Posted at http://pmindia.gov.in/en/interact-with-honble-pm/
"There are enough laws in the land to take care of kaalaadhan cheats and bring them to book. Stay focused on kaalaadhan. Financial reform will be a logical corollary of the effective action which results in such kaalaadhan coming back into the nation's treasury."
"Jiski Lathi Uski Bhains" जिसकी लाठी उसकी भैंस
Read on...
BN Sri Krishna's report is like teaching a grandma how to suck eggs.
We are left with a financial system as a legacy of the British colonial regime. We have had Kautilya's Arthasastra regulating our civilizational narratives of managing crooks and self-aggrandising entities.
NaMo, don't get mired in the muddle of Federal financial management issues. By just enforcing the existing plethora of laws and regulations, the kaalaadhan can be brought back, fulfilling the pledge made to Bharatiyas.
Suggestions for enacting comprehensive codes or amending money laundering laws is a copout to avoid determined action, to pass the buck and muddle the focused attention on restitution of illicit wealth which has flown out of the nation.
There are enough laws in the land to take care of kaalaadhan cheats and bring them to book. Stay focused on kaalaadhan. Financial reform will be a logical corollary of the effective action which results in such kaalaadhan coming back into the nation's treasury.
Get on with the task promised to Bharatiyas. Get back the kaalaadhan. Declare it as nationalised and tell all tax haven account holders and their financial institutions holding such illicit wealth to transfer their illicit wealth back into the nation's financial system. Such a nationalisation ordinance expressing the will of the people through pronouncing an ordinance will be enough to tell the illicit wealth holders (tax haven banks etc.) and illicit wealth beneficial owners to first get their monies into the nation's financial system. Then, let the alleged 'owners' prove the bonafides of the wealth.
Take a leaf from what Putin has done in Russis just a week ago. See: http://bharatkalyan97.blogspot.in/2014/11/putin-orders-return-of-russian-capital.html
Kalyanaraman
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Financial Sector Legislative Reforms Commission(FSLRC)
http://finmin.nic.in/fslrc/fslrc_report_vol1.pdf Full text Volume 1 Analysis and Recommendations
http://finmin.nic.in/fslrc/fslrc_report_vol2.pdf Full text Volume 2 Draft Law: Indian Financial Code
Government has received the Report of the FSLRC - Vol I & Vol II Chaired by Retd. Justice Shri B N Srikrishna on March 22nd, 2013. The report is placed in the public domain at the website of the Finance Ministry.
"There are enough laws in the land to take care of kaalaadhan cheats and bring them to book. Stay focused on kaalaadhan. Financial reform will be a logical corollary of the effective action which results in such kaalaadhan coming back into the nation's treasury."
"Jiski Lathi Uski Bhains" जिसकी लाठी उसकी भैंस
Read on...
BN Sri Krishna's report is like teaching a grandma how to suck eggs.
We are left with a financial system as a legacy of the British colonial regime. We have had Kautilya's Arthasastra regulating our civilizational narratives of managing crooks and self-aggrandising entities.
NaMo, don't get mired in the muddle of Federal financial management issues. By just enforcing the existing plethora of laws and regulations, the kaalaadhan can be brought back, fulfilling the pledge made to Bharatiyas.
Suggestions for enacting comprehensive codes or amending money laundering laws is a copout to avoid determined action, to pass the buck and muddle the focused attention on restitution of illicit wealth which has flown out of the nation.
There are enough laws in the land to take care of kaalaadhan cheats and bring them to book. Stay focused on kaalaadhan. Financial reform will be a logical corollary of the effective action which results in such kaalaadhan coming back into the nation's treasury.
Get on with the task promised to Bharatiyas. Get back the kaalaadhan. Declare it as nationalised and tell all tax haven account holders and their financial institutions holding such illicit wealth to transfer their illicit wealth back into the nation's financial system. Such a nationalisation ordinance expressing the will of the people through pronouncing an ordinance will be enough to tell the illicit wealth holders (tax haven banks etc.) and illicit wealth beneficial owners to first get their monies into the nation's financial system. Then, let the alleged 'owners' prove the bonafides of the wealth.
