Thursday 25 October 2012

COMMITTEE ON DIRECT CASH TRANSFERS



PM HAS CONSTITUTED NATIONAL COMMITTEE ON DIRECT CASH TRANSFERS

The Prime Minister has constituted a coordination committee called the National Committee on Direct Cash Transfers, as a mechanism to coordinate action for the introduction of direct cash transfers to individuals under the various government schemes and programmes.

The National Committee chaired by the Prime Minister will have as its members eleven Cabinet Ministers, two Ministers of State with independent charge, the Deputy Chairman Planning Commission, the Chairman UIDAI, the Cabinet Secretary with the Principal Secretary to the PM as the convenor. The Prime Minister may invite any other Minister/Officer/Expert to any meeting of the Committee.

The National Committee on Direct Cash Transfers would engage in the following tasks:

a) Provide an overarching vision and direction to enable direct cash transfers of benefits under various government schemes and programmes to individuals, leveraging the investments being made in the Aadhaar Project, financial inclusion and other initiatives of the Government, with the objective of enhancing efficiency, transparency and accountability.
b) Determine broad policy objectives and strategies for direct cash transfers.
c) Identify Government programmes and schemes for which direct cash transfers to individuals can be adopted and suggest the extent and scope of direct cash transfers in each case.
d) Coordinate the activities of various Ministries/ Departments/ Agencies involved in enabling direct cash transfers and ensure timely, coordinated action to ensure speedy rollout of direct cash transfers across the country.
e) Specify timelines for the rollout of direct cash transfers.
f) Review the progress of implementation of direct cash transfers and provide guidance for mid-course corrections.
g) Any other related matter.

The National Committee on Cash Transfers will be assisted by an Executive Committee on Direct Cash Transfers chaired by the Principal Secretary to PM and the Secretaries of the concerned Ministries and the DG UIDAI. The Secretary Planning Commission will be the convenor.

The Executive Committee on Direct Cash Transfers would engage in the following tasks:

a) Identify and propose for the consideration of the National Committee on Cash Transfers such Government programmes and schemes for which direct cash transfers to individuals can be adopted and suggest the extent and scope of direct cash transfers in each case.
b) Ensure the preparation of and approve strategies and action plans for the speedy rollout of direct cash transfers in areas agreed to and in line with the timelines laid down by the National Committee on Cash Transfers.
c) Coordinate the activities of various Ministries/ Departments / Agencies involved in enabling direct cash transfers to ensure that the architecture and framework for direct cash transfers is in place for rolling out direct cash transfers across the country.
d) Review and monitor the rollout of direct cash transfers and undertake mid-course corrections as and when necessary.
e) Any other related matter entrusted by the National Committee on Cash Transfers or relating to direct cash transfers.

The Chairman may invite any other Officer/Expert to any meeting of the Executive Committee as may be necessary. The National Committee and the Executive Committee would be serviced by the Planning Commission, which may obtain assistance as required from any Ministry/Department/Agency of the Government in this task. The Planning Commission will designate an officer of the rank of Joint Secretary in the Planning Commission to coordinate and service the work of the National Committee and Executive Committee.

In order to finalize the operational and implementation details relating to the design and implementation of the direct cash transfer system, and for ensuring a smooth roll-out of direct cash transfers in an orderly and timely fashion, Mission Mode Committees will be constituted.

These will be:
a) Technology Committee to focus on the technology,  payment architecture and IT issues.
b) Financial Inclusion Committee to focus on ensuring universal access to banking and ensuring complete financial inclusion.
c) Implementation Committees on Electronic Transfer of Benefits at the Ministry/ Department level to work out the details of cash transfers for each department such as data bases, direct cash transfer rules and control and audit mechanisms.

The notifications for these three committees will be issued in due course.

The composition of the National Committee on Direct Cash Transfers is as follows:
1.      Prime Minister   -    Chairperson
2.      Finance Minister
3.      Minister of Communications & IT
4.      Minister of Rural Development
5.      Minister of Social Justice & Empowerment
6.      Minister of Human Resource Development
7.      Minister of Tribal Affairs
8.      Minister of Minority Affairs
9.      Minister of Health & Family Welfare
10.    Minister of Labour & Employment
11.    Minister of Petroleum & Natural Gas
12.    Minister of Chemicals & Fertilizers
13.    Deputy Chairman, Planning Commission
14.    Minister of State (i/c) of Food & Public Distribution
15.    Minister of State (i/c) of Women & Child Development
16.    Chairman, UIDAI
17.    Cabinet Secretary
18.    Principal Secretary to PM  -  Convenor

