Page 13 - Banking Finance December 2024

ROUNDUP

35 billion over the next five years to set (such as a bank) to convert illiquid as- charging infrastructure segment is
up large-scale solar, wind and hybrid sets into liquid ones, providing an alter- growing at a rate of 25-30 per cent
plants across different parts of the native source of funding. currently in India.
country," Adani said at a CEO panel Investors in these instruments receive To double this growth, investments
discussion on 'Role of young leaders for returns based on the performance of worth $20-30 billion would be required,
Viksit Bharat@2047' at an SBI-hosted the underlying debt pool, and the risk he said at the 'IESA India EV Fast Charg-
economic conclave here.
is spread across multiple assets, offer- ing Summit' in the national capital.
The company is setting up a 30,000- ing potentially attractive returns. The On PM E-Drive Scheme, Dash said "We
megawatt single-location renewable current framework is based on Sebi's (industry) all are waiting for the
energy plant in Khavda in Gujarat. 2008 regulations, with updates from scheme to be floated. A few of the
the Reserve Bank of India's (RBI) 2021 things the government is considering
Securitised debt instru- directions on securitising standard as- before outing the full scheme is they
sets. The Securities and Exchange
ments: Sebi for new Board of India (Sebi) is now consider- are trying to (figure out) state-wise
demand allocation, considering the
norms ing updates to the regulatory frame- density of the vehicles in different lo-
work for securitized debt instruments
Market regulator Securities and Ex- calities in states and cities."
change Board of India (Sebi) has pro- and sought public comments till No-
posed new regulations that include a vember 16 on the proposals. Soon India will have first
minimum investment threshold of Rs 1
crore for participants engaged in Need $30 billion in EV coal exchange: Minister
securitisation activities. This initiative, charging growth Union minister G Kishan Reddy said
targeting both RBI-regulated origina- that India's first coal exchange would
tors and unregulated entities, seeks to India needs investment worth $20-30 be set up soon. A coal exchange is likely
streamline investment processes and billion in the EV charging infrastructure to facilitate more sellers and buyers to
protect investor interests. to double the pace of growth of the trade coal as a commodity.
segment, industry body IESA said.
SDIs are financial products created by Talking to reporters on the sidelines of
pooling together various types of debt It is a very niche segment which has an event here, Reddy said that coal
-- such as loans, mortgages, or receiv- just started picking up in the country, exchange is likely to come up soon. The
ables -- and then selling them as secu- India Energy Storage Alliance (IESA) plan for setting up the coal exchange
rities to investors. This process, known President Debi Prasad Dash said. was discussed in a recent meeting, he
as securitisation, allows the originator Sharing his estimates, Dash said the EV said further. The establishment of a
coal trading exchange in the country
would open up the coal market
GST returns set to become time-barred after 3 years through an online trading platform.
from 2025
Need to be very careful of
The Goods and Services Tax Network (GSTN) has released an advisory noti-
fying taxpayers that the GST portal will soon introduce a restriction on fil- crypto currency says DFS
ing certain GST returns more than three years past their due date. secy
GSTN also announced that these changes, which limit GST return submis- Echoing the Reserve Bank of India's
sions after a three-year period, will be implemented on the GST portal be- concerns, M Nagaraju, Secretary of
ginning early 2025. This change aims to curb evasion and promote compli- the Department of Financial Services,
ance in a timely manner and for better regulation and fact checking. expressed scepticism about crypto cur-
"To avoid pitfalls and lapses, one must regularly review one's GST returns rencies and stressed the need for cau-
and verify GSTIN details to ensure accuracy. In case of any inaccuracy, one tion regarding such asset classes.
can amend such returns before the deadline," said Jasmine Damkewala, Speaking at the State Bank of India
Senior Partner at Circle of Counsels and Advocate. (SBI) Economic Conclave, Nagaraju

12 | 2024 | DECEMBER | BANKING FINANCE