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The <keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword> on Wednesday dismissed the pleas of auditors of debt-ridden IL&amp;FS -- <keyword id="115294" type="COMPANY" weightage="20" keywordseo="Deloitte-Haskins">Deloitte Haskins</keyword> &amp; Sells and <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the <keyword id="3778499" type="COMPANY" weightage="20" keywordseo="NATIONAL-COMPANY">National Company</keyword> Law Tribunal, saying it can not be termed as "illegal". The NCLT had directed them to implead the auditors and independent directors as party. The NCLT is empowered to pass order to implead them under Section 242 of the Companies Act, 2013 in a petition under Section 241(2) if "it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest", the appellate tribunal further said. "Once such opinion is formed by the Tribunal, it may pass any order as it deem fit and proper,"said the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairperson Justice S J Mukhopadhaya. The case relates to IFIN, a subsidiary of IL&amp;FS. Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed. "As rules of natural justice are to be followed, if any order is passed against one or other, including investigation, it is always open to the Tribunal to ask such party to be impleaded," the NCLAT said. The MCA had asked the NCLT to freeze the assets of the former auditors in the case, involving alleged fraud in IFIN. The appellate tribunal, however, granted relief to both the auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. After the judgment was pronounced by the NCLAT in the open court, a request was made by counsels, representing accounting firms and other independent directors, to allow the interim order passed by it on July 29, 2019 for two weeks, which was accepted by the appellate tribunal. "We allow the prayer and continue the interim order passed on 29th July, 2019 for another two weeks," the bench said. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and independent directors of IL&amp;FS. Earlier on July 23, the NCLT had allowed the plea of the <keyword id="6376435" type="COMPANY" weightage="20" keywordseo="ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> (MCA) to implead the auditors and independent directors of IFIN. Moreover, visualsing the possible impact of IL&amp;FS crisis on the Indian economy, the NCLAT in its 72-page-long order said that various acts "prejudicial to public interest" have been highlighted, which has cascading impact on various sectors of economy and even the <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> -- which is responsible for the financial stability of the country -- too has raised "Red Signals" of the likely collapse of 'IL&amp;FS' in its confidential note dated September 30, 2018. "In the circumstances, before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal is of the opinion that it requires to give appropriate hearing to the concerned parties, including those who audited 'IL&amp;FS' and/ or those who have managed or were concerned with 'IL&amp;FS' or its Group Companies, it cannot be held to be illegal. "We find no merit in these appeals. They are accordingly, dismissed," the NCLAT said. The central government had submitted that the act of fraud perpetuated is on account of "mis-representation and falsehoods about the financial state of affairs" of the concerned company, which has jeopardized the financial health apart from causing serious damage and financial loss to various stakeholders. However, the tribuanl said that as the matter is still pending before the NCLT, it is "not inclined to express any opinion whether the allegations made against one or other require further investigation and the order what is required to be passed in public interest". While commenting on the development, Deloite India spokesperson said: "We will review the written order before determining our further course of action, which may include an appeal". Auditors cannot be treated as part of the management which is responsible for managing the affairs of the company and therefore should not be charged, the spokesperson said. "We will continue to present and protect its position, supported by the facts, to the relevant authorities. The firm remains committed to high standards of audit quality and ethical conduct in its professional practice," he added. There was no immediate comment from KPMG.

