been created, so that children can easily adopt the linguistic intricacies. I have confined the mechanics of two different languages viz. Bengali and English. It is known to all that somewhere the rules are parallel and somewhere it is different. The convergence of two grammar rules will help to learn both languages simultaneously including the diverging concept with / as well as the exception.

Learning from two different books of two languages, sometimes it is confusing what exactly have to learn. It is truly cumbersome for a child learner. From now they will read only one book containing all details of two languages.

The work is quite satisfactory to me and I hope it will be accepted to all.

Social Rights in Formal education

2015-09-24T14:06:00.002+05:30

After joining as a member of the Mission One World under supervision of Sri Malay Roy, Principal, Mission Bodhoday International, Howrah, I find the education strategies need to be reformed. This is a Pre-primary to Primary educational institution. The books as written for novice regarding literature, science or humanities are conventional way and have used the common language & expression. Strictly speaking all these books need to reform in a new dimension.

It is not the concept all old books are completely rotten and kick them off from bag. Thrives always learn from rest of the world including himself.

In a greater paradigm, I feel the only formal education is not enough for the child as well as the family. During working in the Institution, I feel there are several parameters which we have to overcome to reform our education system as well as our society. This process can be initiated through the formal education.

Dr. Ambedkar dreamt about social justice and equality of status and opportunity among all citizens irrespective of religion and race. Though Right to Education has enacted from 2009. After 68 year of Independence, discouraging aspect is that compared to 57.39 % boys, 60.39 % girls drop out by the time they reach an upper primary level and against 78.40 % boys, 81.72 % girls drop out by the time they reach secondary level as per R. Pandita; Enrolment & Dropout percentage among boys & girls up to secondary level in India: A comparative study; International Letters of Social and Humanistic Sciences; 8(2) (2015) 123-124. This huge amount of drop out carries enormous amount of inability of doing work for the nation and they themselves are losing the opportunities. Above statistics enunciates that the female child drop out is rather greater than the male child drop out.

The basic psychology works inside her family is what exactly a girl do after being educated - she have to abide by the family for rest of her life. As everyone knows the open secret of the future of the girl, why shall we pay to educate her? This psychology is not bound to a poor family but it also belongs to any financially stable family. If the family is too poor, the girl has to stop her education to take care of her paralysed grandparents. And there is no boundary condition for the male child of same age group.

Apart from that an enormous proliferation of crime take place throughout the nation. Their target people are only woman and children. Very often it is seen, an woman or a teenage girl is missing and after through investigation by the administration, it is found that they had stumbled on the trap. Even they don't know that Danger comes from the safest side.

It is also my observation that crimes are occured with innocence. Innocence is a basic characteristic of human mind. So it is inevitable that they are unknown about their rights. Criminal mind take the loopholes here and crime took place. Due to the same characteristics they even make unaware the Administration. Administration always says somehow the 'Rights' are unknown to our people. But what will be the appreciable way to communicate their 'Rights' - Silence.

Considering all the above condition, I have found a resolution that to incorporate the Constitutional rights and Human rights to our formal education system upto secondary level. It will be a shift of paradigm in our education system. People should know their social rights, they need to learn the safety and security of themselves and their surroundings. So, it is the top priority to incorporate social rights, safety as well as impact of the above into public health as a part of secondary level syllabus. It will be a part of the main stream examination. As a result, millions of families will learn the safety, social security, social rights and else.

Government is the almighty to any nation. If the Govt. take initiation to incorporate this idea in its education system, people will trust and respect the Govt. as "Strength respects the Strength".

Searching for OIL

2014-12-23T16:10:00.000+05:30

Being a part of the National Oil Museum, I have visited several Oil Wells and Refineries located at North-East India. I have seen the first Oil Well at Dibrugarh. The Oil exploration was started around 1826, British India in Assam region. Oil was discovered at Naharpung on 1867. This is regarded the first oil well in British India. In this well British people did not find any hydrocarbon. So this product can not be used for daily life. Day after day, people was passionately searched for hydrocarbon based oil. Finally, Oct. 1889, an Oil well was discovered at Digboi, the product was hydrocarbon based oil. This is the renowned OIL WELL NO.1, the first oil well in India. Commercial production of Oil was started around Nov. 1890. The production was ceased in 1927. This Well no. 1 is now under Oil India Limited associated with Digboi Centenary Museum.

