Page 11 - Banking Finance July 2019

ROUNDUP

INDUSTRY

PM nods for reconstitu- Govt eyes on labour reforms
Union Home Minister Amit Shah chaired a meeting with his cabinet colleagues
tion of Niti Aayog
to discuss amendments to the labour laws. Labour
The reconstitution of government
and Employment Minister Santosh Gangwar said
think tank
amendments to labour laws, in the form of four
NITI Aayog
codes, were one of the areas of discussion.
has re-
Sources said the government would push for pass-
ceived ap-
ing two codes - the Code on Wages and the Code
proval of
on Occupation Safety Health and Working Conditions - as a priority.
Prime Min-
i s t e r
Govt mulls Institute for valuers
Na rend ra
Modi. While The government is considering a law that will soon regulate valuation profes-
Vice-Chairman Rajiv Kumar continues sionals within the country and with an aim of that
in his post along with members VK an institute for valuers will be set up on the lines of
Saraswat, Ramesh Chand and VK bodies such as chartered accounts of India.
Paul, the ex-officio members now
“We now feel that we have enough critical mass to
include Defence Minister Rajnath
once again make an attempt to have national insti-
Singh, Home Minister Amit Shah, Fi-
tute for the valuers’ profession on the lines of ICAI
nance Minister Nirmala Sitharaman
(The Institution of Chartered Accountants of India),"
and Agriculture Minister Narendra
corporate affairs secretary Injeti Srinivas said.
Singh Tomar.
In terms of determining value of an asset, valuation
However, the list does not include
professionals play crucial role. Presently, with the introduction of insolvency and
the name of Bibek Debroy, a former
bankruptcy code in India, the role of the valuers assume even more importance.
permanent member.
Srinivas said, “Currently there are no guidelines or standards on valuation. As a
Meanwhile special invitees to NITI
result, there are hundreds of methodologies to determine the value of an as-
Aayog include Minister of Road,
set.” However, there is a regulatory framework on valuation, it is restricted to
Transport and Highways Nitin
two acts, namely, Companies Act, 2013 and Insolvency and Bankruptcy Code,
Gadkari; Minister of Social Justice
and Empowerment Thawar Chand 2016.
Gehlot; Minister of Railways Piyush The Insolvency and Bankruptcy Board of India (IBBI) recognizes registered
Goyal; and Minister of Statistics (In- valuers organisations (RVOs), registers valuers and monitors their conduct and
dependent) Rao Inderjit Singh.
performance in accordance with the rules.
BANKING FINANCE | JULY | 2019 | 11