Soruce: Press Release, Prime Minister's Office


With Regards
Prakash Verma
E. Id:- Prkverma@gmail.com

GOOD GOVERNANCE AT VARIOUS LEVELS


GOOD GOVERNANCE AT VARIOUS LEVELS STARTS AND ENDS WITH STAKEHOLDERS OR CITIZENS – V NARAYANSAMY
International Capam Conference Inaugurated
Shri V. Naryansamy, Minister of State for Personnel, Public Grievances and Pensions has said that good governance based on transparency and accountability at various levels starts and ends with stakeholders or citizens. Therefore, any system, policy or machinery would only succeed, if it is fully accountable to the stakeholders and its processes are transparent, citizens are engaged. Inaugurating the biennial International Commonwealth Association for Public Administration and Management (CAPAM) Conference in New Delhi today, the Minister exhorted that the ideals of CAPAM reflect the philosophy of Mahatma Gandhi, the father of the Nation. He stated that Commonwealth bridges all continents, embraces almost two billion people, and represents all the world’s major faiths. India’s relationship with the commonwealth countries has been primarily based on its historical relationships with these countries, values and common bonds. He also gave a glimpse of the initiatives taken by the Centre such as implementation of recommendations of the Administrative Reforms Commission and the the Right to Information Act and various other legislative measures such as the Right of Citizens for Time Bound Delivery of Goods and Services, Redressal of their Grievances Bill, the Lok Pal and Lokayuktas Bill, 2011, etc. He also said that CAPAM would play a leading role in extensive cooperation for transfer of human and financial resources, sharing of institutional knowledge and propagating information aimed at strengthening the democratic fiber. A book ‘Public Service in India - A Country Profile’ and a commemorative postal cover, were also released by the Minister on the occasion.

Shri Sanjay Kothari, Secretary, Department of Administrative Reforms and Public Grievances in his welcome address said for the first time the Conference has been integrated with the Commonwealth Ministers Forum on Public Administration. He said that efforts have been made to ensure ensure quality representation from India on Public Service Management have been enrolled to in the Conference to help, guide and steer deliberations of the Conference in a meaningful manner for the benefit of public service across the Commonwealth.

Addressing the gathering, Former Chief Election Commissioner, Dr. S. Y. Quraishi highlighted the role of bureaucracy in India in general and talked about the electoral reforms in India.

Mr. Kamlesh Sharma, Commonwealth Secretary General spoke about the role of Commonwealth Secretariat in providing best fit solutions suitable for individual country needs rather than following the one size fits all approach. Mr. Paul Zahra, President, CAPAM talked about relevance of good governance expressed his happiness on co-hosting the event in the largest democracy India.

The Vote of Thanks was proposed by Mr. Arun Jha, Additional Secretary, Department of Administrative Reforms and Public Grievances. He expressed deep gratitude to the Minister of State for Personnel, Public Grievances and Pensions and thanked other speakers.

The three day event is being attended by Ministers and senior officials from Commonwealth countries namely Bangladesh, Namibia, Sri Lanka, Cameroon, Gibraltar, Nigeria, Mozambique and St. Vincent & The Grenadines and will focus on the theme “ A Public Service Fit for the Future”. The thematic approach of the conference is that the faced with reality of a turbulent, unpredictable and interconnected world it is increasingly evident that models for public policy and public administration of the past will not be adequate for 21st century challenges.


With Regards
Prakash Verma
E. Id:- Prkverma@gmail.com 

Sunday 14 October 2012

STATEMENT BY THE FINANCE MINISTER OF INDIA SHRI P. CHIDAMABARAM AT IMFC



STATEMENT BY THE FINANCE MINISTER OF INDIA SHRI P. CHIDAMABARAM  
AT THE 26TH MEETING OF 
THE INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE (IMFC) IN TOKYO


Kindly find below the text of the Statement made by the Union Finance Minister and Leader of the Indian Delegation Shri P. Chidamabaram at the 26th Meeting of the International Monetary and Financial Committee (IMFC) in Tokyo yesterday 
(Representing the Constituency consisting of Bangladesh, Bhutan, India and Sri Lanka)

Mr. Chairman,
We are meeting at a time when the global economy is facing heightened uncertainties.
Despite several measures by the authorities, financial market fragilities have increased and the global economic outlook is quite worrisome. Growth is faltering across regions, including in emerging market economies (EMEs). When we met in April last year we agreed that we would continue to act collectively to restore confidence, rekindle growth and create jobs. It is, therefore, appropriate to take stock of the progress made in realizing our goals so that we are better prepared to face the emerging challenges.