Bhramhaputra River Bed on 01.12.14

Himalaya on 01.12.14

I have visited several Oil installation sites in Dibrugarh and Digboi. Digboi view point is installed above the Digboi Oil Field, from where one can see how extent the field is.

On the other hand, I have visited Indian Oil Refinery, Digboi and Indian Oil Refinery, Guwahati. In this downstream section, crude oil is being distilled and thousands of components are separated at different heights and at different temperature. The Indian Oil Refinery, Digboi produces 0.65 MMT of oil per annum whereas Indian Oil Refinery, Guwahati produces 1.0 MMT oil per annum.

It was a precious and tremendous experience for me. Now I could understand what exactly a man have to do to extract oil. From today I will try to save every drop of oil and also request you to do the same.

Visit to Mangrove Interpretation Centre

2014-06-19T13:02:00.001+05:30

Team CMD has visited Sajnekhali, Sundarban, West Bengal on 14^th June 2014. There was huge humidity on that day. We took several halt during our six hours journey. The Basanti, Sundarban is connected to the mainland Kolkata by road. After that, we have to cross the Bidhyadhari River to reach Gosaba. Another part of Bidhyadhari River have to cross from Gosaba to reach Sajnekhali. This small island is mounted by high rise metal net to protect from tiger. Tiger can enter that place any time. Our basic notion is to visit to the Mangrove Interpretation Centre (MIC).

We reached Sajnekhali around 13.00 on the same day. The tour was informal, so we took permission from the Office to enter the MIC. We enter inside MIC and documented the exhibits, diorama and panels by capturing on camera. Basically a project is going to be start soon entitled National Biodiversity Museum in Hyderabad, this documentation will be applied on that project. The area was small and we took just forty five minutes to cover the whole area. The care taker of the MIC told us he saw a tiger nearby lake on 21^st may’14.

After that we took lunch at nearby guest house of Forest Department, Govt. of West Bengal. We reached the mainland around 17.00 and reached Kolkata around 20.00.

MIC main building

Maps of Sundarbans

Mr. Manash Bagchi (extreme left), me and others while crossing the river.

The tour has governed by Mr. Manash Bagchi, CRTL.

My first DPR

2014-03-27T12:54:00.001+05:30

The Detailed Project Report for Ranchi Planetarium has prepared by Creative Museum Designers. It is my great pleasure to be a part of this renowned project.

The Planetarium is going to be set up inside the Ranchi Science Centre complex and CMD proposes the Astronomy gallery and Amateur Astronomy club as an associated facility. The proposed system contains control console, lighting, acoustics and so many other things. There is a tentative planning for Planetarium show and Astronomy club equipment to make it more interactive and acceptable to the visitors. Proposed layouts and construction concepts describes the detail structure of the building. We have developed each and every detail of the Planetarium building and captured rendered view from different angle of the building. The aesthetic beauty of the building should have to be appreciated. The expected time to complete total project is 36 months. The current statistics says Ranchi Science Centre has average visitor of 70000.00 per year. We have calculated it will go to around 255600.00 in 2022-23 and the corresponding revenue would be around 86 lakh INR.

Team CMD has worked hard to make the DPR perfect from all direction.

The agreement has already been signed between CMD and Government of Jharkhand on National Science Day.

I always try to give wings to my Imagination

Newspaper clipping of Planetarium Foundation

Upcoming Museums

2014-03-01T16:00:00.001+05:30

Geological Survey of India wants to set up a Museum in Kolkata withing their complex at Saltlake. This Museum will contain five galleries on Geo-Science with required museum facilities. I have visited the site. The first draft for Detailed Project Report has prepared. It contains the full description of the galleries like its area, associated facilities, 3D Theater, Auditorium, Reception and many other things. The visitor's can learn about the Geo-Science after visiting the museum. GSI requires a Repository almost equal to the area of the museum. The Repository is their highest priority.

