The Finance Minister on August this year had announced a series of measures to boost the economy and the financial market sentiments of the country. Among them was the setting up of a development bank. This comes during the time when there is an increasing call for sustainable development of the economy and the promotion of eco-friendly technologies. This announcement was in response to the economic slowdown and discouraging capital market sentiments. The idea for the establishment of a sound development bank is encouraging as it helps in providing investments on long-term projects that may have little or no profitable returns but are essential for the sustainable development of the country. This move allows for risky investments, the ones that are essential for addressing the environmental concerns, technological growth, and rural economic development.
In August 2019, the Reserve Bank of India transferred a record amount of surplus to …
According to the Economic Survey 2018-2019, the functioning of the banking sector has improved due to the decrease in the Non-performing assets (NPAs) and an increase in credit growth. The gross NPAs of the public sector banks have declined from 11.5% to 10.1%, between March 2018 and December 2018.
Recently, there have been many instances of Enforcement Directorate (ED) filing charge sheet against economic offenders under the Fugitive Economic Offenders Act, 2018. In this scenario, it is essential to understand the need, features, benefits, and concerns regarding the Fugitive Economic Offenders Act, 2018.
This article explains the following in an analytical manner with a mindmap for better understanding and quick revision.
- What is the need for Fugitive Economic Offenders Act? (Benefits)
- What are the existing laws for seizing Assets?
- What are the salient features of Fugitive Economic Offenders Act, 2018?
- What are the Challenges in implementing the law?
- What is the way forward?
The government under the prime ministership of Narendra Modi on November 8, 2016, had announced that the largest denomination of Rs 500 and Rs 1000 were demonetised with immediate effect ceasing to be a legal tender. This move led to widespread impacts across all the sectors of the economy. In a recent report by Azim Premji University, around 50 lakh people lost their jobs since demonetization was launched in November 2016. This report on jobs has come at a time when employment is one of the biggest issues in the Lok Sabha elections.
Blockchain technology, also known as the decentralised, distributed ledger technology, has gained popularity in India in the last 2 years. According to studies, in the next 5 years, Blockchain has the potential to add value to the tune of USD 5 billion across all sectors in India.
Various banks in India have been increasingly adopting this technology. Utilising this distributed ledger technology, a group of India’s 11 largest banks including ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Yes Bank, Standard Chartered Bank, RBL Bank, South Indian Bank, and Axis Bank have launched the 1st ever blockchain-linked loan system in the country. This not only guarantees transparency in loan disbursement but also eliminates any communication challenge among the different banks.
Recently the Prime Minister has launched the indigenously-developed National Common Mobility Card (NCMC).Dubbed as ‘One Nation One Card’, the inter-operable transport card would enable the holders to pay for their travel expenses (bus, metro, railways), toll taxes, parking charges, retail shopping and even withdraw money across the country.This type of system already exists in various developed countries like UK, Singapore, etc. and now it will be used in India too.
Recently, an inter-ministerial committee on the regulation of the payments system in India has submitted its report to the finance ministry. However, the RBI has opposed its proposal to establish a separate and independent regulator for the payments sector in India.