The Global Economy and Financial Markets
Uncertainties in major advanced economies have weighed on market confidence and sentiment. Consequently, the global economy has lost the upward momentum seen in the early part of the year and is now experiencing a synchronized slowdown. Many euro area economies are, in fact, in recession. By all indications, the global economy is likely to remain weak for a longer period than it was envisaged a few months back.

In the last few years, robust growth in the EMEs cushioned the slowdown in global growth to a significant extent. However, fragile financial market conditions have dented business confidence in many EMEs. Capital flows to emerging market economies remain volatile. Despite weak global recovery, global commodity prices, especially energy, have remained elevated and volatile. Although a major risk to global oil prices is on account of geo-political tensions, large liquidity being injected by major advanced economies may also exert further pressure on oil prices. This will threaten both growth and inflation in emerging market economies. The sharp rise in global food prices is another major challenge that many emerging market economies, especially those which are already facing inflationary pressures, may have to contend with.

Recent uncertainties have added to vulnerabilities in financial markets. Deleveraging by the banks has led to tightening of credit conditions for borrowers in many periphery economies. Large front-loaded fiscal adjustment by a number of euro area countries, including those that have fiscal space, has led to sharp slowdown in demand and growth. The adverse feedback loop of weak growth, weak fiscal position and weak banks remains a major risk to global financial stability.

Policy Challenges
The present state of the global economy poses huge challenges for policymakers in both advanced and emerging market economies. It is imperative for policy makers to bring some changes in the institutional and operational architecture to quell doubts about the long term sustainability of the monetary union. The immediate challenge is to prevent the adverse feedback loop between banks and sovereigns. However, in the absence of long-term measures, uncertainty will continue, which will pose risk to global macroeconomic and financial stability.

The issues of fiscal cliff and the lifting of the debt ceiling in the US also need to be resolved. The need is to put in place a medium-term fiscal plan while avoiding excessive fiscal correction in the short run. Should the economic situation in the US worsen, its impact on emerging market economies will be much more severe than in the case of the situation in the euro area.

Given the uncertain global macroeconomic environment, emerging market economies need to strengthen domestic demand to offset the decline in external demand. Emerging market economies are undergoing not only a cyclical slowdown, but also an erosion of their potential output. A major challenge for these economies, therefore, is to regain the losses in potential output by introducing structural reforms. Given the recent sharp increase in food prices, EMEs also need to formulate appropriate supply responses.

The IMF’s Role– Architecture for Global Cooperation
Let me now touch upon some of overarching issues relating to global cooperation that need to be addressed in the context of safeguarding global economic and financial stability in the period ahead.

Quota and Governance Reform
We had hoped that the 2010 Quota and governance reform would be implemented by the target date of the Annual Meetings of 2012. There is an urgent need to complete this at the earliest. We have always taken the position that the best possible means to improve governance and legitimacy is to put crucial reforms on the quota formula upfront. Since the initiation of the work relating to the reform of the quota formula last year, the discussions at the G 20 Working Group or at the IMFC have revealed very little progress. We must not let the Quota Formula discussions meander into areas which are not part of the overall understanding reached at different G 20 and IMFC summits -- that there will be a clear shift of the quota shares in favour of the Emerging Market and Developing Countries, (EMDCs) to reflect more clearly the shifting global economic scenario and to make decision-making in the IMF more equitable. We must also adhere to the timeline for completing this reform by January 2013 so that it becomes the basis for the 15th General Review of quotas to be completed no later than January 2014.

GDP is the most important variable in the quota formula as it is the most robust measure of relative economic weight and stake in the global economy. Furthermore, the most appropriate way to measure the real size of an economy is in terms of purchasing power parity. It is therefore important that the weight of the blended GDP variable should be substantially increased in the formula through a simple formula with GDP blend as the predominant variable and with a higher share of GDP-PPP.

Adequacy of IMF Resources
At the Los Cabos summit of the G 20, leaders agreed to the proposal of the Managing Director for augmenting IMF resources. Several countries, including India, have announced their contributions. We welcome the recent judicial ratification of the European Stability Mechanism (ESM) and efforts by the EU to raise the size of its firewall and we continue to expect that EU/ ECB efforts should play the primary role with IMF assistance underpinning the EU’s action. Largely any IMF assistance should play a catalytic role in order to provide confidence to investors and the amounts of the assistance required should inevitably require a fair burden sharing arrangement between the IMF, the EU and the country concerned, with full protection to the IMF as secured creditor.