Jharkhand Council of Science & Technology (JCST) wants to set up a Planetarium in their Science center compound at Ranchi. The Planetarium will be 15 meter dome diameter with 160 seating arrangements. The first draft for Detailed Project Report has been send to JCST. I have calculated the manpower, required expenditure, total specification of Planetarium projectors, sound system, cove lighting and many other things.
These two projects are undergoing in top priority. So many projects are waiting. The Creative Museum Designers are working hard to implement them as soon as possible.

History of R.B.I.

2013-12-24T11:17:00.000+05:30

The legislation to set up the Reserve Bank of India was first introduced in January 1927, but the enactment became an accomplished fact on March 1934. There is, however, a long history, which has been traced to as far back as 1773, when Warren Hasting; Governor of Bengal; placed before the board of revenue his ‘Plan’ for a ‘General Bank in Bengal and Bihar’. The plan for the proposed bank was approved by the Board, with some changes, and the bank was set up in April 1773, but it proved to be only a short-lived experiment. On April 13, 1774, the Court of Directors of the East India Company wrote to the Governor-General in Council recommending certain changes in respect of the bank. Hastings and Barwell opposed the changes, but they were overruled by their other three colleagues, Francis, Monson and Clavering, who succeeded in getting passed a resolution on February 15, 1775, providing for the closure of the bank ; however, the managers were given five or six months to wind up the bank’s affairs.

It must be mentioned that in India, as in many other countries, matters relating to currency and exchange, such as the question of the monetary standard and the exchange rate, received far more attention than the subject of banking, especially central banking. Also, for long, the interconnection between currency and banking does not appear to have been grasped widely. The schemes for such a banking establishment drawn up from time to time reflected, to some extent, the gradual evolution of central banking which had been taking place in other countries during those years. Though it cannot be said precisely when the term ‘central banking’ originated, history shows that the two oldest functions of a central bank, viz., those of ‘note issue’ and ‘banker to Government’, were carried out in several countries by either an existing bank or a new one set up for the purpose, even before such a bank came to be known as the ‘central bank’. These banks, which were called ‘banks of issue’, were doing general banking business as well. A clearer concept of central banking later emerged, and central banking came to be regarded as a special category of business, quite distinct from commercial banking.

In 1836, a proposal for a ‘Great Banking Establishment for British India’ was submitted to the Court of Directors of the East India Company by a body of merchants in England having trade relations with India. The memorandum stated that the Bank of Bengal – which was the only Presidency Bank in existence at that time – was prevented from being as efficient and as useful ‘as a Bank ought to be and might be made’, because of its ‘immediate connection’ with Government. ‘The Great Banking Establishment’, the merchants proposed, was to be set up under an Act of Parliament and was to have adequate resources. The establishment of such a bank would, according to the memorandum, facilitate ‘the employment of a portion of the redundant capital of this country (England) for the general improvement of Indian commerce, giving stability to the monetary system of India . . .’. The bank was to transact public business at a moderate charge, manage public debt and facilitate revenue receipt and expenditure. During the end of nineteenth and beginning of twentieth century, it was proposed at that time to amalgamate the three Presidency Banks into one strong institution; the central banking functions envisaged for the new institution were not only those of note issue and banker to Government, as in the earlier proposals, but also maintenance of the gold standard, promoting gold circulation as well as measuring and dealing with requirements of trade for foreign remittances. The new bank was to perform commercial banking functions as well, as the Presidency Banks had been doing till then.

In 1870, Mr. Ellis, Member of the Viceroy’s Executive Council, suggested the setting up of ‘one State Bank for India’ under complete Government control, with branches at the Presidency towns, generally on the model of the Bank of France. The Government of India, at about that time wrote: ‘We look upon the establishment of a State Bank in India as a matter of great uncertainty, perhaps of impossibility’. They took the view that it might not be possible to induce really able and experienced men to come to India and manage such a bank.

