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English Release 31-July 2014
Date Month Year
  • President's Secretariat
  • Envoys of Five Nations present credentials to President of India
  • President of India to visit West Bengal and Telangana on August 1 and 2, 2014

  • Prime Minister's Office
  • PM accepts Shri Nehchal Sandhu's resignation as Deputy NSA with regret
  • Goswami Indira Beti ji calls on PM
  • Chairman, Suzuki Motor Corporation, calls on PM
  • PM highlights Finance Ministry's move to seek creative inputs for the Government's initiative on financial inclusion
  • PM writes to Afghan President
  • Department of Space
  • Indigenous Production of Cryogenic Engine
  • Technical Problems of GSLV
  • Min of Coal
  • Production of Coal
  • Increase in Coal Production
  • Loss of CIL from Underground Mines
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  • Nirmala Sitharaman Meets Penny Pritzker
  • Index of Eight Core Industries (Base: 2004-05=100), June, 2014
  • Min of Defence
  • Celebration of Army Hospital (R&R) Foundation Day
  • Relinquishing of Command by Gen Bikram Singh
  • VLF Transmitting Station Commissioned at Tamil Nadu
  • Min of Earth Science
  • Low Temperature Thermal Desalination Technology Plant
  • Min of External Affairs
  • Third India-Africa Forum Summit
  • Outcome of Brics summit-2014
  • Meeting of Nepal-India Joint Commission
  • Indian Fishermen in Foreign Custody
  • Boosting of Bilateral Ties with China
  • Ministry of Finance
  • Change in Tariff Value of Crude Palm Oil, Rbd Palm Oil, Others – Palm Oil, Crude Palmolein, Rbd Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (all Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
  • Government to Launch A New Program of Financial Inclusion in Mission Mode to Provide Households with Facilities of Savings, Credit, Remittances, Insurance and Pension: FM
  • Clarification Regarding Acquisition and Transfer of Immovable Property in India by Foreign Nationals
  • Min of Home Affairs
  • Visit of Union Home Minister to Malin Village in Pune
  • Min of Labour & Employment
  • Shri Narendra Singh Tomar Chairs 162nd Meeting of ESI Corporation
  • Min of Micro,Small & Medium Enterprises
  • Shri Kalraj Mishra launches NSICs B2C Web portal for MSMEs www.msmeshopping.com
  • Min of New and Renewable Energy
  • Installation of Solar Panels on Roof Tops
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  • Min of Overseas Indian Affairs
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  • Min of Petroleum & Natural Gas
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  • Petroleum Minister calls upon the OMCs to pool their resources, technologies, experiences and best practices to be better prepared for the challenges of the future
  • Global crude oil price of Indian Basket decreased to US$ 106.12 per bbl on 30.07.2014
  • Min of Power
  • Equity Fund for Power Sector
  • Acquisition of Coal Mines Overseas
  • Amendment in Electricity Act, 2003
  • Ministry of Railways
  • Rs. 73,392 crore will be an Estimated Completion Cost of Railways’ Two Dedicated Freight Corridors, Excluding Sonnagar-Dankuni Section
  • Railways Plan to Provide wi-fi Facility at Major Stations and in Important Trains
  • Railways to Install 5000 more Automatic Ticket Vending Machines at Stations
  • Railways to Provide Rail Connectivity to all Capitals of North Eastern Region
  • Min of Road Transport & Highways
  • Toll Tax
  • Steps to Improve the Performance of NHAI
  • Min of Science & Technology
  • Dr. jitendra Singh Felicitates 18 Children Scientists for their Accomplishment at the International Science & Engineering Fair-Los Angeles, USA
  • Min of Social Justice & Empowerment
  • Non-Implementation of Special Component Plan
  • Fixing Responsibilities in Cases of Atrocities
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  • Ministry of Water Resources
  • National Water Policy
  • Average Annual Water Availability for the Country has been Assessed as 1869 Billion Cubic Meters
  • Rs. 4680 crore Incurred on National River Conservation Plan
  • 17300 Exploratory Wells Constructed in Rain Deficient Regions
  • Rs.405 Crore Proposed as Central Assistance to the States for Drainage and Reclamation of Waterlogged Areas
  • 153 Flood Management Proposals Worth Rs. 6374 crore Approved
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  • Accelerated Irrigation Benefits Programme
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  • Rs. 6235 Crore Earmarked for Restoration of 10,000 Water Bodies
  • 162 Blocks Notified for Regulation of Ground Water Development in the Country
  • Three Proposals from States Included Under AIBP

