Page 15 - Banking Finance July 2022

ROUNDUP

The objective of the scheme is to en- mal' monsoon rainfall this season, the Putting in place a stricter framework,
sure comprehensive care and protec- India Meteorological Department the ministry has now mandated secu-
tion of children in a sustained manner (IMD) further refined its prediction rity clearance for individuals from coun-
by providing them boarding and lodg- towards upper limit of the normal cat- tries sharing land borders with India to
ing, empowering them through educa- egory with greater probability of spa- be appointed as directors on the
tion and scholarships, equipping them tially "well distributed" rains in most boards of Indian companies.
for self-sufficient existence with finan- parts of the country, including the criti-
Amendments have been made in rules
cial support of Rs 10 lakh on attaining cal 'core monsoon zone' consisting of
pertaining to appointment and qualifi-
23 years of age and ensuring their the rainfed agricultural regions.
cation of directors under the Compa-
wellbeing through health insurance.
The "well distributed" rainfall will nies Act, 2013.
An online portal by the Government boost the upcoming sowing operations "In case the person seeking appoint-
was launched to register the children. across India and give much needed ment is a national of a country which
The portal is a single window system spurt to farm sector growth and to the shares a land border with India, nec-
which facilitates the approval process overall economy. If the forecast holds essary security clearance from the
and all other assistance for children. out, it will be the fourth consecutive Ministry of Home Affairs, Government
year of normal/above normal monsoon of India shall also be attached along
US crosses China to be rainfall. The last such four consecutive with the consent," the notification,
years of normal/above normal mon- dated June 1, said.
India's biggest trading
soon were recorded during 2010-13
Besides, for such persons, the applica-
partner and 2005-08.
tion number will not be generated
The US surpassed China to become
For farming operations, fairly well-dis- when they apply for the Director Iden-
India's top trading partner in 2021-22,
tributed rainfall across regions during the tification Number (DIN) unless the ap-
reflecting strengthening economic ties
entire monsoon period (June-September) plication is submitted along with nec-
between the two countries.
is more important than quantitatively essary security clearance from the
According to the data of the Com- higher rainfall for a limited period. This home ministry, as per the notification.
merce Ministry, in 2021-22, the bilat- time, however, both parameters augur
eral trade between the US and India well for the farm sector. Bank branches in GIFT-IFSC
stood at $119.42 billion as against
allowed to act as profes-
$80.51 billion in 2020-21. Exports to
Govt amends norms for
sional clearing members of
the US increased to $76.11 billion in
appointment of company
2021-22 from $51.62 billion in previous bullion bourses
fiscal year, while imports rose to directors
The Reserve Bank of India has allowed
$43.31 billion as compared to about
The government has put in place branches of Indian banks operating in
$29 billion in 2020-21.
stricter norms for appointment of in- Gujarat International Finance Tech-
During 2021-22, India's two-way com- dividuals from certain countries, in- City-International Financial Services
merce with China aggregated at cluding China, as directors on the Centre to act as professional clearing
$115.42 billion as compared to $86.4 boards of Indian companies, by making member of India International Bullion
billion in 2020-21, the data showed. security clearance mandatory for such Exchange IFSC Ltd.
individuals.
"The instructions are applicable to do-
IMD predicts well-distrib- In recent, the corporate affairs minis- mestic scheduled commercial banks
try has made various amendments to (including foreign banks operating
uted rains this year; farm
rules in terms of applicability for com- through a wholly owned subsidiary in-
sector will get boost panies and individuals from countries corporated in India), which are
Sticking to its earlier forecast of 'nor- that share land borders with India. authorised to deal in foreign exchange

BANKING FINANCE | JULY | 2022 | 15