Take a leaf from what Putin has done in Russis just a week ago. See: http://bharatkalyan97.blogspot.in/2014/11/putin-orders-return-of-russian-capital.html
Putin orders return of Russian capital and assets from foreign tax shelters
It will be nice to see a headline like this: Narendra Modi Government orders return of Bharatiya capital and assets from foreign tax shelters. A historic move to nationalise kaalaadhan which is more revolutionary than the nationalisation of private banks. There is a Swiss Federation Law precisely meant to honour such legal declarations by sovereign nations.Kalyanaraman
http://finmin.nic.in/fslrc/fslrc_report_vol1.pdf Full text Volume 1 Analysis and Recommendations
http://finmin.nic.in/fslrc/fslrc_report_vol2.pdf Full text Volume 2 Draft Law: Indian Financial Code
Government has received the Report of the FSLRC - Vol I & Vol II Chaired by Retd. Justice Shri B N Srikrishna on March 22nd, 2013. The report is placed in the public domain at the website of the Finance Ministry.
- Financial Sector Legislative Reforms Commission Report - Volume I(1 MB)
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] - Financial Sector Legislative Reforms Commission Report - Volume II(734 KB)
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[Hindi(1 MB) ![PDF File]()
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] - Setting up of a Financial Sector Legislative Reforms Commission(FSLRC)(3 MB)
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[Hindi(3 MB) ![PDF File]()
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] - Composition and terms of reference of Financial Sector Legislative Reforms Commission(FSLRC)(151 KB)
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- Handbook on Governance Enhancing Recommendations of FSLRC(2 MB)
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(Dated 27th December, 2013) - Management Information System for implementation of Handbook on adoption of governance enhancing and non-legislative elements of the Draft Indian Financial Code(369 KB)
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(Dated 07th May, 2014)
The outputs of the Commission
The main result of the work of the Commission is the dra ‘Indian Financial Code’, a single unified and internally consistent dra law that replaces a large part of the existing Indian legal framework governing finance. As has been emphasised earlier, the use of simple English should help ensure that everyone connected with the field would be able to understand the draft Code. This relatively large draft law – which is comprised of 450 sections – constitutes Volume II of the report. Volume 1 expresses the arguments that led up to the key decisions embedded in the draft Code.
The Commission vigorously debated the ideas expressed in the dra Code over aperiod of two years, in twenty four full-day meetings. In any law of 450 sections, there are bound to be certain areas of disagreement. The five areas of disagreement within the Commission, which are expressed in four dissent notes, are as follows:
1. Authorisation requirements: Prof. Jayanth Varma expresses concerns about the authorisation requirements for financial service providers.
2. Capital controls: Mrs. K. J. Udeshi, Dr. P. J. Nayak and Mr. Y. H. Malegam disagree with allocation of responsibilities on capital controls between the Ministry of Finance and RBI.
3. The role of the Ministry of Finance: Dr. P. J. Nayak disagrees with the role envisaged for the Ministry of Finance in dra Code especially the role of the FSDC.
4. Common-law tradition, principles-based law. Dr. P. J. Nayak expresses concerns about the strategy of the Commission that has favoured a common law, principlesbased approach.
5. Regulation of Non-Banking Financial Company (NBFC)s: Mr. Y. H. Malegam disagrees with the allocation of regulatory responsibilities for NBFCs. (Page XXVII)Unified regulator for financial sector limiting RBI Role to monetary management
NEW DELHI, MARCH 28:
Seeking to reform the financial sector regulations, the Government-appointed FSLRC has proposed the Indian Financial Code Bill to pave the way for the creation of a unified financial regulator and limit the role of the Reserve Bank to monetary management.
Under the proposed regulatory architecture, the Securities and Exchange Board of India (SEBI), the Forward Markets Commission (FMC), the Insurance Regulatory and Development Authority (IRDA) and the Pension Fund Regulatory and Development Authority (PFRDA) would be merged into a new unified agency.
The Reserve Bank, however, will continue to exist with modified functions, said the two-volume report of the Justice B. N. Srikrishna headed Financial Sector Legislative Reforms Commission (FSLRC).
In order to give effect to its recommendations, the Commission has come out with a draft Indian Financial Code Bill, containing 450 clauses and six schedules.
The report, however, is marked by four dissenting notes by members P. J. Nayak, K. J. Udeshi, Y. H. Malegam and Jayanth R. Varma. They have differed with the recommendations of the panel on different issues.
The Commission, which had submitted its report to Finance Minister P. Chidambaram last week, had 10 members, besides Chairman Srikrishna.
“The Commission is mindful that over the coming 25 to 30 years, the Indian GDP is likely to become eight times larger than the present level, and is likely to be bigger than the US GDP as of today...The aspiration of the Commission is to draft a body of law that will stand the test of time,” the report said.
(This article was published on March 28, 2013)
http://www.thehindubusinessline.com/industry-and-economy/banking/srikrishna-panel-report-proposes-unified-regulator-for-financial-sector/article4558082.ece