1 Business and Ethical Values Corruption and White Collar Crimes.

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Presentation transcript:

1 Business and Ethical Values Corruption and White Collar Crimes

2 BEV: Corruption & White Collar Crimes White-collar crime or socio economic crime is a crime committed by a person of respectability and high social status in course of his occupation, which is not of the nature of physical violence.

3 White Collar Crimes 1) Financial Irregularities 2) Manipulations in the share market 3) Insider trading 4) Inflated/wrong accounting practices - Satyam, ENRON 5) Violation of Foreign Exchange Regulation

4 White Collar Crimes Tax evasion and avoidance Income Tax /Customs duty evasion - Under invoicing NPAs and Loans

5 White Collar Crimes Violation of standards, weight and measures – Non conformance, false claims; fake products Theft and misappropriation of public property and funds Unfair competition – False advertisements Professional misconduct

6 Corruption An inducement to wrong by bribery or other unlawful means A departure from what is pure and correct.

7 Corruption Some root causes of corruption Changing moral values, Greed Projected life styles of the rich – influence of TV. Cinema Poor justice system Demand & supply Influence of political people in decision making Lack of clearly defined rules and guidelines

8 Corruption Some forms of corruption Illegal gratification Commissions & Expensive gifts Using connections / money for favours Preference to own community/party members

9 Corruption Some cases of corruption in society 1) Govt certificates ( land etc ) clearances, – Colleges, AICTE, Liquor 2) Employment, transfers 3) Medical Services- Private practice by govt doctor, right/wrong 4) Political donations

10 Corruption Can corruption be justified? TTE gives the seat meant for him to an unreserved sick passenger and accepts Rs.100/- You are in a hurry and are stopped for over speeding. A clerk does out of the way service to a needy person and accepts gift/money offered. A highly skilled govt. doctor operates a critically ill patient in a private hospital and charges for that. TIP – Bribe as a motivator??

11 Corruption Why corruption is not right ethically Loss of trust in the system Benefits the rich, at the cost of the poor Can it become a universal practice – Emmanuel Kant Country’s image is affected, No respect for Indian abroad Other countries doing business with India – reluctant Denying someone’s just opportunity Threat to society – low quality construction, abuse/misuse of scarce resources, national security eg. Defense deal

12 Corruption Can corruption be eradicated? Unlikely, but it can be reduced ……… Value based education and ethical upbringing Creating public awareness – Govt, NGO, Religion Strong and timely legal action Strong professional bodies Corporate commitment to ethical culture Appreciating ethical practices in corporate