Note taking Content Analysis

Category: Bank, Bribery, Corruption, Money
Last Updated: 07 Jul 2020
Essay type: Analysis
Pages: 7 Views: 96

My research study is completely based on secondary resources because I have used various books and case laws to support the argument and they are a rich source of citation in legal projects. 1) Library Research a) Analysis of Historical records b) Analysis of documents c) Reference and Abstract Guides d) Note taking Content Analysis 2) Researching through the Internet E-article B) Relevance Of The Topic / Scope And Purpose The project aims to give a brief overview of the corruption and bribery practices undertaken by the public servants and the Indian laws dealing with the problem. The main law, I. . The Prevention of Corruption Act 1988, is discussed in brief and the provisions pertaining to seizure of ill-gotten wealth and asset reinstatement have also been discussed. The problems and challenges faced by the country in fighting these challenges have also been highlighted. C) Research Questions: 0 What is meant by the term economic offences? 0 What are the various types of economic offences? 0 What is the need of having Economic Offences Wing in India? 0 Sectors most vulnerable to corruption and bribery practices 0 What exactly leads to corruption and bribery practices, undertaken by people? What are the various causes of corruption? D) Limitation of the Research: The research study carries with itself a few limitations, like, as it's restricted to the secondary research so, the quality of research is affected as the origins of the information maybe questionable. Secondary research never meets the specific needs of researcher because all those information, data, statistics have already been generated. Hence, I would suggest further researchers to critically evaluate and validate the reliability and credibility of the information gathered. CHAPTER II - INTRODUCTION

The high potential of the domestic market which is driven by Indian's emerging middle class, cost competitiveness and its large talent pool continue to make our country one of the most preferred destination for investors and businessmen. Despite the such as the United States, India remained stable. In fact, it registered growth in the foreign direct investment (FED)I . It garnered more than 110 % in the areas of telecommunication and chemicals, with a percentage of 103 and 227 respectively. L Now the question that arises is that, in spite of India being economically sound why re we still in a state of poverty?

Why majority of our population still dowels in slum area? Why each day lots of children die out of hunger/ starvation? The most probable answer to these questions are the rooted instances of corruption and bribery in our system. The schemes/policies which are announced by the government each year in order to benefit the unprivileged are not being availed by them since there are certain loopholes in the system and the people who are not entitled to them take undue advantage and enjoy them. Corruption real or perceived is having a detrimental effect on our economy.

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On one and it is forcing investors to rethink about their investment in India and on the other hand, it is distorting the function of free and fair market and creating a state of unfair competition. ORIGIN/ HISTORICAL PERSPECTIVE: The instances of corruption and bribery form a part of our system from a long time. Take for an instances that an early stage of world war II, the Government of India realized that the vast increase in expenditure for war efforts had provided opportunities to both government officials and non-officials, for 1 www. Antistatic. Com indulging in bribery and corruption at the cost of public and the government. It was felt that the police and other law enforcement agencies under the state government were not in a situation to cope up with the situation. An executive order was therefore passed by the Government of India in 1941, setting up the Special police establishment under a DIG in then department of war with mandate to investigate cases of bribery and corruption in transaction with which war and supply department of the Government of India was concerned.

Corruption has been blamed for the failures of certain developing countries to develop, and recent empirical research confirms a link between higher perceived corruption and lower investment and growth. What is Corruption? Corruption is a result of weak state management and exists when individuals or organizations have monopoly power over a good or service, discretion over making decisions, limited or no accountability, and low level of income.

The frequently cited World Bank definition of corruption is the abuse of public office for private gain (World Bank 1997). Corruption not only affects broad macroeconomic variables, such as growth, and investment, but also income distribution. It has been further explained by United Nation Development Program (1997) that corruption increases poverty by creating incentives for higher investment in capital-intensive projects and lower investment in elaborateness's projects. Thus corruption causes poverty and income inequality.

WHAT IS BRIBERY? Bribery is an act of giving money or gift that alters the behavior of the recipient, where the gift is of a dishonest nature. Bribery constitutes a crime and is defined by Black law dictionary, as the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or other person in charge of a public or legal duty. Offering a discount or a full or partial refund to all purchasers of the same kind, quality and quantity of product or service, is a legal rebate, and is not bribery.