In the IL&FS scam, auditors will not be left off the hook for their role

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the <keyword id="144110" type="General" weightage="80" keywordseo="department-of-economic-affairs" source="Orion">Department of Economic Affairs</keyword>, under the Union Finance Ministry, said. In a recent report, the Department of Economic Affairs said the country's external debt continues to be sustainable and prudently managed. "As at end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago. External debt as a ratio to GDP (gross domestic product) was 19.9 per cent, while reserves to external debt ratio was 97.8 per cent," the report said. The sovereign debt at $130.7 billion rose higher by 17.1 per cent over its level a year ago, mainly because of additional allocation of special drawing rights (SDR) by the IMF during 2021-22. The non-sovereign debt, on the other hand, grew 6.1 per cent to $490 billion over the level as at end-March 2021. Experts had said that the external debt of $620.7 billion need not be a concern as $490 billion is non-government and the share of government is only $130.8 billion. Of the non-government debt, the share of non-financial corporations was about $250.2 billion. Further, the total debt of $620.7 billion as a percentage of gross domestic product (GDP) was 19.9 per cent and the debt service ratio was 5.2 per cent. Experts also said India cannot be compared with Sri Lanka that is in a severe economic crisis. The share of the central government in short term debt - maturing in a year's time- is only $7.7 billion out of the total $267 billion, experts had said. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword> deposits, and short-term trade credit are the three biggest constituents of the non-sovereign debt, accounting for as much as 95.2 per cent. While NRI deposits declined by two per cent to $139 billion, commercial borrowings at $209.71 billion and short-term trade credit at $117.4 billion rose by 5.7 per cent and 20.5 per cent, respectively. According to the report, the debt vulnerability indicators continued to be benign. The debt service ratio fell significantly to 5.2 per cent during 2021-22 from 8.2 per cent during the previous year, reflecting buoyant current receipts and moderating external debt service payments. The debt service payment obligations arising out of the stock of external debt as at end of March 2022 are projected to trend downwards over the coming years. From a cross-country perspective, India's external debt is modest. In terms of various debt vulnerability indicators, India's sustainability was better than the Low-and Middle-Income Countries (LMICs) as a group and vis-a-vis many of them individually. According to the report, the US dollar continues to be the leading currency of denomination accounting for 53.2 per cent of the total as at end March 2022. Deposits in Non Resident (External) <keyword id="8182719" type="General" weightage="80" keywordseo="rupee-accounts" source="Orion">Rupee Accounts</keyword> (NR(E)RA), NRO accounts and <keyword id="725142" type="General" weightage="80" keywordseo="fpi" source="Orion">FPI</keyword> investments in Gsec and corporate bonds are among the components of India's external debt, denominated in Indian rupees. Indian rupee is the second leading currency of denomination with a lower share of 31.2 per cent of the total as at end-March 2022 than 33.3 per cent a year ago, reflecting erosion of outstanding FPI investments in G-Sec and corporate bonds ($50.1 billion from $51.4 billion as at end-March 2021) and balances under NRE accounts ($100.8 billion from $ 102.6 billion). Following the US dollar and the Indian rupee are the SDRs (6.6 per cent), the Japanese <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> (5.4 per cent) and Euro (2.9 per cent). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-liquor-shops-open-at-metro-station-premises/articleshow/93994229.cms">Delhi: Liquor shops open at Metro station premises</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mistrys-body-to-undergo-autopsy-in-mumbai-pundoles-critical-but-stable/articleshow/93994156.cms">Mistry's body to undergo autopsy in Mumbai, Pundoles critical but stable</a>

India's external debt of $620bn is sustainable: Finance Ministry report

Just a few months after relaxing the <keyword id="446542" type="UNKNOWN" weightage="100" keywordseo="gold-import">gold import</keyword> rules, the government is now planning to re-impose the curbs as the country's fascination for gold has led to a surge in the import of gold. 
 The revenue department of the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">Finance Ministry</keyword> has asked the <keyword id="144110" type="ORGANIZATION" weightage="100" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> (DEA) and the <keyword id="6354335" type="CITY" weightage="80" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) to reconsider the May 21 relaxation in the import rules. 
 
The RBI had relaxed the 80:20 rule, as it is called, in May at the behest of the Finance Ministry. Under this rule, nominated agencies were allowed to import gold provided they agreed to export 20% of the import. 
 
In September, the trade deficit increased to an 18-month high of $14 billion following a 450% increase in gold imports as importers were in a hurry to take advantage of the relaxation. "Gold imports have risen since the norms were relaxed...There is a concern. We have written to the DEA and the RBI," said a finance ministry official." 
 
Experts welcomed the move. "Given the country's dependence on imported commodities and fluctuation in currency, government will take all steps to address any factor that seeks to threaten macroeconomic stability of the country," said DK Pant, chief economist, India Ratings.

