The bill seeks to increase the limits for aggregate fund collections in chit funds to thrice the current limits and allows the chit fund foreman a right to lien against the credit balance from subscribers. The Lok Sabha passed the proposed amendment on November 20.
The notification said the the government had after consultations with the National Bank for Agriculture and Rural Development (NABARD) and the sponsor banks of the concerned regional rural banks decided that it was necessary in public interest and the interest of the three regional rural banks that they be amalgamated.
Challenges in controlling deficits at the state level will also hit fiscal consolidation efforts at the Centre
Prafulla Chhajed, President of the ICAI said " “India and Kuwait share a cordial relationship, strengthened and nurtured with historical trade links, cultural affinities and presence of large number of Indian nationals in Kuwait" adding that there was a need to promote Kuwait-India business partnerships when signing the MoU.
The numbers are likely to provide relief to a govt reeling under sharp criticism over lack of jobs.
Corporate affairs secretary Injeti Srinivas said that the helpline was set up was a major step to address the concerns of various claimants, according to a government release. The helpline was an initiative by the IEPFA with the help of Common Services Centre (CSC) e-Gov SPV under the IT and electronics ministry.
Finance minister said the verdict had reinforced the credibility of the insolvency code.
Assocham president BK Goenka said the government had made efforts to make credit available to the industry but banks dragged their feet on it. He also highlighted that India needed more development finance institutions to fund long term infrastructure projects as commercial banks did not have the risk appetite to fund such projects.
Distribution of resolution booty has been a key factor behind extended litigation, delaying major cases.
CCI chairman Ashok Kumar Gupta said discounting, including selling below cost, is used by businesses to create a market. “Below cost doesn’t necessarily mean predatory pricing. However, we then have to ascertain whether they have become large enough and should they continue with deep discounting?” he said.
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