Income Tax Appellate Tribunal (ITAT) Income Tax Appellate Tribunal (ITAT) is a quasi-judicial institution set up in 1941 under section 5A of the Income Tax Act, 1922. Initially, it had three Benches at Delhi, Kolkata and Mumbai. But presently ITAT…
Security in Gig Economy Gig Economy: A gig economy is a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements. It is also called as “flex economy” or “mobile economy,” Workers…
Natural Gas Marketing Reforms The government brought a series of reforms in Gas sector and as a result investment of more than Rs. 70,000 crore is being made in the East coast. To increase the share of gas in the…
National Securities Depository Limited(NSDL) NSDL, one of the largest Depositories in the World. India had a vibrant capital market which is more than a century old, the paper-based settlement of trades caused substantial problems like bad delivery and delayed transfer…
Prevention of Money-laundering Act, 2002 (PMLA) Government introduces Bill to amend the Prevention of Money-laundering Act, 2002 through Finance Act, 2018. The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain…
Bilateral netting The Economic Survey 2020 advocated introducing Bilateral netting for financial sector in India and government is planning to introduce Bilateral Netting of Qualified Financial Contracts Bill, 2020. According to the Survey, “A bilateral netting agreement enables two counterparties…
Do we need a fiscal council? Fiscal councils are independent agencies with a mandate to assess fiscal policies, rules and performance of government. Functions improves democratic accountability by fostering transparency. discourages populism and opportunistic shift in fiscal policy ( e.g, pre-electoral spending…
Financial Action Task Force (FATF) The Financial Action Task Force (FATF) is an inter-governmental body that was established by the G-7 Summit held in Paris in 1989 to examine and develop measures to combat money laundering. In 2001, the FATF…
Urban, multi-State coop banks to come under RBI supervision Currently, urban and multi-state co operative banks are under dual regulation of RBI and Registrar of Cooperative societies. The ordinance passed by the cabinet brings these banks completely under the regulations…