Government Mulls Re-imposing Gold Import Curbs To Control Trade Deficit

The government has appointed Economic Affairs Secretary <keyword id="947916" type="PERSON" weightage="20" keywordseo="Tarun-Bajaj">Tarun Bajaj</keyword> as a director on the <keyword id="4101192" type="COMPANY" weightage="20" keywordseo="central-board-of-reserve-bank-of-india">central board of Reserve Bank of India</keyword> (RBI). <keyword id="6358511" type="DOMAIN" weightage="20" keywordseo="Bajaj">Bajaj</keyword> replaces Atanu Chakraborty, who retired on April 30. "The Central Government has nominated Tarun Bajaj, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India as a Director on the Central Board of Reserve Bank of India vice Atanu Chakraborty," RBI said in a statement on Wednesday. The nomination of Bajaj is effective from May 5 and until further orders, it said. Prior to taking over as Economic Affairs Secretary, Bajaj, a 1988 batch IAS officer, was the Additional Secretary in Prime Minister's Office. Before joining the Prime Minister's Office in 2015, Bajaj was Joint Secretary in Economic Affairs Department, looking after multilateral funding agencies division. He worked as Joint Secretary and Director in the <keyword id="175408" type="COMPANY" weightage="20" keywordseo="department-of-financial-services">Department of Financial Services</keyword>. As a Joint Secretary in the Department of Financial Services for four years, he was looking after the insurance division. DP DRRDRR

Central Government appoints Tarun Bajaj as Director on RBI Central Board

<keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance minister</keyword> <keyword id="42575" type="PERSON" weightage="60" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> on Wednesday announced the abrogation of Foreign Investment Promotion Board (<keyword id="6360345" type="ORGANIZATION" weightage="60" keywordseo="FIPB">FIPB</keyword>), a body that clears proposals envisaging foreign investment up to Rs5,000 crore. 
 
<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword> and FIPB 
 The FIPB (Foreign Investment Promotion Board) is the designated institution which considers the FDI proposals that require government approval. It likewise concedes composite approvals involving foreign investment/technology. FIPB is situated in the Department of Economic Affairs, Ministry of <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">Finance</keyword> and the Finance Minister is in charge of the FIPB. According to the June 2016 FDI policy revision, the FIPB can give suggestions of FDI proposals below Rs 5000 crore to the Minister of Finance for consideration 
 
India is having a well-designed Foreign Direct Investment control administration. FDI is regulated through various norms. A minimum lock in period, minimum capital for investment, sectoral limits and in particular control of passage into approval/automatic route are the vital regulations. 
 
For the situation of entry regulations, FDI section is made under two classifications – automatic route and approval route. Approval from the government is compulsory for some sort of investment. For this, approval institutions are made. The Foreign Investment Promotion Board is the most imperative approval body as it can consider FDI below Rs 5000 crore. Over this sum, the Cabinet Committee on Economic Affairs is the approval authority. 
 
What FIPB does 
 
It is entirely evident that the element affirms foreign investment proposals; it additionally audits FDI strategies, investigates the implementation of various proposals passed. This, as well as take up exercises that encourage FDI into the nation, for example, establishing contracts with international organizations and furthermore inviting them to invest in India. 
 
FIPB was initially constituted under the Prime Minister's Office (PMO) in the wake of the economic progression drive of the mid 1990s. The board was reconstituted in 1996 with exchange of the FIPB to the Department of Industrial Policy and Promotion (DIPP). 
 
It was again transferred to the Department of Economic Affairs, under the ministry of finance, in 2003.

