Ministry of Finance year end review 2016

Year end review 2016 of Ministry of Finance;

I.    Pradhan Mantri Jan Dhan Yojana (PMJDY)

 With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household across the country, a National Mission on Financial Inclusion named as  Pradhan Mantri Jan Dhan Yojana (PMJDY) was announced by the Prime Minister Shri Narendra Modi in his Independence Day Speech on 15^th August , 2014 . The Scheme was formally launched by the Prime Minister, Shri Narendra Modi on 28^th August, 2014 at National level.

Objectives of PMJDY

(i)     Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) within a reasonable distance.

(ii)   To cover all households with atleast one Basic Bank  Account with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh.

(iii) An overdraft facility upto Rs.5000/- after satisfactory operation in the account for 6 months.

(iv) A Life Cover of Rs.30,000/- to those beneficiaries who open their accounts for the first time from  15.08.2014 to 31.01.2015.

(v)   Financial literacy programme which aims to take financial literacy upto village level.

(vi) The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries.

(vii)           Providing micro –insurance to the people.

(viii)Un=organised sector Pension schemes through the Business Correspondents.

Achievements under PMJDY (as on 21^st December,2016)

(i)     26.03 crore accounts have been opened under PMJDY out of which 15.86 crore accounts are in rural areas and 10.17 crore in urban areas. 

(ii)   Deposits of Rs. 71,557.90 crore has been mobilized.

(iii)  19.93 crore RuPay Debit cards have been issued under PMJDY.

(iv)  Aadhaar seeding in PMJDY accounts 14.43 crore

(v)   Zero balance accounts has been reduced to 23.86%

(vi)  Household Coverage: 99.99% households out of the 21.22 crore households surveyed have been covered under PMJDY.

As on 23^rd December, 2016, out of total requirement of 1,27,198 fixed location Bank Mitras in Sub Service Areas (SSAs), 1,26,985 Bank Mitras  have been deployed  by banks.

Overdraft (OD) in PMJDY accounts

As on 23^rd December, 2016, 44.28 lakh accounts have been sanctioned OD facility  of which 23.85 lakh account-holders  have  availed  this  facility involving an amount of Rs.316.56 crore.

Insurance Claims settled

(i)     As on 23^rd December, 2016, out of 1712 claims lodged, 1626 claims have been disposed off under accidental insurance cover of Rs. 1 lakh under RuPay debit card .

(ii)   As on 23^rd December, 2016, out of 3936 claim lodged, 3421 claims paid under  Life Cover of Rs.30,000/- to those beneficiaries who opened their accounts for the first time from  15.08.2014 to 31.01.2015.

II         Jan Dhan to Jan Suraksha

For creating a universal social security system for all Indians, especially the poor and the under-privileged by the Prime Minister Shri Narendra Modi launched three Social Security Schemes in the Insurance and Pension sectors; namely the Pradhan Mantri Suraksha Bima Yojna, the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Atal Pension Yojana on Pan India basis on the 9th of May, 2015. Salient features of the two schemes related to Insurance are given below:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)  

The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1^st June to 31^st May and will be renewable.  Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment from the subscriber’s bank account as per the option given by him on or before 31^st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

By 28^th December, 2016, Cumulative Gross enrolment reported by Banks, subject to verification of eligibility, etc. is over 3.08 crore under PMJJBY. 51,745 claims were registered under PMJJBY till 28^thDecember, 2016 out of which 48,023 have been disbursed.

Pradhan Mantri Suraksha BimaYojana (PMSBY)

The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31^st May for the coverage period 1^st June to 31^st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

By 28^thDecember, 2016, Cumulative Gross enrolment reported by Banks subject to verification of eligibility, etc. is over 9.88 Crore under PMSBY. 10084 Claims were registered under PMSBY till 28^thDecember, 2016 out of which 7282 have been disbursed.

 

Atal Pension Yojana (APY) 

(i)     APY was launched on 9^th May, 2015 by the Prime Minister Shri Narendra Modi.

(ii)   APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.

(iii) Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years.

(iv) Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

(v)   The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits.

(vi) The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, for a period of 5 years for those eligible subscribers joining the scheme between the period 1^st June, 2015 and 31^st March, 2016 and who are not members of any statutory social security scheme and who are not income-tax payers.

Some recent revisions in APY

In the event of premature death of the subscriber, Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60. The earlier provision was to over lump sum amount to spouse on the premature death (death before 60 years of age) of the subscriber. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.

Progress under APY

As on 27^th December, 2016, a total of 38.23 lakh subscribers have been enrolled under APY with a total pension wealth of Rs. 1344.70 crore. Out of the total subscribers, 19.74 lakh subscribers have been enrolled during the calender year 2016 (up to 15^th December, 2016).

III.       Pradhan Mantri Mudra Yojana (PMMY)

The  Prime Minister Shri Narendra Modi launched Pradhan Mantri Mudra Yojana (PMMY) on April 08, 2015 to provide formal access of financial facilities to Non–Corporate Small Business Sector (NCSBS).  All loans sanctioned on or after April 08, 2015 upto a loan size of Rs.10 lakh for non-farm income generating activities will be branded as PMMY loans.

Objective: To promote & ensure bank finance to unfunded segments of the economy.

Target Clients

Non–Corporate Small Business Segment (NCSB) comprising of proprietorship / partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits / vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas.

