International Financial Services Centres

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  • IFSCs are set-up to bring back the financial services and transactions that are currently carried out in offshore financial centres by Indian corporate entities and overseas branches or subsidiaries of financial institutions (FIs) to India.
  • The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat.

Unified Regulator:

  • In order to ensure this, the business and regulatory environment must be comparable to other leading international financial centres in the world like London and Singapore. 
  • Currently, the banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators like the RBI, SEBI and IRDAI respectively.
  • For IFSCs to attain its objectives there is a need for inter-regulatory coordination.
  • The establishment of a unified financial regulator for IFSCs will result in providing a world-class regulatory environment to market participants from the ease of doing business perspective.
  • For the setting up of a unified regulator, the Union cabinet has approved the International Financial Services Centres Authority Bill, 2019.

Goods and Services Tax Appellate Tribunal

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National Bench of Goods and Services Tax Appellate Tribunal

The features of the Goods and Services Tax Appellate Tribunal (GSTAT) are:

  • The National Bench of the Goods and Services Tax Appellate Tribunal will be situated in New Delhi.
  • The National Bench of GSTAT would consist of President and comprise of one technical member from the centre and one technical member from the state.
  • The National Bench of GSTAT will serve as a forum for the second appeal in GST laws and the first common forum for dispute resolution between Centre and States.
  • The first appeal against the decisions of the Appellate Authorities under the Central and State GST Acts lie before the National Bench.
  • National Bench of GSTAT will ensure uniformity in redressal of disputes arising under GST, and therefore, in the implementation of GST across the country.

Provisions for the National Bench of the Goods and Services Tax Appellate Tribunal

  • Chapter XVIII of the CGST Act provides for the Appeal and Review Mechanism for dispute resolution under the GST.
  • Section 109 of Chapter XVIII Chapter of CGST Act empowers the Central Government to constitute an Appellate Tribunal known as the Goods and Services Tax Appellate Tribunal for hearing on the recommendation of Council, by notification, with effect from such date as may be specified therein on the recommendation of GST Council.

Securities and Exchange Board of India (SEBI)

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  • SEBI is the statutory regulator for the securities market in India.
  • It was established in 1988 and given statutory powers through the SEBI Act, 1992.
  • HQ: Mumbai
  • Purpose: Protect the interests of investors in securities, promote the development of securities market and to regulate the securities market.
  • SEBI is responsive to needs of three groups, which constitute the market i.e.
    • issuers of securities,
    • investors and
    • market intermediaries.
  • It has three functions:
    • quasi-legislative (drafts regulations in its legislative capacity),
    • quasi-judicial (passes rulings and orders in its judicial capacity) and
    • quasi-executive (conducts investigation and enforcement action in its executive function).

EXIM Bank

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  • EXIM stands for Export-Import
  • Export-Import Bank of India is a wholly owned Govt. of India entity
  • Established in 1982
  • HQ : New Delhi
  • Aim : financing, facilitating and promoting foreign trade of India.
  • The EXIM bank extends Line of Credit (loC) to overseas financial institutions, regional development banks, sovereign governments and other entities abroad.
  • Thus the EXIM Banks enables buyers in those countries to import developmental and infrastructure, equipment’s, goods and services from India on deferred credit terms.
  • The bank also facilitates investment by Indian companies abroad for setting up joint ventures, subsidiaries or overseas acquisitions.
  • Why in news?
    • The Union Cabinet has approved a capital infusion of Rs 6,000 crore in state-owned Export-Import Bank of India.

NABARD

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  • NABARD is an apex development bank in India.
  • The Reserve Bank of India (RBI) holds the majority stake in it.
  • Headquarters: Mumbai, Maharashtra.
  • Established: 1982 on the recommendations of Shivaraman Committee to implement the National Bank for Agriculture and Rural Development Act, 1981.
  • It has been entrusted with matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India.
  • It is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
  • Mandate:
    • Facilitate credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
    • Support all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas.
Recent Amendments:
  • Amendments in Act to increase authorized capital of NABARD from Rs. 5,000 crore to Rs. 30,000 crore and further increase it beyond Rs. 30,000 crore in consultation with RBI, as deemed necessary from time to time.
  • It also includes certain other amendments including changes in long title and certain sections to bring Handlooms and Medium Enterprises in NABARD’s mandate.
  • Transfer of 0.4% equity of RBI in NABARD amounting to Rs. 20 crores, to the Union Government.
 
Why these amendments?
  • Increase in authorized capital will enable NABARD to respond to the its commitments undertaken, in respect of Long Term Irrigation Fund (LIF) and Government’s decision regarding on-lending to cooperative banks.
  • It will enable NABARD to augment its business and enhance its activities, thus facilitating promotion of integrated rural development and securing prosperity of rural areas by generating of more employment.
  • The transfer of entire shareholding of RBI held in NABARD to the Union Government will remove the conflict in RBI’s role as banking regulator and shareholder in NABARD