Double dealings: Indian stock crash leads back to bond scams

Article Abstract:

India's current financial system has been thought to be a tedious but hard to beat measure against scams. However, the recent plunge in the Bombay stockmarket has been traced in part to illicit dealings which went around the supposedly secure system. The scandal revolved around banks who traded government bonds on the short-term by using banker's receipts as proof of ownership. This method allows them to delay compliance with the regulatory prescriptions of the Reserve Bank of India. Operating largely on trust, the paperwork dodging has led to missing securities and otherfinancial scandals.

Finance, India, Ethical aspects, Financial markets

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Shattered covenant

Article Abstract:

The destruction of a 464-year-old mosque by Hindu fundamentalists on Dec 6, 1992, in Ayodhya, India, led to widespread communal riots. Though the Bharatiya Janata Party (BJP) government in Uttar Pradesh had assured the Supreme Court of the mosque's safety, the estimated 200,000 Hindu volunteers proved uncontrollable, tore down the mosque and installed the idol of the Hindu deity, Ram, at the site. The central government secured control of the site only on Dec 8. The central government vowed to rebuild the mosque, arrested top BJP leaders and proposed banning communal organizations.

Analysis, Architecture, Hindu-Muslim relations, Religious buildings, Mutilation, Ayodhya, India

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