Government Calls for Public Feedback/Comments on a Common Clearing System for all Commodity Exchanges in the Country

Government Calls for Public Feedback/Comments on the Report of the Working Group on Road Map and Structure for a Common Clearing System for all Commodity Exchanges in the Country 

The Government of India is in the process of strengthening the clearing and settlement system for commodity future trading in the country. As a part of this process, Department of Economic Affairs vide its order dated 10th June 2014 had set-up a Working Group to prepare a road map and structure for a common clearing system for all commodity exchanges in the country in order to reduce transaction cost of market participants as well as to strengthen the risk management systems. The Working Group has submitted its Report to the Department. 

As a part of the transparency enhancing mechanism and therefore, to obtain public comments, the Report of the Working Group has been hosted on the website of the Ministry of Finance at as well as MyGov Platform. 

Feedback/comments on the said Report may be sent to Shri Lekhan Thakkar, Director(D), Commodity Derivatives Markets Division, Department of Economic Affairs, Ministry of Finance at within 30 days from the date of uploading of this Press Release on the website of this Ministry. 

Prime Minister to Interact with Bankers during Bankers Retreat; Two Day Bankers’ Retreat called ‘Gyan Sangam’ to be held in Pune on 2nd and 3rd January, 2015 to Prepare a Blue Print of Reform Action Plan for Banking Sector 

            The Government of India is conscious of the fact that Banking Sector, particularly Public Sector Banks (PSBs), require some major reforms.  While the major points of reform are being discussed on many occasions, the fine print of reforms needs to be outlined.  It is important that all the stake holders come together and prepare the outline of such a blue print.  With a view to have wider consultation with major stake holders, the Department of Financial Services (DFS), Ministry of Finance is planning to organise a top level “Retreat for Banks and Financial Institutions” to be called “ज्ञान संगम” at National Institute of Banking Management (NIBM)/CAB, Pune, Maharashtra on 2nd and 3rd January, 2015.   The Retreat will be attended by the Union Finance Minister Shri Arun Jaitley, Minister of State for Finance Shri Jayant Sinha, RBI Governor, Dr. Raghuram Rajan, Finance Secretary Shri Rajiv Mehrishi, Secretary, Department of Financial Services (DFS) Dr. Hasmukh Adhia and all CMDs of Public Sector Banks (PSBs) and Financial Institutions(FIs).

            The Prime Minister Shri Narendra Modi will also be present at this Retreat on the second day in the Concluding Session.

2.         The objectives of this retreat are as follows:-

(i)                  To create a platform for formal and informal discussions around the issues which are important for banking sector reforms.
(ii)                To achieve a broad consensus on what has gone wrong and what should be done both by banks as well as by the Government to improve and consolidate the position of PSBs.
(iii)               To get some out of box ideas from prominent experts in the field as also from the top level managers attending the retreat.
(iv)       The final objective would be to prepare a blue print of reform action plan once adopted which could then be implemented by the banks as well as by the Government.
 3.         Structure of the Retreat:-
(i)         Formal start of Retreat 
            (ii)        Session by prominent experts in the field.
            (iii)       Group discussions in six Groups.
(iv)       Session on sharing / demonstration of best practices and technology.
            (v)        Group presentations and Draft Action Plan.

4.         Topics for Group discussion:-
(i)         Consolidation and re-structuring of PSBs for better efficiency and capitalisation needs.
(ii)        Effective Risk Profiling and Recovery Mechanisms.
(iii)       Human Resources related issues with special focus on training and motivation of staff.
(iv)       Global practices and use of technology in banking operations.
(v)        Financial Inclusion / Financial Literacy and Direct Benefit Transfer.
            (vi)       Priority Sector Lending and Interest Subvention Schemes.

                                              The Outline of Reform Action Plan would be presented to the Prime Minister at 4 PM on 3rd January, 2015 at the Retreat.  Then, further deliberations will take place on this in the presence of the Prime Minister.         

            Centre for Advanced Financial Research and learning (CAFRAL) which is an advanced training institute of RBI will be the Nodal Agency for organizing this event.

Shri J P Nadda:Central team sent to Sambalpur to assist State to manage Jaundice cases 

Further to some reports of cases of Hepatitis (Jaundice) in Sambhalpur district in Odisha, the Minister for Health and Family Welfare, Shri J P Nadda, has directed for immediate dispatch of a central team consisting of one member from NCDC and one from ICMR toassist the state government. The two-member team will leave for Sambhalpur tomorrow. This team will visit the affected areas, meet the concerned field level officers and report on the epidemiological aspects of the outbreak. The team will also assess additional requirements to deal with the situation and suggest measures for prevention and containment. 

Additionally, DG, ICMR is advising the Regional Medical Research Center of ICMR Bhubaneshwar to render appropriate assistance to the state government. 

Visit of Union Home Minister Shri Rajnath Singh to Assam 

Union Home Minister Shri Rajnath Singh is visiting Assam today and will hold a meeting with the Chief Minister, Shri Tarun Gogoi and senior officers of the State Government and unified command at Guwahati in the evening. 

Shri Rajnath Singh will hold another meeting tomorrow morning with the local administration, law enforcement agencies and local tribal leaders at Biswanath Chariali, District Sonitpur. 

Rajnath Singh expresses happiness over Bharat Ratna to Malaviay and Vajpayee 

The Union Home Minister, Shri Rajnath Singh has expressed his happiness over the award of Bharat Ratna to Pandit Madan Mohan Malaviya (posthumously) and to Shri Atal Bihari Vajpayee. 