Schemes under PMMY

Scheme	Amount of Loan
Shishu	Up to Rs.50000/-
Kishore	Above Rs.50000/- and up to Rs. 5 Lakh
Tarun	Above Rs. 5 lakh and up to Rs.10 lakh

 Features of MUDRA Loans under PMMY

i) Borrowers can avail loan facility from any Public/Private/ Regional Rural Banks, NBFCs and MFIs.

ii) No processing fee for loans up to Rs.50000/- (SHISHU category).

iii) Banks have been mandated by RBI not to insist for collateral security in the case of loans upto 10 lakh extended to the units in the Micro Small Enterprises sector.

iv) Activities allied to Agriculture; pisciculture, beekeeping, poultry, livestock, rearing, grading, sorting, aggregation agro industries, diary, fishery, agriclinics and agribusiness centers, food & agro-processing, etc (excluding crop loans, land improvement such as canals, irrigation, wells ) and services supporting these, which promote livelihood or are income generating , have been included under PMMY from April, 2016 onwards.

 v) As per RBI circular no DBOD. No. Dir. BC 88 /13.03.00/2009-10 dated 9^th April,2010,  all credit related matters of banks including charging of interest (ROI) have been deregulated by RBI and are governed by the banks' own lending policies.

Eligibility

Any citizen, who is otherwise eligible to take loan and has a business plan for a small business enterprise, can avail MUDRA loan upto Rs.10 lakh.  The borrower need to approach the nearest bank branch and submit the loan application, in the prescribed format along with the required supporting documents for availing of the loan.

Performance as on 9^th December, 2016

Disbursement amount - Rs.77,916.54 crore

 No. of Borrowers - 2.12 crore

 No. of Women Entrepreneurs  - 1.68 crore

IV.             Stand-Up India Scheme

The Stand-Up India Scheme was launched by the Prime Minister Shri Narendra Modi on 5^th April, 2016. The scheme envisages extending bank loans between Rs. 10 lakh to Rs. 1 crore for Greenfield Enterprises set-up by SC, ST and Women entrepreneurs and extending effective handholding support to them. Each bank branch is to extend loans to at least one SC/ST and one woman entrepreneur. Enterprises covered under the scheme may be in manufacturing, services or the trading sector. The Scheme shall be implemented through 1.25 lakh bank branches of all Scheduled Commercial Banks. The loan shall be a composite loan to meet the requirement of fixed assets and working capital with rate of interest being the lowest applicable rate of the bank for that category as per rating. Provision of convergence with State/ Central Government Schemes has been identified in the Scheme. Credit Guarantee Fund Scheme for Stand-Up India (CGFSI) is operational with a corpus fund of Rs.5,000 crore. A dedicated portal (www.standupmitra.in) for the Stand-Up India Scheme is active. The portal as a virtual market place endeavors to provide ‘End to End' solutions not only for credit delivery but also for a host of handholding services. As on 23.12.2016, total number of loans sanctioned under Stand Up India Scheme is 15341 [Women: 12055, SC: 2568 and ST: 718].

 V.  Education Loan Scheme

The Education Loan Scheme (ELS) formulated by Indian Banks’ Association aims to provide financial support from the banking system to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student though poor is provided with an opportunity to pursue education, with the financial support from the banking system, on affordable terms and conditions, and, that no deserving student is denied an opportunity to pursue higher education for want of financial support.  Model Educational Loan Scheme was prepared by Indian Banks’ Association (IBA) in the year 2001 which was circulated to banks for implementation by Reserve Bank of India in April, 2001. Keeping in view the needs of the students and suggestions from stakeholders the Model Educational Loan Scheme was revised by IBA in August, 2015.

Achievement

The outstanding Educational Loan Portfolio of Public Sector Banks has increased from Rs. 61, 967 crore as on 31^st March, 2015 to Rs. 65,644 crore in as on 31^st March, 2016 and further to Rs 68,783 crore on 30^th September, 2016.

Vidya Lakshmi Portal

Vidya Lakshmi Portal (VLP) (www.vidyalakshmi.co.in) was launched on August 15, 2015. The portal has been developed and is being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications made to banks anytime, anywhere by accessing the portal.

Twenty seven PSBs, 6 Private Sector Banks and two co-operative Bank have integrated their system with the Vidya Lakshmi Portal for submitting on-line loan applications and for providing loan processing status to students. This initiative aims to bring on board all Banks providing Educational Loans. The portal covers 64 educational loan schemes of different banks.

VI.             BIFR/AAIFR

The Gazette notifications regarding bringing into force the Sick Industrial Companies (Special Provisions)  Repeal Act, 2003 under section 1 (2) of the Act and provisions regarding abetment of cases with BIFR/AAIFR under section 4(b) of the Act have been issued vide Government Notification S.O. No 3568 (E) dated 25.11.2016 and S.O. 3569 (E) dated 25.11.2016. Both the notifications come into force with effect from 01.12.2016 resulting into winding up of BIFR and AAIFR and abetment of cases.

VII.           Agriculture Credit

(i)     The Government of India has been setting an annual target for the flow of credit to the agriculture sector, which has been surpassed by banks over the years.

(ii)   As against the Annual Target of Rs.8,50,000 crore for 2015-16, agriculture credit was disbursed to the tune of Rs.8,77,527.05crore during 2015-16, registering 103.24% achievement.

(iii)  The Government has fixed the annual target for flow of agriculture credit during 2016-17 at Rs.9,00,000 crore. Up to the Quarter ending 30.09.2016 during the Current Financial Year 2016-17, Agriculture Credit amounting to Rs.7,55,995.16 crore (provisional figure) has been disbursed, registering about 84% achievement of the annual target.

