Dr. D. Subba Rao to be new Governor of RBI
Legal Corner Icon — the image was hosted by the publisher and was not captured.Duvvuri Subba Rao, the IAS topper of 1972 is to be the new Governor of Reserve Bank Of India.
Everybody expected Venugopal Reddy, the present Governor to get an extension and in that unlikely event, there were many in the field, but finally it is the scholarly bureacrat Subba Rao.
Rao is an engineering graduate from IIT and a Doctorate in Economics from Andhra University. Academically, he has the best credentials having been a fellow of the MIT. He had his schooling in Sainik School, Korukonda. From sainik School to IIT to MIT to Ohio to Andhra University, it had been a fruitful scholastic journey with the IAS topper added somewhere in between.
Dr. Rao will have to do a lot of fiscal engineering in the RBI as we are going through tough times. TIOL wishes Rao all the best. DDT tried to contact him but came to know that he is out of the country. We will try to catch up with him as soon as possible.
Income Tax - Delay in filing appeals to High Court - Certain amount of leverage or relaxation for departmental functions would be permissible, but this cannot be extended to the limits protecting negligence and irresponsibility – CBDT directed to issue Circular to ensure timely filing of appeals – High Court
In the beginning of the last century, Lord Curzon, the Viceroy was frustrated with the Bureaucratic delays. Nothing seems to have changed as the Bombay High Court realised recently.
The High Court has directed the CBDT to issue a circular to ensure that appeals are filed on time. Maybe the CBEC can issue a similar circular without waiting for strictures from some other Court.
We bring this important High Court order today. Please see our Breaking News.