For example, it is legal for a 7 employee of a Public Utilities Commission involved in electric rate regulation to accept a rebate on electric service that reduces their cost for electricity, when the rebate is available to other residential electric customers. If the rebate was done to influence them to look favorably on the electric utility's rate increase applications, however, that would be bribery, and unlawful. Now both corruption and bribery form a part of economic offences. Since they have decision of potential investors but they hamper the growth of free and fair market practices.

Special Acts notified under section 3 of DOSE Act mainly pertaining to serious frauds in Banks, Stock Exchanges, Financial institutions, Joint Stock Companies, Public Limited Companies, misappropriation of public funds, criminal breach of trust, violation of Foreign Exchange Regulation Act, Customs Act, IMMIX Laws, counterfeiting of currency, narcotics, drug trafficking, arms peddling and offences related to antiquities, adulteration, black marketing etc. Www. Sibylline. Com 8 However after the Securities and Stock Exchange scam of 1992, a need was felt for strengthening and expanding the Economic Offences Wing of CB.

The reorganization of the OWE was sanctioned by the Government of India vide DIP&T Letter No. 201123/92-AVID-II, dated July 22, 1994 and September 22, 1994 and a full-fledged Economic Offences Division came into existence , vide Order No. 4. 6/86-OLD, dated November 26, 1994. WORKING OF THE ECONOMIC OFFENCE WING:4 The Economic Offences Division is headed by a Special Director/Additional Director and it consists of four Zones. Each Zone is headed by a Joint Director. Every Zone has two or three Regions each headed by a DIG. Each Region comprises of two or three Branches headed by Superintendents of Police.

Out of the four Zones of Economic Offence Division, one of the Zones deals exclusively with large and complicated security and bank frauds. This zone is also known as Banking Securities Fraud Cell (BASS). The other three Zones take up the investigation (of various types of Economic Offences, in general. The Court trials of the cases charge sheeted by the various OWE Branches are also conducted by the respective Branches. The economic offences taken up for investigation by Branches are usually cases of complicated and intricate nature in which PC offences, as also offences under arioso Central Acts are alleged to have been committed.

The investigations usually involve collection and scrutiny of voluminous documents from banks as also from various Central/State Government departments. Many a time, investigation is www. CB. Nice. In/about/about. PH 9 Various type of economic offences Bank fraud Insider trading Money laundering Walla Betting and match fixing BANK FRAUD: bank fraud is the use of illegal means to secure money, assets or other property owned or held by a financial institute or to obtain money from depositors by redundantly posing as a bank or some other financial institute.

People who are willing to deceive other people and obtain their money or assets through illegal means may set up companies or create websites with names that might sound similar to the existing banks, or even assume titles conferring notability to themselves for plausibility, then flee with the deposited funds. INSIDER TRADING : insider trading is a trading of a company's shares or other securities by directors, employees, executives or other authorities of a company that have to access the material, non-public information of the company.

Whereby 'Material information' means any information that can cause a change in the stock prices. Not only does illegal insider trading give an unfair advantage to those who resort to it, but also leads to a loss for the masses, and enormous gains for a few. This makes investors refrain from investing in the capital market as they lose their faith in the system. Also since the investors are the lifeline of these companies, since they provide capital to facilitate liquidity, the economy is affected as a whole.

Insider trading exists in India due to multiple reasons such as shortage of investigative powers and tools of SIB, as they cannot use wire tapes, and merely search phone records. Also, eighteen the overburdened Indian courts lead to delays in cases or the punishment is too light even if one is found guilty. 10 obtained money, typically by the means of transfers involving foreign bank or legitimate businesses. It is the process by which large amount of illegally obtained money is given the appearance of having originated from a legitimate source. WALLA: one of the most practiced illegal activity is Walla.

It is a transfer of money without physical movement of money. Walla is an Arabic word which means 'Transfer'. This process is most prominent in South Asia. It completely takes place on honor system and no promissory instrument is involved. Usually the Walla Walla charge a commission of 0. 5 % - 1% for domestic transfer but when the transfer is international along with the commission they also earn profit by bypassing the currency exchange rates. 5 SPOT FIXING: It refers to an illegal activity in a sport where a specific part of a game is fixed.

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