FIRE WALLS NEEDED

Source: The Hitavada      Date: 13 Oct 2018 12:15:49


 

FIRE WALLS NEEDED

A GLOBAL “markets pandemic” may be in the offing, an international commentator has warned on Thursday’s stock markets meltdown in Asian financial markets. When this has affected most of Southeast Asian, other Asian and Australian markets, how could Indian stock market remain unaffected?

The plunge on the Wall Street on Thursday had its widespread ripple effect on most major markets of the world, It is clear that slightest of changes anywhere in the world promptly generate waves of reaction far and wide. The world economy is so closely interwoven that such episodes in their wake bring about changes of mindboggling proportions.

The ongoing trade war between the US and China, the rising oil prices, shortage of oil supplies, partly triggered by US sanctions against Iran, and US Fed’s rate hikes are taking their toll on the global financial markets. However, the Governments cannot remain silent spectators and watch helplessly. A growing economy like India, which is on the recovery path. has to raise firewalls against these shocks.

 

CJI SCORES, AGAIN

CHIEF Justice of India Mr. Justice Ranjan Gogoi has started another welcome initiative by banning leaves on working days for judges in order to deal with large number of pending cases. This is the second such step by the CJI to correct a few anomalies dogging the apex court. His reminder to lawyers to desist from the age-old practice of seeking urgent hearing of their cases that can wait was the first change Mr. Justice Gogoi had sought in the prevailing culture of the Bar.

By chiding the BCCI counsel for seeking an urgent hearing on a match that is to be played on October 29, the CJI has sent a stern reminder to the lawyers that more such mentions would result in loss of their privilege. Saving time to take on board cases is the only alternative for courts across the country to clear more than three crore pending cases. Various factors including absence of judges are responsible for the high incidence of unresolved cases. By imposing a clampdown on unnecessary leaves of judges, Mr. Justice Gogoi has opened way for acceleration in hearings of cases.