VIII.       Long Term Rural Credit Fund (LTRCF)

The Government has prioritized lending towards investments in agriculture and allied sector to enhance capital formation in agriculture.  Accordingly, the GoI has allocated additional resources of Rs.15,000crorefor 2016-17 to the Long Term Rural Credit Fund (LTRCF) set up in NABARD, which is met out of the shortfall in Priority Sector Lending (PSL) targets.  The Cooperative Banks/RRBs are, therefore, able to draw much higher refinance support from NABARD for financing medium and long term agricultural loans during 2016-17.

IX. The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

(i)   The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the Recovery of Debts Due to Banks and Financial Institutions Act (RDDB & FI Act) have been amended for speedier resolution of defaulted loans through ‘The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (44 of 2016) and it was notified in the Gazette on 16th August, 2016. Many provisions of the Amendment Act (44 of 2016) have been brought into force through notifications dated 1st September 2016 and 4th November 2016.

(ii) Important provisions of Amendment Act which will help DRTs in faster disposal of cases include enabling reappointment of Chairpersons, DRATs and Presiding Officers, DRTs, minimising the number of adjournments in DRTs, introduction of electronic filing system in DRTs, power to prescribe the number of days in rules for each adjournment and days for filing written statements etc by Government, etc.

X.           New Initiatives, Achievement and others:

(i)   The banks have already provided the mobile banking services like Immediate Payment Service (IMPS) and products like Unstructured Supplementary Service Data (USSD) and Unified Payment Interface (UPI) etc. for facilitating transfer of funds for the customers and thereby facilitating moving towards cashless system.

(ii)     Bharat Bill Payment System has also been introduced to facilitate interoperable bill payments in the country thus enabling greater adoption of electronic payments.

(iii)   Scheduled Commercial Banks have taken various initiatives for expanding card acceptance infrastructure to Semi-urban and Rural areas to provide cashless transaction system.

(iv)   Banks have organized special camps across the country to open new accounts.  There are 64.50 lakh new accounts have been opened in 4.52 lac camps between 26.11.2016 to  27.12.2016.

(v)     In order to provide banking facilities in all unbanked rural areas, banks have   deployed Bank Mitras.  As on 23^rd December, 2016, total 1,26,985 Bank Mitras have been deployed in rural areas across the country.

(vi)   The Government has advised banks to deploy micro ATMs in rural areas in all Sub Service Areas (SSAs) across the country.  There are 114518 micro ATMs that  have been deployed as on 23^rd December, 2016.

(vii)   The Cabinet on 13^th October 2016 has approved this Department’s proposal for signing of Memorandum of Understanding (MoU) on General Cooperation with the New Development Bank (NDB) through the BRICS Interbank Co-operation Mechanism.  The MoU between the participating members of BRICS Interbank cooperation Mechanism and NDB was signed on 15^th Oct, 2016.

(viii)     The Union Cabinet at its meeting held on April, 2016 has approved enhancement  of the amount upto Rs. 3,000 crore of Buyer’s Credit facility to Iran under the Export Development Fund (EDF) to cover the contracts for import of steel rails from India and Development of Chabahar Port Project, thereafter, enhanced as above and signed on May, 4, 2016 between EDF and seven Iranian Banks for an amount of Rs 3,000 crore.

(ix)  With a view to improve the Governance of Public Sector Banks (PSBs), the Government had decided to set-up an autonomous Banks Board Bureau (BBB). The Bureau will recommend for selection of heads of Public Sector Banks and Financial Institutions and help Banks in developing strategies and capital raising plans. Now, the Government has announced the constitution of Banks Board Bureau which will have three ex-officio members and three expert members in addition to Chairman. Except ex-officio members, all the Members and Chairman will be part time. The BBB, which has started functioning from April 01, 2016.

(x)   A top level Bankers retreat namely “Gyan Sangam 2.0” was organized at State Bank Academy, Gurgaon on 4-5 March, 2016. The main purpose of organizing this event was to give an opportunity to Chairman & Managing Directors (CMDs)/Managing Director & Chief Executive Officers (MD&CEOs) and Executive Directors (EDs) of all the banks to express their opinion about what went wrong and what could be done to improve the situation.  The main focus was on Restructuring/M & A, NPA Management & Recovery, Technology & Digital, Credit Growth and Risk Management.

(xi) To implement the reforms in Banking, Government has decided to separate the post of Chairman & Managing Director in Chairman (Non-executive) and Managing Director & CEO. Accordingly, the Government with the approval of Cabinet Committee of Appointments (ACC) has recently appointed five Non-Executive Chairmen in the Public Sector Banks, namely, Bank of Baroda, Bank of India, Canara Bank, Indian Bank and Vijaya Bank.

(xii) The Government has also decided to open the selection process for the candidates belonging to private sector in five bigger Public Sector Banks namely Bank of Baroda, Bank of India, Punjab National Bank, Canara Bank and IDBI Bank Ltd. Accordingly, guidelines have been revised with the approval of ACC and based on new guidelines, appointment of MD & CEOs in five big Public Sector Banks, namely, Bank of Baroda, Bank of India, Canara Bank, Punjab National Bank and IDBI Bank Ltd. has been notified.  Out of 5 MD&CEO, two are from Private Sector.

