In the Union Budget 2020, Union Minister of Finance Corporate Affairs Nirmala Sitharaman had made an announcement for setting up an International Bullion Exchange at the International Financial Services Centre in GIFT City, Gandhinagar, Gujarat.
Subsequently, the Government of India had notified the bullion spot delivery contract and bullion depository receipt (with bullion as underlying) as Financial Products and related services as Financial Services under the International Financial Services Centres Authority (IFSCA) Act, 2019.
IFSCA has been entrusted with the responsibility of operationalization of this Exchange. In this regard, International Financial Services Centres Authority (Bullion Exchange) Regulations 2020 were approved by the Authority in its meeting held on October 27. The said regulations have been notified and published in the Gazette of India on December 11.
The regulations inter alia cover the Bullion Exchange, Clearing Corporation, Depository and Vaults. The regulations are divided into the 16 chapters. First half of the regulation deals with the Exchange and Clearing Corporations while the second half pertains to the Vaults and Depositories and related provisions.
The complete text of the notified regulations is available on the IFSCA website at https://ifsca.gov.in/Regulation
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman today held Video Conference with Secretaries of the Ministries of Power, Mines and Department of Atomic Energy and the CMDs of 10 CPSEs belonging to these Ministries, to review the capital expenditure (CAPEX) in this financial year.
This was 5th in the ongoing series of meetings that the Finance Minister is having with various stakeholders to accelerate the economic growth in the background of COVID–19 pandemic.
The overall achievement as on 23rd November is Rs.24227 crore (39.4%) against the CAPEX target for 2020-21 i.e. Rs.61483 crore.
While reviewing the performance of CPSEs, Sitharaman said that CAPEX by CPSEs is a critical driver of economic growth and need to be scaled up for the FYs 2020-21 & 2021-22.
The Finance Minister appreciated the efforts of the Ministries and CPSEs for making visible efforts to meet out the CAPEX targets. However, Sitharaman said that more efforts are still required to achieve the target of 75% CAPEX by Q3 and more than 100% by Q4 of the FY 21.
The Finance Minister encouraged the CPSEs to perform better to achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time.
Sitharaman asked the Secretaries to closely monitor the performance of CPSEs in order to ensure to achieve the target of CAPEX and make plan for it. She also asked the Secretaries to proactively sort out the unresolved issues of the CPSEs.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman today held Video Conference with Secretaries of the Ministries of Petroleum & Natural Gas and Coal, along with the CMDs of 14 CPSEs belonging to these Ministries, to review the capital expenditure (CAPEX) in this financial year. This was 4th in the ongoing series of meetings that the Finance Minister is having with various stakeholders to accelerate the economic growth in the background of COVID–19 pandemic.
In FY 2019-20, against the CAPEX target of Rs. 1,11,672 crore for these 14 CPSEs, the achievement was Rs. 1,16,323 crore i.e. 104%. FY 2019-20, H1 achievement was Rs. 43,097 crore (39%) and achievement of FY 2020-21, H1 is Rs. 37,423 crore (32%). CAPEX target for 2020-21 is Rs. 1,15,934 crore.
While reviewing the performance of CPSEs, Sitharaman said that CAPEX by CPSEs is a critical driver of economic growth and need to be scaled up for the FYs 2020-21 & 2021-22. The Finance Minister asked the concerned Secretaries to closely monitor the performance of CPSEs in order to ensure the capital expenditure to the tune of 75% of the capital outlay by the end of Q3 of FY 2020-21 and make appropriate plan for it. Sitharaman expounded that more co-ordinated efforts are required at the levels of Secretary of concerned Ministries and CMDs of CPSEs to achieve CAPEX targets.
While mentioning the significant role of CPSEs in giving a push to the growth of the Indian economy, the Finance Minister encouraged the CPSEs to perform better to achieve their targets and to ensure that the capital outlay for FY 2020-21 is spent properly and within time. Sitharaman said that better performance of CPSEs can help the economy in a big way to recover from the impact of COVID-19.
The CPSEs CAPEX review is carried out jointly by Department of Economic Affairs and Department of Public Enterprises.