The award of Bharat Ratna to Shri Atal Bihari Vajpayee by the President of India on the recommendations of the Prime Minister of India has come at a right time, says Union Home Minister Shri Rajnath Singh. 

Union Home Minister appeals all to maintain peace 

The Union Home Minister, Shri Rajnath Singh appealed to all sections of society to maintain peace in Kokrajhar and Sonitpur districts of Assam. He said that the situation was reviewed in a high level meeting, including senior officers of Ministry of Home Affairs and Ministry of Defence. 

Shri Rajnath Singh further informed that additional 50 CAPF Companies have been provided to Assam for maintaining peace in the State. 

Amendment for the seats in the Legislative Council for the successor State of Andhra Pradesh in Andhra Pradesh Reorganisation Act, 2014 

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for amending section 23(1) and section 23(2)(i)(a) of the Andhra Pradesh Reorganisation Act, 2014 to rectify the anomaly in allocating the number of seats in Andhra Pradesh State Legislative Council and to enhance the total number of seats to 58 as per the provisions of the Constitution. 

Since the existing strength of Andhra Pradesh Legislative Assembly is 175 and 1/3rd of its strength is constitutionally permissible, it is hence proposed to increase the strength to 58 MLCs from current strength of 50 MLCs. 

Setting up of Expert Study Group for tackling Cyber Crimes 

Recently, various issues relating to Cyber Crimes have been flagged at various fora including Parliament. India with a fast growing economy is susceptible to International and domestic Cyber attacks and there is a need to ensure Cyber Crime free environment. There has been almost 40 percent annual increase in cyber crimes registered in the country during the past 2-3 years. 

In order to comprehensively address the issues of Cyber Crimes, Union Home Minister Shri Rajnath Singh has approved the setting up of an Expert Group consisting of Academicians and Professionals of repute to prepare a roadmap for effectively tackling the Cyber Crimes in the country and give suitable recommendations on all facets of cyber crime. 

The five-member Expert Study Group comprises of Dr. Rajat Moona, Director General CDAC, Pune, Professor Krishnan, Indian Institute of Science, Bengaluru, Dr. Gulshan Rai, Director General Cert-In, Dr. Manindra Aggarwal, Professor Computer Science, IIT, Kanpur and Dr D. Dass, Professor IIIT, Bengaluru. Shri Kumar Alok, Joint Secretary (Centre State), MHA will be the Convenor. 

The Terms of Reference of the Expert Group are: 

I. To prepare a Road Map for effectively tackling the Cyber Crime in the country and give suitable recommendations on all its facets. 

II. Recommend possible partnerships with Public and Private Sector, NGOs, International Bodies and International NGOs. 

III. Any other special measures/ steps the Expert Group may like to recommend with regard to tackling Cyber Crimes. 

Legal and administrative framework to check acid attacks 

The Government has taken a number of steps in the past to regulate sale of acid, increase punishment for perpetrators of acid attack, compensation for the victims etc. However, more needs to be done as victims of acid attack suffer a lot. The Government has been receiving suggestions from various corners to not only contain the menace of acid attack but also create a mechanism for quick relief and rehabilitation of the acid attack victims. 

Showing utmost concern to the victims of acid attacks, the Union Home Minister, Shri Rajnath Singh has approved the following measures to strengthen legal and administrative framework to check acid attacks: 

In order to regulate the sale of acid, a web application having functionalities like registration of stockists and retailers, issue of licenses by the District administration, targeting sale of acid to individuals only after recording personal details like proof of identity and proof of address of the purchaser will be developed. This measure will considerably reduce unauthorized sale of acid in the country. 

The victims of acid attack need to be treated by the hospitals in a hassle free manner. The Ministry of Home Affairs will develop a new mechanism in consultation with the Ministry of Health and Family Welfare, Ministry of Finance and Insurance companies so that the victims of acid attacks are treated on cashless basis and the treatment amount is paid from the Central Victim Compensation Fund which is proposed to be set up by MHA. 

All such cases where maximum punishment of life imprisonment or death sentence is possible will be categorized as ‘Heinous Crimes’. As per Criminal Law (Amendment) Act 2013, trial of offences under Section 376A-D of IPC, are to be completed within 60 days. Extending this provision further, suitable amendments in CrPC will be made for time bound investigation and trial of all cases related to heinous crimes. 

Government also proposes to bring suitable amendments in law to fix time frame for disposal of appeals by courts especially in cases of heinous crimes including acid attack to ensure speedy justice. 

Steps will be taken to include acid attack victims in the category of Physically Challenged Persons/persons with disability so that they are able to access the benefits of reservation, training, self-employment loan etc. as admissible to the physically challenged persons. This will help in rehabilitation of acid attack victims. 

Press Note 

Extension of Date of CBSE Expression Series on ‘Good Governance’ 

In compliance with the instruction of Hon’ble Delhi High Court, the online essay competition on ‘Good Governance’ being held on 25th December, 2014 as a part of the CBSE Expression Series will now be extended to 26th December, 2014 as well.

Hence, the competition will now be open and the links on the CBSE website active between 9.00 am to 5.00 pm on both days, i.e. 25th and 26th December, 2014.  All other details given in Circular No. Acad- 48/2014 available on the CBSE website (www. will remain the same.
Government Calls for Public Feedback/Comments on a Common Clearing System for all Commodity Exchanges in the Country Government Calls for Public Feedback/Comments on a Common Clearing System for all Commodity Exchanges in the Country Reviewed by Ajit Kumar on 7:12 PM Rating: 5

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