(xiii) An Executive Foreign Tour Portal has been launched on January 01,.2016 to keep the record regarding overseas visits updated in the portal.  The portal is simply designed on which a Whole Time Director will upload details regarding foreign visits before proceeding on such visit.

(xiv) Preferential Allotment:- Approval granted to 12 proposals of PSBs to raise a sum of Rs.  2914.038 crore through preferential allotment.

(xv)  QIP:- Permission given to raise Rs. 200 crore by United Bank of India through QIP mode.

(xvi) Advisories issued to PSBs:- Advisory issued to all PSBs to implement Cyber Security measures to avoid fraudulent transactions and for strengthening their IT Security to avoid cyber breach. They were advised to intimate Indian Computer Emergency Response Team (CERT-IN) about any Cyber Security breach related incident, within 2 to 6 hours of the occurrence of the incidence. All PSBs are requested to nominate adequate Bank Counsels in all Courts including the Hon’ble High Court of Delhi.

(xvii) Fulfillment of Pending Assurances:- 13 Pending Assurances are fulfilled during January to December 2016

(xviii) Matters related to Parliamentary Standing Committee:- Comments on 6 subjects pertaining to Parliamentary Committee have been furnished during January to December 2016. 

(xix) Laying of Annual and Consolidated Report of PSBs in Parliament:- Annual Report of all PSBs and Consolidated Report of PSBs received from RBI have been laid on the table of both the Houses of Parliament.

(xx) Advisories issued on Bank Notes to Indian Bank’s Association (IBA) :- Member banks of IBA were advised to strict compliance with original IDs for bank transactions and to put a display board communicating consequences of using fake IDs. They were advised to form a separate queue for farmers in bank branches, special cash dispensations in the tea gardens and to provide currency to the District Central Co-operative Bank as per requirement. They were advised to watch out for unusual transactions and any suspicious transaction be reported to the Financial Intelligence Unit of Department of Revenue. They were also advised to consider delegation of Cheque Printing Books and its Dispatch (CPD) to their Local Offices in order to speed- up the process of availability of cheques. A D.O. letter from the Secretary (Revenue) regarding PAN reporting requirements was forwarded to IBA with a request to advise banks accordingly.

XI.      Capitalization of Public Sector Banks (PSBs)

As of now, the PSBs are adequately capitalized and meeting all the Basel III and RBI norms.  However, the Government of India wants to adequately capitalize all the banks to keep a safe buffer over and above the minimum norms of Basel III.  Therefore, Government has estimated how much capital will be required this year and in the next three years till FY 2019.  If the internal generated profit is excluded which is going  to be available to PSBs (based on the estimate of average profit of the last three years), the capital requirement of extra capital for the next four years up to FY 2019 is likely to be about Rs.1,80,000 crore.  This estimate is based on credit growth rate of 12% for the current year and 12 to 15% for the next three years depending on the size of the bank and their growth ability.  It is also presumed that the emphasis on PSBs financing will reduce over the years by development of vibrant corporate debt market and by greater participation of Private Sector Banks.

Out of the total requirement, the Government of India proposes to make available Rs.70,000 crore out of Budgetary Allocations for four years as per the figures given below:

(i)	Financial Year 2015 -16	-	Rs. 25,000 crore
(ii)	Financial Year 2016-17	-	Rs. 25,000 crore
(iii)	Financial Year 2017-18	-	Rs. 10,000 crore
(iv)	Financial Year 2018-19	-	Rs. 10,000 crore
	Total	-	Rs. 70,000 crore

The Government had already infused a sum of Rs. 25,000 crore in 19 PSBs during the financial year 2015-16. A budgetary provision of Rs. 25,000 crore has been made for the year 2016-17 and the Government has already allocated Rs. 22,915 crore to 13 PSBs on 19^th July, 2016 of which 75% has been allocated in first trench while remaining amount will be released on assessment of performance of PSBs based on their results on the Quarter ending in December.

XII. Acquisition of Subsidiary banks of SBI, i.e. State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, and Bhartiya Mahila Bank Ltd. By State Bank of India.

The Cabinet in its meeting held on 15^th June 2016 has approved the proposal of acquisition of assets and liabilities of subsidiary banks i.e. State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bhartiya Mahila Bank (BMB).

XIII. The “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016” (Version 2.0)

(i)     Government proposes to bring in a comprehensive Central legislation to deal with the menace of illicit deposit taking schemes. The Government had earlier constituted an Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities and to suggest administrative/ legislative measures, including formulation of a new law, to cover all relevant aspects of ‘deposit-taking’. The IMG had finalised its Report and recommended a number of legislative and non-legislative/ administrative measures. The IMG’s legislative recommendations included the enactment of a new Central legislation called the Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill (“Banning Bill”) in order to tackle the menace of illicit deposit taking schemes.

(ii)   A copy of the “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2015”, along with the Report of the Inter-Ministerial Group (IMG) was placed on the website of the Department of Financial Services (DFS) in March, 2016 for eliciting public comments.  Based on the comments received on the Draft Bill and further consultation with stakeholders, the Draft Bill has been modified. The revised Draft legislation, titled the “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016” (Version 2.0), has been uploaded  on the website of the Department of Financial Services on 17^th November, 2016 seeking comments from the public on the Draft Bill to reach on or before 17^th December, 2016.

(iii) The Banning Bill seeks to bring out a clear demarcation between regulated and unregulated deposit schemes, comprehensively define deposit takers, and provide strong penal provisions for different offences.

Object of Modi's foreign visits.

Since last few days, I have seen quite a few jokes on Narendra Modi's foreign visits.... and all people are curious why Narendra Modi visits so many countries, and what is India achieving from it.

.

Narendra Modi is no greenhorn in politics and statecraft.

.

He has already achieved more for Gujarat in his tenure as CM there than any Indian state ever had.

.

Few hidden (because the main stream media will purposely ignore them) achievements are given below:

.

1. BJP Govt. convinced Saudi Arabia not to charge “On-Time Delivery Premium charges" on Crude Oil – Young Petroleum Minister Dharmendra Pradhan & External Affairs Minister Sushma Swaraj sealed the deal. Saved the country thousands of crores...

.

2. India will build 4 Hydroelectric power stations + Dams in Bhutan (India will get lion's share in Green energy that will be produced in future from these projects)

.

3. India will build Biggest ever dam of Nepal (China was trying hard to get that) – India will get 83% Green energy produce from that hydro power station for free – in future.

.

4. Increased relationship with Japan and they agreed to invest $ 30 Billion in DMIC (Delhi – Mumbai Investment Corridor). That's Rs 200,000 crores by today's exchange rates.....

.

5. Increased strategic relationship with Vietnam and Vietnam has now agreed to give contract of Oil exploration to ONGC-Videsh (UPA was not ready to take this at all because they were worried about China – and getting into a conflict of interests on south China sea). The UPA had always been on the backfoot about every aspect of foreign policy.

.

6. Increase Oil Imports from Iran, despite the ban by USA.

Iran agreed to sell in Indian Rupees and it saved our Forex, not just for now, but protected India from future currency fluctuations. India also gets to build “Chabahar” port of Iran, encircling Pakistan. Because we well have exclusive access for our Naval ships in this port.

.

7. India – Australia (NaMo is first PM to visit Australia after 28 yrs), despite Australia being a major supplier of Coal & Uranium.

NaMo was able to convince Tony Abbott and now Australia will supply Uranium for our energy production.

.

8. China leaning President Rajapakse lost elections in Sri Lanka – Remember UPA lost “Hambantota” port development – read latest report of CIA, where they mention RAW has played a major role in power shift of Sri Lanka. Now Modi has confirmed he is visiting Sri Lanka in April. And Sri Lanka has backed out of Chinese contract and shifted to Indian project managers.

.

9. With China, as Trade Deficit was increasing, NaMo forced their hand. Anti-Dumping will come soon so China will invest heavily into India. – China has already committed $ 20 billion Investment in India. That's nearly ₹140,000 crores.

.

10. On Security – I think adding Ajit Doval to his team is the best decision by NaMo. See the recent tie-up with Pentagon, Israel & Japan.

Remember I. K. Gujaral as PM stopped RAW’s offensive operations in foreign countries.

.

Now see how we stopped the Terror Boat and listen to his words … “Any Mumbai like attack from Pakistan and Pakistan will lose Baluchistan!" That's the language of deterrence that I want to hear as an Indian. We won't hit first, but if you do, we surely won't turn the other cheek....

.

11. India approved the border road in the NorthEast and around India-China border – Remember just because of China’s opposition, the ADB (Asian Development Bank) didn’t give us funds during UPA regime and UPA held that file under “Environment Ministry control – Remember the infamous “JAYANTHI TAX "? No one bothered about the disastrous effect on our armed forces.

.

12. India managed to bring back 4,500+ Indians from War zone in Yemen and also brought foreign nationals of 41 different countries, which put India’s name onto the highest platform globally in conducting that rescue mission – PM Narendra Modi specially talked to the new Saudi Arabian king Salman and told him to allow Indian Airforce planes to fly – as Saudi Arabia was attacking on Yemen and Yemen skies was declared NO-FLY Zone: thanks to this we got an assured clear window of a few hours and guys guess who coordinated this? Ajit Doval, Sushama Swaraj and Gen V K Singh. All in person.... When was the last time you ever heard of ministers involved personally in such efforts that didn't fetch thousands of crores?? Guess the religion of those rescued?? But it isn't secular to mention that most of those rescued from Yemen or earlier from Iraq weren't Hindus at all..

.

13. India’s Air defense was getting weaker by the day, UPA was very happy to let it happen despite repeated specific inputs from the armed forces, NaMo renegotiated Rafale fighter Jets deal with France personally and bought 36 Jets on ASAP basis. At better than rack rates. No middlemen, no commissions...

.

14. For the first time after 42 yrs Indian Prime Minister visited Canada not to attend some meeting but as a specific state visit, in a Bilateral deal, India was able convince to Canada to supply Uranium for India’s Nuclear reactors for next 5 years. It will be of great help to resolve India’s Power problems.

.

15. Canada approves visa on arrival for all Indian tourists.

.

16. Till recently we were exclusively buying Nuclear Reactors from Russia or USA and it was much like beggar kind of situation because they were worried about usage of Nuclear reactor for some other use. So only what they opted to give us, we could get.

Now Narendra Modi was able to convince France and now France will make Nuclear reactors with the latest technology in India. On MAKE IN INDIA efforts.. with collaboration with an Indian company as a partner.

.

17. During 26th Jan. visit of Barak Obama, NaMo convinced USA to drop rule of Nuclear fuel tracking and sorted out Liabilities rules which now open the gates for next 16 Nuclear power plant projects.

.

Isn't this good enough to improve the lot of India??

.

.

The paid media will ensure you never get to hear this...

.

. Source;

my quotes 2016e

Whereas Aroor Singh Nana of Simranjit Singh Mann the then head priest Golden Temple honored Gen Dyer for Jalliana wala Bagh Massacre. a true Sikh avenged it. (On anniversary of Shaeed Udham Singh ji)

Today’s comment on my blog; "Most people aren't capable of thinking with their own brain in long enough intervals to sustain a self-education session on unorthodox historical education."

Communists remain the world's top executioners with its citizens being executed even for criticizing government.

No-one could have correctly predicted the circumstances ensuing note ban of high demonetization notes. frequent changes were required by regularly changing circumstances/ground situation. lines to deposit old currency was over in 3-4 days. why then people waited a 45 days to end is a natural query in anyone's mind???

Yesterday, while walking through Rose garden Chandigarh blooming with full roses, it was full of people walking, laughing, chatting or playing with children. A small child asked why no one is plucking flowers? a passerby remarked, now Indians have developed a feeling of national resurgence it will hurt us more if we hurt national property. Ache din aa gaye, चंडीगढ़ के कुछ दिलों में तो आ गए !

Chandigarh was always an educated and alert city. problems is with kerala who instead of educating its people has instead gifted printed degrees without any education. Kerala is slowest in learning next only to WB. but induction of nationalism, sense of service to society, placing society first and self last, and real education has to be brought in by BJP which alone can help Keralites. conversion is biggest in Kerala because weaker ones are lured more easily to convert by money and gifts.

Giving major jolt to the Congress, which had been ruling the Chandigarh Municipal Corporation from past 14 years, BJP-SAD alliance clinched 21 municipal seats out of total 26 seat of Municipal Corporation, Chandigarh. Congress won merely 4 seats, while one seat was won by an independent candidate, who was a BJP rebel. BJP won 20 of the 22 seats it contested.

Russia threatens to shoot down Israeli jets over Syria and now their ambassador shot down in Turkey. back flash. Israel did same in 1938 when Polish Jew Herschel Feibel Grynszpan shot Ernst von Rath, in the German Embassy in Paris on 7 November 1938. the murder put an end to the extension of the Munich Agreement/ revision of the Treaty of Versailles which was to allow plebiscite in former German areas. this could not be done and thus issue of Danzig- the German corridor was kept alive which finally led to WW2.

Telling truth to Americans is a crime. (On CIA that Russia disclosed emails of Hillary to Americans which led to her defeat).

Lt Gen Rawat had over 10 years of hands-on experience in counter-insurgency operations, and that he'd served at both the Line of Control (with Pakistan) and the Line of Actual Control (with China). He was involved in 2986 Operations in the Eastern Sector facing China, and was also posted in Pulwama in the 19 Division. His experience as General Officer Commanding-in-Chief, Southern Army Command in Mechanised Warfare has been focused towards the western borders, in coordination with the other two services. On the other hand, Lt Gens Bakshi and Hariz have "very limited operational experience in J&K (Jammu and Kashmir) and elsewhere.

Next step in war on corruption. attack on benami properties.

To go to less cash economy, govt would do well to limit new currency to 50% of earlier issued/returned currency.

UCC should adopt sharia law in rape and murder. In marriage triple talak with consent of women and meher to be introduced for all. everyone should have right to walk away on the basis of predetermined terms agreed at time of marriage. law should be gender neutral

Judiciary need to be free from fixers, corruption, nepotism and sycophants. in short it needs a surgical strike.

Modi govt appointed 126 HC judges this year, the highest in the last 25 years.

IF Javed Khanani Karachi Pakistan and Malda West Bengal were printing fake currency than total of returned old currency in 500/1000 notes should exceed 14.55 lakh crores which was printed officially.

Overheard that 2 of my neighbourhood bank managers receive about 40 lacs daily but distribute just 5 lacs. rest they sell against black money @ 25% commission.

reason for shortage of cash; Traders instead of depositing daily cash in banks have been hoarding it. shopkeepers have been selling goods on new/100 notes are now selling new/100 notes for black money. a shopkeeper asked me if any of my clients wants new notes of 40 lakhs. i asked how he come into possession of such a big amount in new notes. he said his one months sales. his sales are 1/2 lakhs every day.

A person who does not value time, merely proves that he himself is of little value.

Remember to boycott 'raees' featuring communal actor.

Surgical strike on judiciary may not take place out of respect for sikhs since incumbant chief justice J S Kehar is first Sikh Chief Justice of India.

PM Modi's emphasis on the "transfer of wealth" from the "corrupt" to the poor which came with his advice to those with Jan Dhan accounts to hold on to what has been deposited in their accounts: cast him as the architect of transfer of money from rich to poor.

Demonetization;-

No Dalits killings in Kerala

No stone pelting in Kashmir

Highest ever surrender of naxals and maoists in november.

Against vacancies of 500 judges, CJI recommends just 43 names of those facing charges or complaints of corruption and yet CJI says govt is locking out judges.

Mr CJI learn English; Legislature is not executive; Article 217 of constitution of India states; "Every Judge of a High Court shall be appointed by the President by warrant under his hand and seal after consultation with the Chief Justice of India, the Governor of the State, and, in the case of appointment of a Judge other than the chief Justice, the chief Justice of the High court,." It give equal power to Governor of a state and central legislature to appoint judges.

what is logic of allowing withdrawal of 96,000 PM (24000 per week=96000) when income of 123 crores of population is less than 20,000 PM.

Demonetised notes worth Rs 8.15 crore were deposited in banks by Delhi Govt. Transport Corp officials. between November 8 and 20. did this black money belonged to officials or Ministers including Kejriwal who guaranteed them clean chit by their own 'enquiry'

काले धन के पांच दलाल, ब्रिन्दा, सोनिया, माया, ममता, केजरीवाल !

met a builder today. this was the conversation;-

Me; so how is noteban affecting you?

Builder; i will vote for Modi for next 10 years.

me; why?

Builder; see our business was bad all these years, people were not paying their instalments. On 9th by 2 PM more than 1 crores in old dues were already on my table. everyone has cleared their dues.

Me; what did u do with old notes?

Builder; I had borrored money on high interest. i have paid it all back. my projects were struck for lack of funds because people were not paying for flats. now i have not only cleared the payments of land owners but have also made advance payments to all my suppliers for cement, bricks sand, bajri, tiles marble Pipes fitings labor and material contractor. my projects are now on full swing going ahead.

Nitish likely to return to NDA fold.

black money is the income on which no tax has been paid. money earned by corrupt means is also black money though if it is shown as income of wife, sons, daughters, servants etc and taxes paid, it becomes white. there was never any ban on depositing of old currency notes in banks before or after 8.11.2016 or even today. some politicians like kejriwal, maya, mamta or sonia or crony capitalists@commies may find it difficult to deposit hundreds of crores of corruption money at once into banks without raising eyebrows. hence they are crying. new currency is being given to everyone without discrimination. not every AAP Minister was asking for sex for favors others were taking cash for favors, like water tanker scam, transfer scam, recruitment scam, onion scam, advertisement scam, donation scam. donations from fake and shell companies acting as fronts for hafiz saeed and dawood ibrahims are just a few of scams involving Kejriwal.

Chinese naval ships are being deployed at Gwadar Port, Baluchistan, Pakistan. Freedom of Pakistan is now in their hands. Indian cannot protect Pakistan from Communist China. Communists plans to make Pakistan a colony. it is already under their protectorate. slowly Communists will take over areas of NWFP, Balouchistan, Sindh, much the same way they took over Tibet.. then will start a proxy war against west with radical Islamic hordes of suicide bombers.

On 28 October 2016 the total banknotes in circulation in India was 17.77 lakh crore (US$260 billion). In terms of value, the annual report of Reserve Bank of India (RBI) of 31 March 2016 stated that total bank notes in circulation valued to 16.42 lakh crore (US$240 billion) of which nearly 86% (around 14.18 lakh crore (US$210 billion)) was 500 and 1000 banknotes. between November 10-18 sum of 8,44,982 crore (US$124.42billion) worth of 500/1000 notes were deposited back. thus bulk of 500/1000 notes are still out there.

Big fish are waiting for today's supreme court hearing. Several hundred crores in big denomination notes are at stake belonging to corrupt Judges, bureaucrats and politicians who have been crying over demonetization. were judges waiting to jack up the price of stay?

More the opposition opposes big currency demonetization, more the no. of followers gained by Modi.

Strike on Benami property to hit bureaucrats, politicians and Judges most.

A Government to be loved must first be feared by the corrupt and anti-nationals.

Though India got independence in 1947, it was in name only and our rulers bowed to Marxists and Islamic fundamentalists. India got its freedom in 2014 when for first time a secular govt came to power and since then India has seen several reforms in every area. Corruption, terrorism, drug smuggling, mafia is a big issue which is done mostly in cash in big currencies. Modi govt made big currencies issued prior to 11.8.2016 as illegal tender. this made all hoarded up big currencies as redundant in hands of corrupt. Banks, post offices and petrol pumps are giving new currency in exchange for old currency. Some people have to Que up to exchange old currency with new ones which issue is being misused by Marxists, Marxist media and Islamic fundamentalist old regime followers a ruse to whip up passions.

Universally; Banks, Insurance cos, mutual funds and stock market manipulators are owned by Jews. Communism is Jewish. Poor is being paid by cheques which he can deposit in his bank account and pay by cards given to him free by banks. corruption is by cash which has to be curbed. Value of black money and earning of corruption which are in cash have to be made zero.

In India cash is linked with commie, capitalist, congi and corruption. rubbish kr. is fraud no 1. Malaya had set up NDTV times and entire financing was done when commies were supporting congress govt at center. Vijay mallaya ran away for fear of modi. For humanity to survive, traitors and anti humans like him should be hanged; fraud No 1 beware of Rubbish Kumar likes of presstitutes who only spread lies; in the pic is pranroy husband of radhika roy who is sister of Brinda karat commie who is wife of Praksh karat a commie

Demonetization has hit terrorists, Naxalites, drug dealers, smugglers, Maoists, Pakistanis news channels like NDTV, Aajtak, Indian express, stone pelters, corrupt Judges, bureaucrats politicians and political parties solely based on black money financing like AAP/BSP/SP/TMC/Congress etc Demonetization has made black money in hands of corrupt, obsolete and useless. Value of their black/corruption money in form of room fulls, housefuls 500/100 notes with bureaucrats, judges, politicians political parties like AAP, TMC, SP, BSP, etc has become zero and their corruption has not earned them anything.. if they deposit it back in Banks they have to pay 200% penalty apart from tax.

1. Demonetization will not repay bad loans. It does not affect NPAs

2. Infusion of govt capital in banks is a book entry. Not hard cash. The cash in form of 500/100 notes which is being deposited will be burnt and destroyed since its value is zero and is being replaced by another currency for honest people.

3. Old currency is not capital in hands of banks. Capital infusion is just a book entry. The cash which is coming in, is also going out in form of new notes and old notes are being burnt or shredded.

4. Capital infusion in banks is by book entry.

5. Capital infusion in Banks will continue by book entry.

(Since Demonetization) has anyone heard of stone pelting in Kashmir since demonetization of 500 & 1,000 notes?.

My maid just asked me that people are offering anyone and everyone 15%, of the amount which they deposit in their accounts and will return when things become normal. the offerers mostly known local traders are saying that for 2/2.5 lacs no questions are to be asked, hence it is easy way to earn money. As a nationalist, I find it revolting because black money cannot be allowed to be converted into white by such a deceit. however as a socialist I find it a way to transfer rich man's money to poor man's account. she said ; "today: Rich are sad, and poor are laughing".

I was helping people fill up deposit forms for two hours yesterday. I was surprised that those who cannot read or write, belonging to labor class were depositing lakhs in 1000 and 500 rupee notes. the labor class had bagfuls of 1000 and 500 rupee notes. the same bags which I use when buying vegetables.

In my opinion action against NDTV can wait. But there will be no other time to make self appointed, unaccountable judiciary as accountable. that time comes in December.

Punjabi is not Gurumukhi; Punjabi is a dialect. very few knew Gurumukhi before 1961 though everyone knew Punjabi for several centuries. even today Punjabi is most popular language in Pakistan but none knows Gurumukhi;

As per salient provisions of Indian independence act 1947 passed by British Govt under which India became independent. "Dominion of India may be regarded as an expression of the desire for self-government of the HINDUS in India, and the Dominion of Pakistan as the expression of the demand for self-government by the Muslims."

Everyday army men are being martyred at border while fighting enemy, yet congis commies have no time to visit their families. One person commits suicide for money and congis and commies surround the hospital disturbing the patients.

those who doubt the encounter: when ur parents (security guards) are killed and you have gun in your hands and killer is also shooting to kill you. The same encounter would seem real. Don’t look at caste. look at facts.

today's comment on my blog; "Hi, as I grew up, was born in 1950, my parents where both veterans of the Canadian air force, you have to understand the amount of propaganda we were under. The things that were said and things you were not allowed to say. It makes it hard to get past a lot of the bs that is out there. I have managed but I know a lot that haven't who are still stuck in their beliefs. To see evidence like this makes it a lot easier for me to solidify my convictions about the lies I was fed, intentionally or not. It makes it hard to asses who you should believe and what you need to toss. I had a lot of questions about things that happened as I grew up and could never get an answer that satisfied me. I see now where the American controllers wanted to shut down a lot of the Canadian research as it wouldn’t be good for them with somebody living next door with their own big stick. I have seen and felt politics change and watched with total dismay how the United States started to sink and be torn."

For Corruption to be controlled in India, it is imperative to remove corruption among Judges. Country needs a law abiding and honest person as CJI. we request govt to appoint J jasti Chelameswar as next CJI.

What is value of light without darkness?

It's better to have an education without a degree than to have a degree with no real education.

Justice J Chelameswar has again skipped the collegium meeting fixed for today on account of dictatorial, non democratic and non transparent attitude of CJI.

USA which invades other countries in name of freedom, do not even have freedom to print or back their own currency.

Hatred by commies and congis is automatic certificate of nationalism and honesty.

Communism is brahim supermacist party, whose one of the aims are to propagate castism and subjugation of dalits; http://bispindia.com/content/brahmins-communist-parties#

1.Anger means absence of self control.

2.Abuse means mentally bankrupt.

3.jealousy means internal weakness.

4.Hatred means acute frustration.

Personal opinions

Commies and Muslims do not live peacefully together in countries ruled by each other;

never believe newspapers/news channels. they paddle commie advertisements, not news. marxist press is self serving and against truth.

USA is having military bases in 70 countries. England France and Russia have military bases in about 30 countries. They take away freedom, In the name of Freedom,

Indian laws needs reforms too. we need sharia law in murder and rapes. we need 'meher' in Hindu marriage act which should be gender neutral. we need pre nup in marriage act. we need less interest on loans. (Sharia provides for zero interest).

Like divorce by men who say three times 'talak'. fine. just don;t force it on women who don't like it. to accept it or not, should be the choice of women, not for men. if marriage is possible only when said 'qabool hai' by woman. tha its dissolution should also be must by 'talak qabool hai' by woman.

Jinnah was not born a muslim. He was born to Jinnahbhai Poonja and his wife Mithibai Poonja of Gujarat. these are parsi names. he married rattanbhai petit, a parsi d/o Sir Dinashaw Petit Parsi. His only child Dina married Nevile Vadia also a parsi. we not only have fake Gandhis but also fake Muslims.

I am for UCC but it does not mean that Hindu Marriage Act is good, rather there are problems in Marriage act that resulted in escalation of divorces and divorce cases in India. Muslims have no marriage disputes regarding maintenance or dowry on account of “mehar”. Hence Marriage Act be amended and nuptial contract should be allowed as legal alongwith % annual increase from date of contract to date of payment.

9 hours is too long to take out just 2 terrorists holed up in a building. use of smoke bombs or bombs which can immobilize, sleep or make them unconscious could have been better.

India had no business to go to Sri lanka and kill Tamils and our soldiers. That was dalali apart from taking dalali in army procurement deals.