In the early twenties of this century, central banking came to be treated as a separate class of business, distinct from commercial banking; it was considered that a single institution could not suitably perform both types of functions. The Hilton Young Commission was appointed in August 2005 ‘to examine and report on the Indian exchange and currency system and practice; to consider whether any modifications are desirable in the interests of India; and to make recommendations’. Thus, in 1926, the Hilton Young Commission recommended the setting up of an institution the Reserve Bank of India – which was to be entrusted with pure central banking functions; it was to take over from the Imperial Bank such of the central banking functions as that institution had been performing till then, and the Imperial Bank was to be left free to do only commercial banking business. The Gold Standard and Reserve Bank of India Bill, to implement the recommendations of the Hilton Young Commission, was introduced in the Legislative Assembly on January 25, 1927. The Bank was to take over the management of the currency from the Governor-General in Council and was to carry on the business of banking in accordance with the provisions of the Act. The Bill was referred to a Joint Committee of 28 members, in March 1927. The Report of the Joint Committee was not unanimous. Of the twenty-five members who signed the Report, seventeen including the Finance Member Sir Basil Blackett, appended minutes of dissent, while three members stated that they would move amendments in the House on the points on which they disagreed. The minute of dissent signed by the Finance Member and six others was mainly in respect of the controversial clauses relating to the ownership of the Bank and the composition and constitution of the Board. They, however, made it clear that they had confined their observations only to clauses to which they attached ‘special importance’, and had refrained from commenting on other provisions with which also they were not in entire agreement. Three other members in separate minutes of dissent broadly supported the Finance Member in respect of the controversial clauses.

In the Legislative Assembly on August 29, 1927, on representation it was reported by the Joint Committee that to be taken into consideration, that the Finance Member stated there was ‘practical unanimity’ between Him and the Committee, as to what the Reserve Bank was to do. The differences of opinion were in regard to the constitution of the Bank and the method of constituting its Directorate. Sir Basil also emphasized that while the Joint Committee opposed a shareholders’ bank, it shared the Government’s view that the Bank should be completely independent of Government.

So the main controversy on proposals for a central bank related to the questions of ownership – State versus private ownership and management of such a bank. The more interesting thing about this controversy, which had an element of shadow boxing about it, was that both the schools of thought desired ‘independence’ of the bank from Government control in its day-to-day working. It was more a matter of difference of approach with regard to the method of selection of the Directors of the Governing Board, an element of nomination by Government being present in all the schemes. Even in the proposals where the whole of the capital was to be provided by Government, not all the Directors were to be nominated by Government: there was provision for an element of election or selection. The consensus among the Indian leaders was against any scheme of selection of the Directorate by private shareholders. Some other arrangements, such as selection by Chambers of Commerce and the

Legislature, were proposed. But the active participation of the Legislature in the selection of the Board had its own snags. These arrangements were not acceptable to the British Government in India, who preferred to keep the Legislature out of the scheme and retain residuary powers with the Governor-General. In the end, this view prevailed. Anyway, this controversy was responsible for considerable delay in the establishment of the Bank.

In January 1928, the Government of India published a new Gold Standard and Reserve Bank Bill. The Bill broadly followed the 1927 Bill, as amended by the Joint Committee, important exceptions being the provisions relating to the ownership of the Bank and the constitution and composition of the Board. As regards the ownership of the Bank, the new Bill, like the original 1927 Bill, provided for a shareholders’ bank.

On February 6, 1929, when a question was asked in the Legislative Assembly whether Government intended to bring before the Legislature a Reserve Bank Bill in the near future, Government’s reply was in the negative. Government were convinced that a central bank was in the country’s interest, but they could only proceed subject to their being satisfied as to two conditions : first; that the organisation of the Bank is to be securely settled on sound lines ; second; that there is an adequate measure of general support among the representatives of public opinion for the proposals.

From 1930-31 onwards, the question of establishing a Reserve Bank for India received fresh impetus, in connection with the consideration of constitutional reforms for the country. In their dispatch dated September 20, 1930 on proposals for constitutional reforms the Government of India stated in unambiguous terms that

‘the formation of a Reserve Bank on sound lines was in their view to be a condition precedent to any transfer of financial responsibility from the agents of Parliament to a minister answerable to the Indian Legislature’. - O. P. Gupta, op. cit.