We would once again stress that financial contributions made are voluntary in nature; these should not in any way be linked with future voice or governance reform. These contributions need to retain their temporary character; they should not be looked upon as a substitute to quota resources. At the same time it is important that innocent bystanders affected by the crisis, particularly low income countries, are adequately protected and there should be sufficient resources available for them.

Developments in the Constituency
I now turn to developments in my constituency.

Bangladesh
The Bangladesh economy has been one of the few economies in the world that posted more than 6 per cent growth in the recent past. The key drivers of this remarkable performance were the policy support for reducing supply bottlenecks in power, energy and infrastructure, sustained growth in agriculture and an improved performance in the manufacturing sector. Notable progress has also been made in improving various socioeconomic indicators including infant, child, and maternal mortality, gender equality and women empowerment, access to safe drinking water and sanitation. As regards recent macroeconomic situation, pressures that emerged in the latter part of FY11, eased in FY12 and this situation still persists. Restrained monetary policy supported by moderate fiscal consolidation has had a positive impact. On the fiscal front, revenue mobilization has demonstrated spectacular performance, posting about 20 per cent growth in FY12. The CPI inflation rate moderated to 7.93 per cent in August 2012 from the double digit level of March 2012. The exchange rate remained stable. Remittance growth picked up after currency depreciation in FY12 and also due to the robust outflow of new migrants. On the other hand, export and import growth rates slowed down following a record increase in FY11 primarily due to ongoing financial and economic strains experienced by major trading partners, particularly the EU countries. In effect, the positive current account balances coupled with stable capital and financial accounts led to a sizeable increase in foreign exchange reserves in recent months. The release of the first tranche of concessional financial support from the IMF under the Extended Credit Facility program also contributed towards raising foreign exchange reserves, which now stand over USD 11 billion. In addition, policy adjustments and reforms under the ECF program have had a useful impact on the balance of payments (BoP) position and the overall macroeconomic situation.

Bhutan
Real GDP increased by 11.8 per cent in 2010 benefiting from ongoing construction works on new hydropower projects. Medium-term growth prospects remain robust on the back of hydroelectric and construction activities. Bhutanese authorities expect real GDP growth to average 10.6 per cent till 2013/14. Inflationary pressures persisted during 2012; Consumer Price Inflation (y-o-y) increased to 13.5 per cent in 2012:Q2 from 8.3 per cent a year ago, reflecting both higher food and non-food inflation. To address structural liquidity deficit, the Royal Monetary Authority of Bhutan (RMA) reduced the cash reserve ratio (CRR) from 17 per cent in March 2012 to 5 per cent by June 2012 in two stages. To improve monetary transmission, the RMA introduced “RMA Short Term Liquidity Adjustment Window Facility” (RSTLAW) to provide short-term liquidity to deficient banks, while encouraging inter-bank market operations among financial institutions; the RMA also introduced a base rate system for banks effective September 2012. Current account deficit widened sharply to 25.7 per cent of GDP in 2010/11, largely reflecting imports relating to hydroelectric sector equipment. Overall balance of payments, nonetheless, remained in surplus reflecting buoyant capital grants and other capital flows. Fiscal deficit moved from a surplus of 1.8 per cent of GDP in 2009-10 to a deficit of 2.3 per cent in 2010-11.

India
Notwithstanding the sequential pick-up in Q1 of 2012-13, economic activity in India remained sluggish. The slowdown in growth was mainly due to sharp decelearation in industrial growth reflecting in part global uncertainties and domestic factors. To improve investment sentiment and put the economy on a sustainable higher growth path, the authorities have taken several measures in the recent period such as liberalizing FDI norms for aviation and multi-brand retail and significant pass through in fuel prices. While inflation rate has moderated, it still remains beyond the comfort zone of the Reserve Bank of India (RBI). The RBI has, therefore, kept the policy rate unchanged at 8 per cent since April 2012. However, in order to ensure that credit flows to productive sectors of the economy, the RBI has been managing liquidity actively. In the near-term, inflation is expected to remain sticky. Global commodity prices, particularly energy prices, pose a major risk to growth and inflation. The gross fiscal deficit of the Central Government is budgeted at 5.1 percent of GDP, which is lower than the 5.8 per cent of GDP achieved last year. In order to contain fiscal deficit, the authorities have decided to cap the subsidies to below 2 per cent of GDP. Recently, the authorities have also raised the domestic price of administered petroleum products to contain fuel subsidies. Public debt continues to follow a downward trajectory with the Central Government’s gross debt expected to fall to 45.5 per cent of GDP during 2012-13. India’s current account deficit has remained elevated during last few quarters due mainly to widening of trade deficit reflecting worsening global situation. However, with uncertain global macroeconomic environment and slowing domestic growth, the financing of CAD will continue to remain a challenge.

