Citizens' Issues
Odd, even number vehicles to ply in Delhi on alternate days
In a bid to curb rising pollution, the Delhi government on Friday decided that odd and even number vehicles will ply on alternate days in the capital from January 1, official sources said.
 
The decision, taken at a meeting presided over by Chief Minister Arvind Kejriwal, will not apply to CNG-driven buses, taxis and auto-rickshaws but will cover vehicles entering Delhi from other states too. 
 
The Delhi government has also decided to shut down south Delhi's Badarpur power plant, one of the coal-based plants of the NTPC.
 
The government will also launch a web based App which people can use to report about polluting vehicles in the capital.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

RBI extends e-payment facility for imports
A new set of consolidated guidelines are applicable to both the export and import transactions
 
In order to exercise regulatory control over e-commerce transactions, specifically to the cross border transactions, Reserve Bank of India (RBI) vide its circular dated November 16, 2010 on “Processing and Settlement of Export related receipts facilitated by Online Payment Gateways” had issued a set of guidelines. Under these guidelines the Authorised Dealer Category- l (AD Category-l) banks were permitted to offer the facility to repatriate export related remittances only by entering into standing arrangements with Online Payment Gateway Service Providers (OPGSPs) in respect of export of goods and services.
 
However, in order to expand the ambit of e-commerce transactions, RBI has recently come up with the circular dated September 24, 2015 on “Processing and settlement of import and export related payments facilitated by Online Payment Gateway Service Providers” wherein “it has been decided to permit AD Category-l banks to offer similar facility of payment for imports by entering into standing arrangements with the OPGSPs”.
 
This article discusses the new set of consolidated guidelines applicable to both the export and import transactions routed through standing arrangement between AD Category-l and OPGSPs.
 
The AD Category-I banks entering into standing arrangements are firstly required to report the details of each such arrangement as and when entered into to the Foreign Exchange Department, Central Office, Reserve Bank of India, Mumbai. In order to operationalise such arrangement/arrangement(s) AD Category-I banks shall ensure the following:
 
  1. carry out the due diligence of the OPGSP;
  2. maintain separate Export and Import Collection accounts in India for each OPGSP;
  3. satisfy themselves as to the bonafides of the transactions and ensure that the related purpose codes reported to the Reserve Bank are appropriate;
  4. submit all the relevant information relating to any transaction under such arrangements to the Reserve Bank, as and when advised to do so; and
  5. conduct the reconciliation and audit of the collection accounts on a quarterly basis.
Mandates for operating as OPGSP
 
Foreign entities:
 
Before entering into an arrangement with the AD Category-I banks, foreign entities would be required to open liaison office in India with the prior approval of the RBI. In this regard, it will have to adhere with the following:
 
  1. ensure adherence to the Information Technology Act, 2000 and all other relevant laws / regulations in force;
  2. put in place a mechanism for resolution of disputes and redressal of complaints;
  3. create a Reserve Fund appropriate to its return and refund policy and
  4. onboard sellers, Indian as well as foreign, following appropriate due diligence procedure.
 
Also, resolution of all payment related complaints in India shall remain the responsibility of the OPGSP concerned.
 
Domestic entities:
 
Indian entities functioning as intermediaries for electronic payment transactions intending to undertake cross border transactions are required to maintain separate accounts for domestic and cross border transactions. 
 
Guidelines for import and export transactions
 
The following table enumerates the salient features of the export and import transactions undertaken through standing arrangement between the AD Category-I banks and OPGSP:

User

“Corporatising” state-run firms is an alternative to improve their viability: PM Modi
PM Modi, while criticising divestment or closure of loss-making state-run firms, said that if labour strike happens then there will be a photo on the front page saying 'Modi murdabad, Modi murdabad'. This will not do.
 
The government can look at corporatising state-run firms as an alternative in order to improve their viability, since divesting them or closure were not the only available options, pointed out PM Modi in an interaction with the press. "Do we have only two ways to improve things one either disinvest them or shut them down? But there is a third way which is to corporatise it and change its work culture. Bring efficiency and make it apolitical and we can change things," he said while speaking at the Hindustan Times Leadership Summit in New Delhi. He proudly claimed that shipping companies which were in distress earlier have become profitable. "In our country reformists would say that you do disinvestment. If we do, then they would say this government has done 'very good'. If strike happens then there will be a photo on front page saying 'Modi murdabad, Modi murdabad',” the Prime Minister pointed out in distress. This will not do. It is not clear what Modi meant by “corporatising” because public sector companies are indeed companies. Maybe he meant restructuring their operations.
 
The PM added that he had reviewed stalled projects and found that about 60-65 projects had started working satisfactorily. Dabhol power plant in Maharashtra, which was also not working for past two years, has also started working and power generation has begun from there, pointed out PM Modi. 

User

COMMENTS

MG Warrier

1 year ago

Let us not debate ‘corporatizing’ and divestment or their merits and demerits. The issue is, nation’s resources need to be managed better, whether they are owned in ‘public’ or private sector.
For historic reasons, GOI has been able to retain the management of funds with statutory bodies and to some extent even bank deposits. This is a healthy feature and has saved the country from financial sector turmoil of the kind faced by emerging economies in recent times.
But, there are some unhealthy practices followed by government in regard to management of public resources including finance, which, if not corrected at this stage of economic development can invite future trouble. To be specific, they relate to the assumed ownership rights being exercised by finance ministry in regard to nation’s savings.
It is in this context, we have to view the transfer of resources from organisations like LIC or EPFO to organisations in public/private sector or use of legislation to create captive sources for funding public debt with caution. Gradually, GOI should try to make their own transactions market-related and institutions like LIC, EPFO and banks should be guided to manage their funds efficiently on par with their counterparts in the private sector. Simultaneously private sector which is also dependent on ‘public’ resources should be guided to infuse prudence and professionalism in management of resources.
M G Warrier, Mumbai

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)