It becomes easy to invest in India with the abolishment of FIPB

The current retail inflationary pressures are expected to ease with fresh Kharif arrivals and a pass-through of lower input costs to consumers - also affirmed by <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s inflation projections for the next two quarters, the monthly economic review for October compiled by the department of economic affairs said. On inflation, the report by the department of economic affairs said domestic prices of some food items have gone up in the wake of the rise in international prices. <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s grain availability was impacted by the untimely heatwaves and deficiency of the southwest monsoon in the current year. However, export restrictions have ensured that the country's needs are fully met. The department of economic affairs in its report said India's food security has remained intact. Sharp rise in tractor sales in September and October also point towards improved sentiments and an expected increase in crop area sown. The report also indicated the UNDP Multi-Dimensional Poverty Index (MPI) released in October 2022 showed 41.5 crore people exiting multidimensional poverty in India during the last 15 years. India's success in reducing poverty has also contributed to a decline in poverty in South Asia with South Asia no longer remaining the most multi-dimensionally poor region. The report also deals with a global outlook, inflation, food security, poverty, health and employment and <keyword id="6354507" type="General" weightage="80" keywordseo="world" source="Orion">World</keyword> and monetary policy. On domestic inflation, the report said consumer price index (CPI) inflation was largely driven by food inflation with major contributors being imported food items like oil and fats during the first five months of 2022. Since June 2022 however, domestic seasonal factors have increased the inflation of vegetables, cereals and their products, which have contributed to elevating food inflation. On the global outlook, the department of economic affairs said the prospect of a global economic slowdown had led to an outflow of portfolio investments from most countries into safe-haven US treasuries. This, combined with higher policy rates deployed by the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> to counter inflation, has significantly strengthened the US dollar vis-a-vis other currencies. According to the report, the depreciation of most currencies has also led to a global drawdown of foreign exchange reserves to protect their values and prevent volatility in the foreign exchange market. On food security, the report said global food security has deteriorated and India may turn out to be an outlier with proactive and pre-emptive government interventions. 2022 brought to the forefront not only the issues of macroeconomic and geopolitical risks but also the vulnerability and interconnectedness of the global food system to shocks. The geopolitical conflict and climatic events have moved the focus to the issues of fragility and over-dependence on a few countries or regions for global food security. The report said, "Russia and Ukraine are among the most important producers of essential agricultural commodities, including wheat, maize, sunflower seeds and inputs like fertilisers. Together with other countries bordering the <keyword id="391209" type="General" weightage="80" keywordseo="black-sea" source="Orion">Black Sea</keyword>, they constitute the world's breadbasket." The Black Sea serves as a critical supply and transit hub to move food commodities from these countries to the rest of the world. As the conflict choked the hub, the movement of food items from these countries to the rest of the world got affected, threatening people's livelihoods directly/indirectly connected with the food business in the Black Sea region. Rising economic activity has led to a decline in the unemployment rate, the department of economic affairs wrote in the report. With the recovery in economic activities across sectors, the overall employment situation has also improved, overcoming the impact of the pandemic. It added that the Periodic Labour Force Survey (PLFS) shows the urban unemployment rate for people aged 15 years and above declining from 12.6 per cent in the quarter ending June 2021 to 7.6 per cent one year later (quarter ending June 2022). This is accompanied by an improvement in the labour force participation rate (LFPR) as well, reflecting that by the time the current year was one-quarter over, the economy had come out of the grip of the Covid-19-induced slowdown, according to the monthly review. In a world where monetary tightening has weakened growth prospects, the finance ministry said India appears well-placed to grow at a moderately brisk rate in the coming years on account of the priority it accorded macroeconomic stability. It added the financial system stress in the second decade of the millennium, a consequence of the lending boom witnessed in the first decade-plus, is now behind us. It also added that private sector financial and non-financial balance sheets are healthy and incipient signs of a new personal sector capital formation cycle are visible. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-16-paise-to-81-54-against-us-dollar/articleshow/95758455.cms">Rupee gains 16 paise to 81.54 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-hc-grants-bail-to-yes-bank-co-founder-rana-kapoor-in-rs-466-51-cr-money-laundering-case/articleshow/95760025.cms">Delhi HC grants bail to Yes Bank co-founder Rana Kapoor in Rs 466.51 cr money laundering case</a>

Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry

New Delhi, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> has been witnessing a 'V-shaped' recovery since June with the gradual easing of <keyword id="6413318" type="UNKNOWN" weightage="20" keywordseo="Restrictions">restrictions</keyword> on economic activities, said a <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> report. "The sustained improvement in high frequency indicators ignite optimism of an improved performance in second half of the year," it said. The Monthly Economic Recovery for December by the <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> (DEA) also noted that the impending vaccination is set to spur the momentum in economic activity globally. "The effective management of Covid-19 spread despite the festive season and onset of winter season, combined with sustained improvement in high frequency indicators and V-shaped recovery along with easing of lockdown restrictions distinguish Indian economy as one riding against the Covid-wave," it said. The agricultural sector remains the bright spot of Indian economy, with healthy year-on-year growth of 2.9% in rabi sowing, accelerating <keyword id="138831" type="PERSON" weightage="20" keywordseo="tractor-sales">tractor sales</keyword>, and reservoirs' live storage at 122% of decadal average. As per the DEA report, rise in minimum support prices accompanied by record procurement, and accelerated wage employment generation through MGNREGS, bodes well for rural incomes and bears testimony to PMGKY's success in alleviating rural distress. "This rise in rural incomes is mirrored in the healthy, though moderated, sales in passenger vehicles, two and three wheelers and tractor, and a rebound in vehicle registrations for the first time after March 2020," it added. Further, the industrial production growth ran parallel to the festive fervour of October and rose to an eight-month high, led by manufacturing and <keyword id="1207963" type="PERSON" weightage="20" keywordseo="electricity-sector">electricity sector</keyword>. The core industries registered slight decline in November driven by natural gas and cement, while coal production, electricity and fertilizers' production registered growth. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/india/news/bharat-biotech-sees-rivals-conspiracy-in-all-the-criticism-for-the-approval-for-covaxin/articleshow/80099818.cms">Bharat Biotech sees rivals’ conspiracy in all the criticism for the approval for Covaxin</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-mi-10i-mobile-with-108mp-primary-camera-snapdragon-750g-launched-in-india-starting-at-20999/articleshow/80111586.cms">Xiaomi Mi 10i with 108MP primary camera, Snapdragon 750G launched in India starting at ₹20,999</a>

