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Draft IFC revised based on recommendations: Fin Min
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SME Times News Bureau | 24 Jul, 2015
The Financial Sector Legislative Reforms Commission (FSLRC), set up for
re-writing the financial sector laws and bring them in harmony with
current requirements has modified the draft in view of the comments
received from relevant stakeholders, the government said on Thursday.
"The
Draft IFC (Indian Financial Code) has been revised in the light of the
comments received and hosted now as Revised Draft IFC on the home page
of the ministry of finance," said an official statement.
It said
the modifications in the draft mainly relate to strengthening the
regulatory accountability of financial agencies, removing the provision
empowering FSAT to review regulations and rulemaking and operational
aspects of capital controls.
Also, monetary policy framework and
composition of the Monetary Policy Committee, regulation of
systematically important payment system and others, removing the
provision of special guidance etc are included as part of the
modifications.
"Further the modifications have taken into
consideration the enactments subsequent to the submission of the FSLRC
report; namely The Pension Fund Regulatory and Development Authority
Act, 2013 (PFRDA Act) and Securities Laws (Amendment) Act, 2014," it
said.
The commission has, among other things, recommended a
non-sectoral, principle-based legislative architecture for the financial
sector, by restructuring existing regulatory agencies and creating new
agencies, wherever needed for better governance and accountability.
The government has requested comments on the revised draft latest by August 8.
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