Sri Lanka
The Sri Lankan economy, despite difficult external and domestic challenges, grew by a commendable 7.1 per cent in the first half of 2012 following two years of robust growth of over 8 per cent. The moderation in the growth rate was due to a combination of global and domestic factors. The weakened global economy adversely affected the export demand, while on the domestic front, coordinated policy measures by the government and the central bank early 2012 to address imbalances in the external sector and possible inflationary pressures that would arise due to the high credit growth reduced the domestic demand. In addition, the drought conditions that prevailed in major cultivation areas had a negative impact on agriculture production. Inflation, which remained at single digit levels for over 3 years from 2009, gradually edged up during the year due to the upward adjustment of several administratively determined prices, including oil, currency depreciation and supply disruptions due to the drought. The Central Bank tightened its monetary policy stance by raising its policy interest rates as well as directing banks to limit their lending growth. The government is committed to maintain the overall fiscal deficit at 6.2 per cent of GDP in 2012 compared with 6.9 per cent in 2011 continuing the announced fiscal consolidation path, despite the challenging environment. The external sector improved during the first half of 2012 benefiting from the policy measures adopted during early 2012. Policy reforms were mainly aimed at reducing the widening trade deficit by curtailing non-essential imports and improving export competitiveness, while attracting capital inflows by enhancing investor confidence and relaxing exchange control regulations. The improvement in the trade account in response to policy measures, as well as increased receipts from workers’ remittances and higher earnings from tourism led to a significant improvement in the current account. With increased inflows to the capital and finance account, the BOP turned to a surplus of US dollars 280 million by end August 2012, also supported by the proceeds of the fifth International Sovereign Bond and the final tranche of the IMF SBA facility. Accordingly, gross official reserves increased to US dollars 7.1 billion by end August 2012 from US dollars 6.0 billion at end 2011.

Conclusion
The global economy is facing several critical challenges at this juncture. Unless the uncertainties facing the global economy are addressed, the global economy cannot be put on a sustainable growth path. Actions by central banks by providing liquidity may have helped calmed the markets and averted aggravation of the crisis, but they cannot be a substitute for a longer-term solution. Policy uncertainties in the advanced economies are also impacting the growth prospects of emerging market economies. The authorities, therefore, need to move swiftly to find a long-term solution to the problem. Problems in advanced economies with their spillover to other economies require coordinated policy responses. We maintain that the IMF is ideally placed for anchoring global policy coordination so as to remove the vulnerabilities and revive growth in the global economy on a sustainable basis.

Source:- Press Release, Ministry of Finance


With Regards
Prakash Verma
E. Id:- Prkverma@gmail.com
 
*******

Tuesday 9 October 2012

Economic Editors Conference 2012



DR. M.VEERAPPA MOILY DETAILS MCA INITIATIVES AT EEC 2012

Union Minister of Corporate Affairs Dr. M.Veerappa Moily today detailed the recent initiatives taken by his ministry for attaining an all – inclusive role of addressing a vide sweep of functions – Corporate Governance Reforms and the Emerging Legal Framework with a vision to facilitate corporate growth with enlightened regulation. Addressing media persons gathered at the annual Economic Editors Conference 2012 her in New Delhi he said the over all aim of these initiatives is to be responsive and sensitive to changes in the business environment and suitably formulate and modify corporate laws and regulations from time to time.

The Minister said we are meeting in a scenario which is growth driven with realistic optimism indicating an ever improving economic situation. The measures recently announced to accelerate the pace of reforms has not only sent a positive signal to the corporate sector but have auger well in the economic as a whole and I am glad that these measures have been whole-heartedly welcomed by different shades of objective opinions. That these announced measures are not a passing phenomenon is buttressed by the fact that on a single day i.e. 4th of October the inflow of FII was 0.8 billion US Dollars. What is more the movement of NIFTY in the recent past has been of the order of 25 % which is the highest in the corresponding period among all the major exchanges like NASDAQ (21%) and the German exchange (20%).