Another development, meanwhile, was the submission of the Report of the Indian Central Banking Enquiry Committee (1931) which also strongly recommended the establishment of a Reserve Bank ‘at the earliest possible date’. The foreign experts advising the Committee endorsed the recommendation observing:

‘The paramount interests for the country involved in the establishment, within the shortest time possible, of such an independent institution, free from political influence, can hardly be over-estimated’.

Meanwhile, a Departmental Committee was appointed in London by the India Office, with Mr. R. A. Mant as the Chairman, named India Office Committee, to advice upon the nature of Reserve Bank legislation. The Committee was against any Member of the Legislature or any officer of the Government from becoming a member of the Board. As regards appointing shareholders’ Directors, in the Committee’s view, neither the 1927 nor the 1928 Bill would secure the desired objectives. The India Office Committee’s Report was followed up by the appointment in London of another committee to draft a Reserve Bank Bill. This ‘London Committee’ comprised authorities on central banking, financial administrators from India and Great Britain, Members of the Indian Legislature and representatives of the business community. The Bill was referred to a Joint Select Committee for the reason not only that a precedent had been established in the case of the 1927 Bill but also that the London Committee desired further consideration being given in India to certain vital issues like the initial proportion of gold and sterling assets to be held against the note issue, the valuation of the gold reserves to be taken over by the Reserve Bank from Government, the power of the Bank to take part in open market operations, the relations of the Reserve Bank with the Imperial Bank of India and the compensation to be paid to the Imperial Bank for the loss of some of its functions.

The Reserve Bank of India Bill, 1933, drafted on the basis of the recommendations of the London Committee, was introduced in the Legislative Assembly by the Finance Member, Sir George Schuster, on September 8, 1933. In his speech introducing the Bill, the Finance Member explained the significance of a Reserve Bank in the constitutional plan as follows:

‘It has generally been agreed in all the constitutional discussions and the experience of all other countries bears this out, that when the direction of public finance is in the hands of a ministry responsible to a popularly elected Legislature, a ministry which would for that reason be liable to frequent change with the changing political situation, it is desirable that the control of currency and credit in the country should be in the hands of an independent authority which can act with continuity . . . Further, the experience of all countries is again united in leading to the conclusion that the best and indeed the only practical device for securing this independence and continuity is to set up a Central Bank, independent of political influence’.

The Bill was referred to a Joint Select Committee on September 13, 1933, and as amended by the Committee was introduced in the Legislative Assembly on November 27, 1933, at a special session. This session was not attended by the Congress party, which had vigorously and successfully championed the principle of State ownership of the proposed Reserve Bank, when the 1927 Bill came up before the Legislature. The Bill was passed by the Assembly on December 22, 1933, and by the Council of State on February 16, 1934. The Bill received the assent of the Governor-General on March 6, 1934.

[Source: RBI (1935-51); 1970]

Factors of Interest Rates

2013-12-13T13:29:00.000+05:30

Interest rate represent the cost of money. For long term (more than one year) financing, standard banking practice is to use the nominal rate to calculate the interest payments on the outstanding or declining balance of a loan.

The most important issue affecting the imputation of future cash flows lies in our judgement about the extent to which savings and current accounts can be portrayed as long term liabilities. In practice, banks all over the world have observed that these deposits have longer effective maturities or reprising periods (Houpt & Embersit 1991). To the extent that these liabilities prove to be long dated, banks would be able to buy long dated assets, and earn the long-short spread, without incurring interest rate expose.

The extent to which savings and current deposits would move when interest rate changed is a behavioral assumption, and alternative assumptions could have a significant impact upon our estimates of interest rate risk.

We have a scenario tilted RBI, which uses RBI’s requirements for the interest rate risk statement. It involves assuming that 78% of savings deposits are “stable”, and that these have an effective maturity of three to six months. This appear to be an usually short time horizon, gives (a) a strong stability of savings account and (b) the long time till modification of the savings bank interest rate in India. RBI suggests that 100 % of current account should consider volatile.

Let us see how the rate of interest depend on several parameters: