The uncertainty in the global markets due to recent developments in United States of America (USA) and Euorzone have had some impact on capital markets in India. The economy, however, is basically domestic demand driven, as about 85 per cent of its GDP is from domestic sources. The calibrated approach to capital account convertibility has prevented surge and reversal of debt creating capital flows.
Government takes Various Steps to Curb Circulation of Fake Currency The steps taken by the Government to curb circulation of Fake Indian Currency Notes (FICN) in the country include stepping up of vigilance by the Border Security Force and Custom authorities to prevent smuggling of fake notes; dissemination of information on security features through print and electronic media and formation of Forged Note Vigilance Cells in all the Head Offices of the banks.
FEMA Violations – The Foreign Exchange Management Act, 1999 is a civil act in nature as such there is no provision for launching the prosecutions. During the last three years i.e. 2009-10,2010-11 and 2011-12 (upto July 2011) , the Directorate of Enforcement has issued 990 Show Cause Notices to various persons/firms under Foreign Exchange Management Act,1999 (FEMA), for initiating the adjudication proceedings.
Central and State Governments take various measures from time to time to promote and popularize small saving schemes through print and electronic media as well as holding seminars, meetings and providing training to the various agencies involved in mobilising deposits under these schemes.
Branch Expansion of Foreign Banks in India -As on 29.8.2011, 38 foreign banks are functioning with 321 branches in India. Reserve Bank of India has given following approvals for opening maiden branch/branch expansion in India during 2010 and 2100.
The Government and the Securities and Exchange Board of India (SEBI) have put in place mechanisms to monitor and assess foreign institutional investments. These mechanisms help to promote safe, transparent and efficient markets and protect market integrity. The systems established include advanced risk management mechanisms comprising of on-line monitoring and surveillance, circuit filters, prescription of limits on positions etc.
The Union Minister for Commerce, Industry and Textiles, Shri Anand Sharma has expressed confidence that India will have its first National Manufacturing Policy in the month of September 2011. Speaking at the National Council Meeting of Confederation of India Industry (CII), Shri Sharma said that among the various policies set for roll out ‘National Manufacturing Policy has reached the final stage and hopefully within this month of September it will become a reality.
India Post has signed a Memorandum of Understanding (MOU) with M/s VFS Global to provide visa related services for different countries through Post Offices. Memorandum of Understanding between India Post and M/s VFS Global was signed here on 30.08.2011 in the presence of Secretary, Department of Posts and senior officers from Department of Posts and VFS Global. The MOU sets out broad understandings and intentions of both the parties to provide visa related services at places where they are not currently available.
Under attack from Team Anna and the Opposition for Income Tax office slapping a notice on activist Arvind Kejriwal to pay dues, government on Friday said it has no intention of being ‘revengeful’ and described the development as a ‘routine affair’. ‘It is unfair that allegations are made against government departments about their routine duties.
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