India's V-shaped recovery since June has been led by the agricultural sector, claims government

By Lalit K Jha Washington, May 5 () US President Donald Trump has nominated senior Indian-American diplomat Manisha Singh as his envoy to the Organization for Economic Cooperation and Development (OECD).Currently Assistant Secretary of State for Economic and Business Affairs at the State Department, Singh will be the US representative to OECD with the rank of an Ambassador, according to the nomination sent to the Senate by the White House.Paris-based OECD is an intergovernmental economic organisation with 36 member countries to stimulate economic progress and world trade.On April 27, Trump had announced his intent to nominate Singh for this position.Singh, who is in her late 40s, previously served as the acting under secretary of Economic Growth, Energy, and the Environment and as a deputy assistant secretary in the Bureau of Economic, Energy and Business Affairs at the State Department.She also previously served as the deputy chief counsel to the United States Senate Foreign Relations Committee.Singh was the Senior Fellow for International Economic Affairs at the American Foreign Policy Council and was a term member of the Council on Foreign Relations.According to the White House, her private sector experience includes practicing law at multinational law firms and working in-house at an investment bank.She earned an LL.M. in International Legal Studies from the American University Washington College of Law, a J.D. (Juris Doctor) from the University of Florida College of Law, and a B.A. from the University of Miami. In addition, she studied at the University of Leiden Law School in the Netherlands. LKJ RS AKJ RS

Trump nominates Indian-American Manisha Singh as OECD envoy

New Delhi, Jan 28 () The Finance Ministry has invited applications for the next chairman of Securities and Exchange Board of India (Sebi) to succeed Ajay Tyagi, whose three-year term comes to an end next month.
 Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as head of the market regulator in 2017 for the period of three years. He assumed charge on March 1, 2017.
 It was widely expected that Tyagi would get at least two years' extension given his stellar performance on the job.
 However, the public notice dated January 24 inviting application from eligible candidates indicates that the government in not inclined to give an extension of two years to the incumbent.
 Applications of eligible candidates in prescribed proforma along with attested copies of annual confidential report for the last five years, vigilance clearance and no penalty and integrity certificate in case of serving government employees should reach on or before February 10, a public notice issued by the Finance Ministry's Economic Affairs Department said.
 In the past, the government has given extension to U K Sinha for three years, making him the second longest-serving chief of Sebi.
 In case of Tyagi, the government issued appointment notification twice. According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in Department of Economic Affairs, was appointed chairman of Sebi for a period not exceeding five years or till the age of 65 years or until further order, whichever is earlier.
 Subsequently, another notification curtailed his appointment to initial period of three years.
 Since age in on his side, Tyagi can apply for the job again. However, this will be considered as fresh appointment and not an extension.
 As per the procedure for the appointment of regulators, the candidates will be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.
 The shortlisted candidates are interviewed by the panel comprising of Economic Affairs Secretary and three external members having domain knowledge.
 Based on interaction, FSRASC recommends name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval. DP SID ANS
ANS

You Searched For "Department of Economic Affairs" and got 10 results

In the IL&FS scam, auditors will not be left off the hook for their role

PTI

Indian economy likely to grow 7% next financial year: Ministry of Finance

ANI

India's external debt of $620bn is sustainable: Finance Ministry report

IANS

Government Mulls Re-imposing Gold Import Curbs To Control Trade Deficit

BI India Bureau

Central Government appoints Tarun Bajaj as Director on RBI Central Board

PTI

It becomes easy to invest in India with the abolishment of FIPB

Gaurav Sangwani

Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry

ANI

India's V-shaped recovery since June has been led by the agricultural sector, claims government

IANS

Trump nominates Indian-American Manisha Singh as OECD envoy

PTI

Finance Ministry invites applications for new Sebi chief

PTI

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