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English Release 24-July 2014
Date Month Year
  • President's Secretariat
  • President of India condoles the loss of lives of school children in a bus accident in Telangana
  • President of India inaugurates bank and post office at their new locations in the President’s estate
  • Prime Minister's Office
  • Nagaland Governor calls on PM
  • PM condoles loss of lives in accident in Medak district
  • Delegation from Aga Khan Foundation meets PM
  • Department of Atomic Energy
  • Production of Atomic Energy in Gujarat
  • Preparation of Nuclear and Radiation Safety Policy
  • Facilities for Workers in Atomic Projects
  • Concern Over Nuclear Liability Law
  • Rare Earths in Kollam
  • Department of Space
  • Launching of Mars Orbiter Mission Spacecraft
  • Launching of SAARC Satellite
  • Problem of Waste Deposits in Space
  • Space Projects Initiated/Pending Completion
  • Min of Civil Aviation
  • Civil Aviation Minister Directs Officials to Improve Maintenance at Chennai Airport
  • Min of Coal
  • Import Policy for Coal
  • Projects of CIL
  • Min of Defence
  • MALABAR – 2014
  • Min of External Affairs
  • Strengthening of India-Asean ties
  • Revisiting of nuclear liability bill
  • Hiring of consultants for business promotion
  • Complicated procedure for passports
  • Text of the Statement on Calling Attention Motion on "Situation Arising out of Indians Stranded in Iraq and Steps Taken by the Government in this Regard" in the Lok Sabha by the Minister
  • Ministry of Finance
  • Indirect Tax Revenue (Provisional) Collections During April-June 2014 Increase from Rs 1,08,639 Crore to Rs.1,13,570 Crore Registering an Increase of 4.5 % over the Corresponding Period in last Financial Year
  • Government Approves 19 Proposals of Foreign Direct Investment (FDI) Amounting to about Rs. 2326.72 Crore
  • Special Arrangements Made for Accepting Returns of Income
  • Min of Minority Affairs
  • Social and Educational Uplift of Minorities
  • Scholarship to Students of Minority Community
  • Setting up of Minority Commission
  • Min of New and Renewable Energy
  • Setting up of Biogas Plants
  • Production of Bio-Compressed Natural Gas
  • Jawaharlal Nehru National Solar Mission
  • Installation of Solar Water Pumps
  • Min of Overseas Indian Affairs
  • Support to Indian workers overseas
  • Problem due to weak immigration laws
  • Legal assistance to overseas Indians
  • Complaints against fraudulent recruiting agents
  • Centre to help Indian workers abroad
  • Min of Personnel, Public Grievances & Pensions
  • Combined Medical Services Examination, 2014
  • Special Cadre for Super Specialist Doctors
  • Award to Industrious Government Staffers
  • Min of Petroleum & Natural Gas
  • Delhi MPs meet the Petroleum and Natural gas Minister to discuss PNG issues
  • Global crude oil price of Indian Basket decreased to US$ 105.56 per bbl on 23.07.2014
  • Min of Power
  • Privatisation of Electricity Production
  • Power for All
  • Steps Taken To Increase Power Production
  • Ministry of Railways
  • Advance Booking of Reserved Train Tickets
  • Advance Booking of Reserved Train Tickets
  • Modernisation of Railway Network
  • Running of Summer Special Trains
  • Development of Railway Stations for Tourism
  • Emergency Medical Facilities in Trains
  • Min of Social Justice & Empowerment
  • National Commission for Backward Classes
  • National Overseas Scholarships for SC's
  • Legislature on Eradication of Manual Scavenging
  • Drug Abuse among Citizens
  • Min of Statistics & Programme Implementation
  • Review of Function of MPLADS
  • Ministry of Water Resources
  • Narmada Canal Project
  • Ganga Manthan
  • Areas under Water Bodies
  • Water Logging and Salinity in Command Areas
  • Availability of Surface and Ground Water
  • Indo-Nepal Joint Ministerial Commission on Water Resources
  • Flood Management
  • Min of Women and Child Development
  • Two lakh Anganwadi Centre Buildings approved for construction by Government in 12th Plan
  • Logo Design Competition launched for ‘Beti Bachao Beti Padhao’ Campaign

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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