  • Min of Women and Child Development
  • Smt Maneka Gandhi Meets Bankers to Find Ways to Improve Micro-Finance for Women
  • NRI Prospective Adoptive Parents to be Treated at Par with Resident Indians in the Proposed Revision of JJ Act
  • Financial Norms for ICPS Revised to Enhance the Quality of Services
  • Vacancy Position in Anganwadi Centres
  • Min of Youth Affairs & Sports
  • India won 4 Silver and 1 Bronze on day 7 of CWG 2014

Previous Date

 
Ministry of Finance24-March, 2011 17:27 IST
Resolution Nofifying Constitution of Financial Sector Legislative Reforms Commission (FSLRC) Issued
The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India

 

The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India. This is in pursuance to the announcement made by the Union Finance Minister Shri Pranab Mukherjee in his budget  speech of 2010-11 to rewrite and harmonise financial sector legislations, rules and regulations. This had become necessary as the institutional framework governing India’s financial sector was built over a century.

The composition of the Commission is as follows:

 

Justice (Retd.) B. N. Srikrishna

Chairman

Justice (Retd.) Debi Prasad Pal

Member

Dr. P.J. Nayak

-do-

Smt. K.J. Udeshi

-do-

ShriYezdiH.Malegam

-do-

Prof. JayantVarma

-do-

Prof. M. GovindaRao

-do-

Shri C. Achutan

-do-

ShriDhirendraSwarupMember Convenor

Joint Secretary, Capital Markets               Nominee Member

Shri C K G Nair is Secretary to the Commission.     

 

The budget announcement was made with a view to rewriting and streamlining the financial sector Laws, Rules and Regulations to bring them in harmony with the requirements of India’s fast growing financial sector.

 

There are over 60 Acts and multiple Rules/Regulations in the sector and many of them date back decades when the financial landscape was very different from what is obtaining today. Large number of amendments made in in these Acts over time has increased the ambiguity and complexity of the system.

 

The Commission would simplify and rewrite financial sector legislations, including subordinate legislations, to achieve harmony and synergy among them.This will remove ambiguity, regulatory gaps and overlaps among the various legislationsmaking them more coherent and dynamic and help cater to the requirements of a large and fast growing economy in tune with the changing financial landscape in an inter-connected financial world. In the long-term, it would help usher in the next generation of reforms, contribute to efficient financial intermediation enhancing the growth potential of the nation.

The Terms of Reference of the Commission include the following:

(i)           Examining the architecture of the legislative and regulatory system governing the Financial sector in India,

(ii)         Examine if legislation should mandate statement of principles of legislative intent behind every piece of subordinate legislation in order to make the purposive intent of the legislation clear and   transparent to users of the law and to the Courts.

(iii)                 Examine if public feedback for draft subordinate legislation should be made

mandatory, with exception for emergency measures.

(iv)                 Examine prescription of parameters for invocation of emergency powers where regulatory action may be taken on ex parte basis.  

(v)          Examine the interplay of exchange controls under FEMA and FDI Policy with other regulatory   regimes within the financial sector.

(vi)                 Examine the most appropriate means of oversight over regulators and their autonomy   from government.

(vii)               Examine the need for re-statement of the law and immediate repeal of any out-dated legislation on the basis of judicial decisions and policy shifts in the last two decades of the financial sector post-liberalisation.  

(viii)                  Examination of issues of data privacy and protection of consumer of financial services in   the Indian market.

(ix)                       Examination of legislation relating to the role of information technology in the delivery of financial services in India, and their effectiveness.

(x)                         Examination of all recommendations already made by various expert committees set up   by the government and by regulators and to implement measures that can be easily accepted.

(xi)                       Examine the role of state governments and legislatures in ensuring a smooth inter-state financial services infrastructure in India.

(xii)                     Examination of any other related issues.

            The Commission’s headquarter would be in Delhi.  The Commission will submit its report to the Union Finance Minister within 24 months.

The first meeting of the Commission is scheduled to be held on 5th April 2011.

*******

DSM/SAK


(Release ID :71232)

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