Page 10 - BANKING FINANCE JUNE 2016
P. 10
ROUNDUP
INDUSTRY
PFRDA to train 75,000 people to drive NPS India moves a step closer
Pension fund regulator PFRDA proposes to train 75,000 people who will form a to adopting a new bank-
"totally committed" workforce for the implementation of ruptcy law
government's National Pension System. As per the Request for
Proposal, the regulator proposes to cover 600 district head India has moved
quarters across the country covering about 45 participants per a step closer to
session with an objective to train around one employee per adopting a new
bankruptcy law after the Lok Sabha
branch/uploading office. There would be about 1,670 sessions. passed the legislation.
Welfare fund to utilize unclaimed fund If approved by Rajya Sabha, the law
will ensure time-bound settlement of
Government has set up a welfare fund which will utilise unclaimed money, esti- insolvency, enable faster turnaround
mated to be in excess of Rs. 9,000 crore, lying in PPF, em- of businesses and create a data base
ployees provident fund and small savings schemes to pro- of serial defaulters-all critical in re-
vide healthcare facilities and pension to senior citizens. solving India's bad debt problem
According to a notification, public institutions, such as post which has crippled bank lending. The
offices and Employees' Provident Fund Organisation (EPFO) creation of the law will also improve
will be required to assess the unclaimed amounts and transfer them to the 'Se- India's position in the World Bank's
nior Citizens Welfare Fund' before March 1 every year. Doing Business ranking.
Service tax relieved for business limiting to Rs 5,000 The lower house passed The Insol-
vency and Bankruptcy Code, 2016,
The finance ministry has exempted business entities from with all the amendments proposed by
paying service tax for various registrations and other the joint parliamentary committee
government services where the gross amount payable being accepted by the government.
does not exceed Rs. 5,000. The latter include testing,
safety check or certification and some approvals. Even though the National Democratic
Alliance (NDA) is in a minority in the
ITC to resume making cigarettes upper house, where the opposition
has held up key legislations, the en-
ITC said it will soon resume manufacturing of ciga- dorsement of the parliamentary com-
rettes at its factories, which it had suspended from mittee, which included members from
April 1 over the large pictorial warming issue. "Con- all political parties, may smoothen
sequent upon a High Court order passed in favour of the law's passage in the Rajya Sabha.
the company, the company will soon resume manu-
facturing of cigarettes at its factories," ITC said.
10 | 2016 | JUNE | BANKING FINANCE
Copyright@ The Insurance Times. 09883398055 / 09883380339
