China will deliver a slew of economic and financial reforms over the next five years, which will help the yuan become an international currency by 2020, central bank governor Zhou Xiaochuan said in an article.The reforms will also include improving central bank communications and guiding market expectations to enhance monetary policy, Zhou wrote in the Caixin article published on the magazine’s website.Zhou said the government will strengthen supervision of its financial system to prevent “systemic risk”, explaining China’s proposed 13th Five-Year economic plan for the years 2016 to 2020.The comments around policy priorities come amid growing doubts in global markets about China’s commitment to see through comprehensive financial reforms.Those doubts were sparked after Beijing intervened in the stock markets during a share price rout that started in June and saw the main Shanghai Composite Index plunge as much as 40 percent.Beijing has also intervened in its currency market after an abrupt devaluation by the central bank in August caused widespread worries over the yuan’s future value.Zhou said China will foster new mechanisms to promote financial liberalisation and development, as well as “enhance the efficiency of the financial system to serve the real economy.””It will effectively use and develop financial risk control tools, and reduce levels of leverage so as to prevent systemic risk,” he said.Zhou pledged to improve central bank communications on policy intentions, but didn’t offer details on whether policy makers will provide routine briefings to accompany rate announcements similar to other developed economies.
Kolkata: The state is moving towards recruiting employees in all the municipalities, municipal corporations, and development authorities in the state under a single umbrella.The West Bengal Municipal Service Commission (WBMSC) will carry out the recruitment process. A Bill in this regard is expected to be tabled in the state Assembly on Wednesday.A source in the state Municipal Affairs department said after implementation of this Bill, the recruitment in all the 8 municipal corporations, 115 municipalities and 18 development authorities across the state will be carried out by WBMSC. Also Read – Rain batters Kolkata, cripples normal lifeThe recruitment for the three notified areas and valuation boards that come under the aegis of the Municipal Affairs department will also be done by the Commission.Currently, the recruitment of the employees of Kolkata Municipal Corporation is done through the Commission and sometimes also for the municipal corporations. Earlier, the process of recruitment of the 115 municipalities, 18 development authorities, three notified areas and three industrial authorities among others was conducted by various agencies. Also Read – Speeding Jaguar crashes into Mercedes car in Kolkata, 2 pedestrians killed”We are hopeful that this process will usher in transparency in the recruitment process and at the same time, allegations of political interference in the recruitment process can be done away with,” a senior official of the Municipal Affairs department said.Sources in the department said the Commission will have four to five members headed by a chairman. The Chairman will preferably be a retired IAS officer.It may be mentioned that the department has found that there has been a huge number of unnecessary recruitments in various municipal bodies that the department feels is beyond requirement. Political interference has also played a role in this. “There have been litigations in various courts alleging lack of transparency in the recruitment process. The state wants to have control over the recruitment process,” the official added.
Kolkata: The Special Task Force (STF) of Kolkata Police has busted an illegal firearms factory from Ghola area of North 24-Parganas and seized more than 90 firearms.The arms factory had been operating from a house in the area. Three persons, including the owner of the house, were held by the investigating agency for interrogation. The police had specific information that an illegal firearm manufacturing racket was operating from the house.A team of senior police officers raided the house on Wednesday morning and found the illegal factory in a ground floor room, which was used for stocking garments. Also Read – Rain batters Kolkata, cripples normal lifeThe owner of the house Kalachand Pal used to run a garment shop in the ground floor. A few months ago, he rented the floor to one Pappu Khan, who is suspected to be one of the main accused.The ground floor room had remained locked for some time. The police officers broke open the door and found some lathe machines inside the room. Various utensils related to the manufacturing of illegal firearms were also seized from the room.Khan has been absconding since the incident took place. Police are interrogating three persons, including the owner of the house. Raids are being conducted to nab the culprit. Also Read – Speeding Jaguar crashes into Mercedes car in Kolkata, 2 pedestrians killedPolice are trying to know if some other persons were involved in the incident.Police came to know the existence of the firearms factory after interrogating the accused, who were earlier arrested from Jagaddal in the same district in the last month.In the earlier incident, the STF had seized 60 semi-finished improvised firearms from an illegal arms factory in Jagaddal. Six persons were arrested with the semi-finished guns.Fake Indian currency notes (FICN) were also seized from Kolkata’s Maidan area during a raid last month.It may also be mentioned here that an illegal arms factory was busted from Ashokenagar area in North 24-Parganas by the district police and two persons were arrested for their alleged involvement in the racket in January this year.
Kolkata: Train services were disrupted on Monday night and Tuesday afternoon in the Sealdah South section of Eastern Railway.On Monday, around 8:30 pm, one pantograph of Down Sealdah-Lakshmikantapur local broke after reaching Baruipur station. As a result, power services to the train was cut-off. Immediately engineers of Eastern Railway were informed. One tower van was also sent to repair the damaged pantograph. But, engineers were not able to repair it soon. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataSome passengers allegedly ransacked the Baruipur station around 11:30 pm as the repair-work was taking time. Railway Protection Force (RPF) and Government Railway Police (GRP) intervened and brought the situation under control. Repair work went on throughout the night and normal train services were resumed on Tuesday morning. After Monday night, train services were again hampered in the South Section on Tuesday afternoon due to road traffic congestion at Kakulia Gate near Ballygunge railway station. Also Read – Lightning kills 8, injures 16 in stateAccording to Eastern Railway authority, train services in Ballygunge – Sonarpur and Ballygunge – Budge Budge sections were delayed due to road traffic congestion at the Level Crossing (LC) Gate No. 5ST near Ballygunje, which popularly known as Kakulia Gate. The heavy rush of road traffic at this LC Gate since 3 pm caused delay in closing the gate and granting proceed signal to the trains. Situation turned normal in the evening. Eastern Railway authority has also informed that train services will be partially affected due to the maintenance work on down line between Chakdaha, S imurali and Madanpur stations in Naihati-Ranaghat section which will commence from May 2. It will continue till May 15 as traffic block will be implemented. Several trains will be cancelled and many more will be controlled enroute.