He said the Ministry of Corporate Affairs is tasked with the responsibility of not only regulating and overseeing governance of companies but indirectly our responsibility also extends to providing a suitable legal framework which allows businesses to play a role in the development by a country with of course involvement and policy inputs from a number of Ministries / agencies.

The corporate sector continues to grow at a steady rate. At present the number of companies incorporated is nearing a million mark. There is more to this figure - 2.00 lakh companies have been added in the last two years alone. This shows a high degree of corporatisation of businesses in the country and promises ever increasing role of corporates in the overall Indian growth story.

Dr. Moily referred to the Cabinet approval of a number of amendments to the Companies Bill introduced last year largely on the basis of the report of the Parliamentary Standing Committee on Finance. The amendments seek to fine tune the provisions of the Bill to make them more effective and serve the needs of the growth of the corporate sector. He however, dispelled the impression that one of the amendments makes the requirement to spend 2% of the average net profits of the last three years by the prescribed class of companies from non-mandatory to mandatory. He clarified that in the Companies Bill, 2011 as introduced, the stipulation is that the select class of companies “shall endeavour to ensure” expenditure as above on the CSR – if they fail to do so, the Director’s Report will explain the reasons for not being able to achieve the requisite target. All that the amendments propose to do is to remove the words ‘endeavour to’ from the earlier formulation. In other words, if a company fails to ensure achievement of the target, it is required to explain the reasons in its report as before and hence there is no material change in the situation as far as its mandatory nature or enforceability is concerned. He hoped that if legislative business proceeds smoothly in the Winter Session, the Bill will receive approval of both the Houses in that Session itself as it reflects the conscientious in the Standing Committee.

The minister also referred of a number of amendments in the Competition Act which not only seek to make functioning of Competition Commission of India more effective in the light of experience gained in its working but it also proposes a very healthy relation between the Competition Commission and other sectoral regulators. Sectoral regulators will be required to compulsorily refer issues concerning competition which arises within their jurisdictions to the Commission with a corresponding responsibility on the Competition Commission to refer any issue relevant to the jurisdiction of a sectoral regulator to that regulator. The amendment also seeks to enable laying down different thresholds for different classes of enterprise to attract the jurisdiction of the Competition Commission in matters of acquisitions and mergers etc.

Dr. Moily also mentioned of the recommendations made by a Committee of eminent business personalities under the Chairmanship of Shri Adi Godrej on adoption of 17 “Guiding Principles” to underpin the system of corporate governance in the country. He said SEBI is actively contemplating making these principles as part of its listing agreements and the MCA on its part is examining as to how these principles can form part of policy guidelines of corporate governance.

He also hoped of obtaining the endorsement of the Cabinet to the National Policy on Competition applicable to the Centre and States to serve as a forward linkage and extension of the Competition Act.

Dr. Moily said his ministry has taken serious note of the reported procedural bottlenecks, jurisdictional overlaps and systematic inertia coming in the way of Ease of Doing Business. Accordingly, a Committee under the chairmanship of Shri M. Damodaran, former Chairman, SEBI with a very eminent members has been appointed to address the issue in a larger perspective and to suggest measures to be taken by different Ministries and agencies to a provide friendly enabling environment for initiating and smooth conduct of business by entities both from this country and abroad.

The Minister also informed that a Committee constituted by the Ministry has prepared an Annual Business Responsibility framework, which has been shared with various stakeholders. He intimated that SEBI has already adopted this framework got top 100 listed Companies. The Ministry is examining opinion of stakeholders on this framework and will soon take a decision regarding implementing the same for specified class of Companies.

He recalled the Ministry’s primary responsibility of administration of the Companies Act, enforcement of its provisions and corporate regulation generally. In this sphere keeping a record of filing required under the law by the companies and making such stored information easily accessible to public and to regulators alike is the sine-qua-non on our existence. He also referred to the comprehensive interactive portal MCA21 which has made filing and retrieval of information and collation of data a very easy task. He said in fact this arrangement compares most favourably with the best in the world. It is the pioneering and functional portal amongst all organisations of Government of India. MCA21 will undergo further upgradation from January, 2013 in its next 8½ years' cycle for which Infosys has been chosen as the service provider following a very comprehensive technical and financial competition process. The portal will have still more advanced features and will encompass the Company Law Board, SFIO and the Official Liquidators organisations.

Source: Ministry of Corporate Affairs 


With Regards
Prakash Verma
E id: Prkverma@gmail.com