Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: cpt :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD
 
 
Finance Bill »
 Amendments to the Arbitration and Conciliation Bill, 2015
 General Circular 39 dated 14.10.2014:Clarification on matters relating to Consolidated Financial Statement.New
 Financial Scene: Hope beckons in public finance
 Eyeing central bank's support on financial reforms, Government keeps RBI out of FSAT purview
 General Circular 36 dated 17 Sept 2014: Clarification with regard to provisions of Corporate Social Responsibility(CSR) under section 135 of the Companies Act,2013.
 Finance Ministry may pitch for stricter norms for non-performing assets
 Manappuram plans to enter SME, housing finance business
 Finance ministry, RBI work out informal arrangement to avoid open clashes on policy issues
 FM asks Finance Ministry to implement financial reform panel views
 Interim Budget 2006-2007
 Budget 2006-2007
 Full text of the amendments
 Economic Survey 2004-2005
 Highlights - Economic Survey 2004-2005
 Budget Speech

FM asks Finance Ministry to implement financial reform panel views
May, 23rd 2013

The financial sector regulator should seriously look at implementing some of the proposals suggested by FSLRC to reform the regulatory architecture for the sector, Finance Minister P Chidambaram said.

"Many of the elements of the Financial Sector Legislative Reforms Commission ( FSLRC) recommended legal processes are not repugnant to the present laws...a basic cost benefit analysis of regulation that can be done under present laws," the Finance Minister said at a seminar on Indian financial code organised by ICSI.

"Therefore, I suggest that the Ministry of Finance and the regulatory agencies may look seriously at operationalising some of these elements at the earliest even within the scope of the present laws for e.g. detailed and structural stakeholders consultations before issue of new regulations that can be done under the present law," he said.

The commission was set up to rewrite financial sector laws and to bring them in tune with current requirements. The commission, chaired by former Supreme Court judge B N Srikrishna, submitted its report in March.

However, Chidambaram said changes would require considerable internal organisational strengthening, capacity building and workflow modification.

"I hope that in the Ministry of Finance we can start pursuing these goals forthwith," he said.

Admitting that making and passing legislations in India was "not easy", the Finance Minister said drafting an Indian financial code, based on the reforms commission's views, will be a major milestone.

The commission in its report had prepared a model draft Indian Financial Code Bill.

"...nevertheless we cannot give up we are duty bound to the people of this country to put in place a financial regulatory system that will serve us well for the next 50 more years. While we embark on these tasks, there is something that we can do in the interim," he added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions