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    8th ministerial meeting of India-U.S.A. Economic & Financial Partnership Dialogue held in Washington D.C.
    Close partnership between India and US is central to a free, open, inclusive and prosperous Indo-Pacific region: Shri Piyush Goyal
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    12,889 shell companies struck off in FY 2020-21
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    3,82,875 number of Companies struck off in three years up to financial year 2020
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    Access to “The Bare Necessities” Such as Housing, Water, Sanitation, Electricity and Clean Cooking Fuel are a Sine Qua Non to live a Decent Life: ...
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    October 16, 2021
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    Economic and financial partnership advances bilateral cooperation on macroeconomic recovery, regulatory collaboration, climate finance and AML/CFT commitments.
    The eighth ministerial meeting advanced bilateral cooperation on macroeconomic recovery from COVID-19, financial regulatory and technical collaboration, multilateral engagement, climate finance mobilization, and AML/CFT frameworks, with commitments to continue collaboration at bilateral and multilateral fora and an adopted Joint Statement setting areas for ongoing engagement.
    October 8, 2021
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    India US strategic partnership central to Indo Pacific stability and expanded cooperation in trade, supply chains and technology.
    Close India-US strategic partnership is framed as central to a free, open Indo Pacific, with convergence on defence, trade, energy, health and innovation. The statement stresses supply chain resilience based on trust, India's negotiation of FTAs with like minded partners, and domestic reforms-National Infrastructure Pipeline, tax simplification, liberalised FDI and support for R&D-aimed at strengthening 24 priority sectors and enabling a shift from 'Make in India' to 'Make in India for the world' alongside cooperation in electronics, fintech, ed tech, pharma and biotechnology.
    October 4, 2021
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    Undisclosed foreign assets enforcement: Pandora Papers probes to proceed with cross border information exchange and multi agency monitoring.
    Investigations have been initiated into Pandora Papers disclosures with Indian agencies probing offshore structures and the Government engaging foreign jurisdictions for information, while employing the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; Pandora Papers cases will be monitored by a Multi Agency Group comprising tax, enforcement, financial intelligence and monetary authorities.
    August 3, 2021
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    Strike-off of inactive companies under section 248 guided by red flag identification and a special drive leading to removals.
    Strike-off of companies for prolonged non operation has been effected by the Registrar of Companies by invoking Section 248(1) where the RoC believes a company has not carried on business for the two immediately preceding financial years and has not applied for dormant status under Section 455; a Special Drive applied this mechanism and the Ministry reported 12,889 companies struck off in 2020-21.
    July 27, 2021
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    Shell company identification: government used red flag indicators and strike off powers to remove non operational entities from the register.
    The Government announced an administrative initiative targeting entities characterised as shell companies-companies without active operations or substantial assets that may facilitate tax evasion, money laundering, concealment of ownership and benami holdings-noting the Companies Act has no statutory definition and relying on red flag indicators recommended by a Special Task Force. A Special Drive used the statutory strike off mechanism, with RoC wise strike off data published to show removal of non operational entities from the register.
    July 19, 2021
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    Startup recognition eligibility enables DPIIT to list eligible startups on Showcase after Apex Committee selection and no-dues declaration.
    DPIIT operates the Startup India Showcase as an online discovery and networking platform for DPIIT-recognized startups. Selection is carried out by an Apex Committee from applications, state recommendations, and other nominees; selected startups must provide a self-declaration of no dues to statutory bodies before their profiles are published. The platform offers multimedia profile visibility, social and direct-connect links, search and filter discovery tools, and aggregates startups validated by competitions or procurement for priority consideration by government and corporate buyers.
    June 23, 2021
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    Exchange of information and assistance in collection enables cross border tax cooperation and recovery of outstanding tax claims.
    The agreement establishes a framework for Exchange of Information and Assistance in Collection between India and Saint Vincent and The Grenadines, enabling mutual exchange of taxpayer information including bank and beneficial ownership data and cooperation in recovering outstanding tax claims. It includes provisions for tax examination abroad, allowing representatives to enter the other State, subject to domestic law, to interview individuals and examine records for tax purposes, thereby strengthening cross border tax cooperation and transparency to address offshore tax evasion and avoidance.
    June 19, 2021
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    Automatic Exchange of Information deters undeclared foreign assets; ministry says reported Swiss deposit rise unlikely from undeclared incomes.
    Ministry of Finance rejects media claims that reported Swiss deposit increases represent undeclared "black" money, noting customer deposits and fiduciary funds fell while the rise is mainly in other amounts due from customers such as bonds and securities. India and Switzerland have activated Automatic Exchange of Information under the Multilateral Convention and the Multilateral Competent Authority Agreement, with exchanges in 2019 and 2020 providing a deterrent to tax evasion. The Ministry cites alternative commercial explanations for deposit changes and has requested factual clarification from Swiss authorities.
    May 5, 2021
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    Emergency Liquidity Measures extend targeted credit support to healthcare and small businesses under RBI schemes to alleviate pandemic stress.
    The Reserve Bank announces targeted monetary and regulatory measures to mitigate pandemic stress by opening an on tap term liquidity facility to finance COVID related healthcare and by extending priority sector classification to such lending. It authorises special long term repo operations for small finance banks to support last mile credit, permits SFB lending to eligible microfinance institutions as priority sector, and extends incentives for new MSME credit. A Resolution Framework 2.0 is provided for eligible stressed retail, small business and MSME exposures, alongside KYC rationalisation and permission to utilise floating provisions and the countercyclical buffer for specific NPA provisioning.
    April 17, 2021
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    Consent-based open banking secures customer-controlled financial data sharing while requiring standardized consent, security, and grievance mechanisms.
    Open banking in India relies on a consent-based data sharing model implemented via licensed Account Aggregators (AAs) which mediate API-driven transfers between Financial Information Providers (FIPs) and Financial Information Users (FIUs). AAs must obtain standardized electronic customer consent, cannot store or repurpose data, and operate under prescribed technical specifications, IT governance, data security, and customer grievance redressal requirements. The hybrid regulatory approach combines licensing and facilitation to promote innovation while addressing privacy, cybersecurity, liability, and supervisory challenges.
    March 9, 2021
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    Shell company identification triggers regulatory strike-off and exchange surveillance measures to curb misuse and illicit financial activity.
    Persistent non filing of financial statements prompted identification of entities described as shell companies, leading to large scale strike offs through the Companies Act removal framework. A Special Drive using red flag indicators has been used to detect and remove such companies, while securities regulator referrals prompted exchange surveillance, restrictions on promoter and director share transfers, verification of fundamentals, and investigations by company law investigators.
    February 12, 2021
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    e commerce regulation: investigations under competition and foreign exchange rules underway, and bank cashback practices examined.
    Regulation of e commerce involves multiple statutes with the Competition Act (including Section 3 and Section 4) applicable to platforms, and FDI in e commerce governed by Press Note 2(2018) read with SI No.15.2 of the FEMA (Non Debt Instruments) Rules, 2019. Representations by traders alleging FDI/FEMA non compliance were forwarded to the Enforcement Directorate which has taken up investigation; alleged biased bank cash back and discount practices on certain e commerce sites are being examined by the Competition Commission of India. No RBI or ED investigation has been initiated concerning alleged FDI/FEMA violations in the Flipkart-Aditya Birla deal.
    January 29, 2021
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    Access to bare necessities: expanded public programmes improved household service access, reducing disparities and enhancing health and education outcomes.
    The Economic Survey creates a Bare Necessities Index (BNI) using 26 indicators across five dimensions to measure state level access to housing, water, sanitation, micro environment and other household facilities for 2012 and 2018; it reports overall improvement, reduced inter state disparities, larger gains for the poorest households, and associates expanded public programmes with better health and education outcomes.

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      PMLA, Black Money & ED

      Access to “The Bare Necessities” Such as Housing, Water, Sanitation, Electricity and Clean Cooking Fuel are a Sine Qua Non to live a Decent Life: Economic Survey

      January 29, 2021

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      Access to “The Bare Necessities” Such as Housing, Water, Sanitation, Electricity and Clean Cooking Fuel are a Sine Qua Non to live a Decent Life: Economic Survey

      Economic Survey Examines the Progress Made in Providing Access to the “Bare Necessities” by Constructing a Bare Necessities Index (BNI)

      Compared to 2012 Access to “The Bare Necessities” has Improved, Interstate Disparities have Declined, Access Improved Disproportionately more for the Poorest Households

      Various Government Initiatives like Swachh Bharat Mission, Jal Jeevan Mission, Pradhan Mantri Awas Yojana, Saubhagya and Ujjwala Yojana have Improved Access to Bare Necessities Thus Leading to Improvement in Health and Education Indicators

      Economic Survey 2020-21 underlined the importance of access to bare necessities of housing, water, sanitation, electricity and clean cooking fuel which are consumed by all the members of the household and which touch the life of every member.

      The Union minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman presented the Economic Survey 2020-21 in Parliament today.

      Economic Survey 2020-21 constructs a Bare Necessities Index (BNI) at the rural, urban and all India level. The BNI summarises 26 indicators on five dimensions viz., water, sanitation, housing, micro-environment, and other facilities. The BNI has been created for all States for 2012 and 2018 using data from two NSO rounds viz., 69th and 76th on Drinking Water, Sanitation, Hygiene and Housing Condition in India.

      Economic Survey says that the “basic needs” approach to economic development focuses on minimum specified quantities of basic necessities such as food, clothing, shelter, water and sanitation that are necessary to prevent ill health and under nourishment. The Bare Necessities Index (BNI) is an attempt to quantify this approach to economic development using data from National Statistical Office (NSO). It is created for all States/Union Territories by employing data at State Level.

      State-wise values of BNI in 2012 and 2018 for India (rural + urban), are shown in Figures 1. A higher value indicates better access to bare necessities in a State. The three colours, green, yellow and red, used in the maps show the level of a State in providing access to bare necessities to its households. Green (above 0.70) indicates ‘High’ level and is therefore the most desirable, followed by yellow (0.50 to 0.70), which indicates ‘Medium’ level. In contrast, Red (below 0.50) indicates very ‘Low’ level of access. The difference in colours in a map indicate the regional variation in the access to bare necessities for the households.

      From the above figure of the Economic Survey it is quite evident that in most of the States the access to the Bare Necessities for the household in 2018 is significantly better compared to 2012.

      Economic Survey also underlines that due to the constant efforts made by the Government through network of schemes like Swachh Bharat Mission, National Rural Drinking Water Programme, Pradhan Mantri Awas Yojana, Saubhagya and Ujjwala Yojana access to bare necessities have improved in 2018 across all States in the country compared to 2012.  Inter-State disparities in the access to the bare necessities have declined and access has improved disproportionately for the poorest household when compared to the richest household across rural and urban areas.

      Improvements across various dimensions

      • According to the survey access to drinking water to households in most of the States has improved in 2018 compared to 2012 in rural as well as urban areas.
      • Survey also shows that the sanitation access has improved for all States in rural areas and for most of the States in urban areas in 2018 compared to 2012. It also notes that regional disparity in access to sanitation has declined as the States having low access to sanitation in 2012 have gained more. The level of access to safe sanitation has increased in lowest income quintile.
      • Survey observes improvement in Housing Index also indicating improvement in access to housing and reduction in inter-States disparities with disproportionate benefits for the lowest income group in 2018 vis-à-vis 2012.
      • The economic Survey also notes improvement in micro environment for all States in 2018 except for Assam in rural and Odisha and Assam in urban areas as compared to 2012. Here also the improvement is especially in the lowest income quintile.
      • Similarly Survey has observed improvement in access to other facilities which captures the availability of Kitchen, Kitchen with a water tap, good ventilation in house, access to bathroom, electricity use and type of fuel used for cooking.

      Improved health and education outcomes

      Survey also points to a positive correlation between access to bare necessities and better health and education outcome, it observes improvement in child survival, decline in still births, malnutrition, and infant mortality with improved access to sanitation and clean drinking water.

      Further electrification and access to toilets in schools has also increased educational outcome, says the Economic Survey.

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