Government of India Volume I: Analysis and Recommendations

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Table of Recommendations 8.4 Review CAPITAL CONTROLS The decision of the Central Government on granting or rejection of approvals on inbound flows will be subject to a review by a senior officer in the Central Government. The decision of the RBI on granting or rejection of approvals on outbound flows will be subject to a review by the administrative law member of the RBI. Matters relating to violations of the capital controls rules, regulations or conditions of any approval by any person will be subject to review of the administrative law officer in the RBI. The administrative law officer may initiate inquiry upon receipt of report by investigation officers. The administrative law officer must follow principles of natural justice, conduct an inquiry in a fair, transparent and time-bound manner and provide reasoned orders in writing. Appeals from the orders of the administrative law officer will lie to the administrative law member of the RBI. Appeals from the orders of the senior officer and the administrative law member will lie to the appellate tribunal. Table of Recommendations 8.5 Reporting and Supervision 1. Supervision would be conducted by the RBI through its oversight of authorised dealers. 2. The authorised dealers will conduct continuous monitoring of qualified foreign investors. 3. The persons undertaking transactions and the authorised dealers will file reports with the RBI through FDMC. 4. The Central Government will have access to the reports filed with the FDMC. law member of the RBI will hear the matters relating to denial of approvals or imposition of unnecessary conditions by RBI. Appeals from orders of such administrative law member will lie to the appellate tribunal. Cases of violations of the provisions on capital controls under the draft Code, any rules or regulations on capital controls, or conditions subject to which approvals are granted, would be subject to review by an administrative law officer in the RBI. Appeals from the orders of the administrative law officer will lie to the administrative law member of the RBI. Appeals from the orders of such administrative law member will lie to the appellate tribunal. Thus, this process would include first and second levels of administrative appeals, as well as the provision for awarding remedies. The Central Government, the RBI, and the appellate tribunal would be obliged to provide reasoned decisions involving interpretations of law. Such decisions would also be published. Appeals from the appellate tribunal would go directly to the Supreme Court, bypassing the High Courts, though writ jurisdiction of the High Courts would not be precluded. Table 8.4 outlines the recommendations of the Commission that are embedded in the draft Code. 8.3.5. Reporting, supervision and enforcement Ensuring compliance of provisions on capital controls in the draft Code, rules and regulations in relation to the capital controls is placed with the RBI in the draft Code. This would include oversight of reporting of foreign exchange transactions with the FDMC and ensuring compliance of the law, rules and regulations. Under conditions of full capital account convertibility, these functions will be placed with the Central Government. The RBI will supervise authorised dealers (such as banking service providers) for the purpose of ensuring compliance with the law, rules and regulations. Certain supervisory activities would be delegated to these authorised dealers who will use their discretion on the basis of certain guiding principles (see Table 8.5 generally). All reports made to authorised dealers will be shared with RBI through the FDMC. FDMC will be able to share this information with the Central Government, as required. 8.3.6. Guidance and compounding The transparent and easily accessible framework for guidance and compounding provided in the draft Code extends to the capital controls framework as well. The RBI will 86 FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION
CAPITAL CONTROLS Table of Recommendations 8.6 Compounding and guidance 1. Compounding of offences will be carried out by the RBI. 2. General and specific guidance will also be provided by the RBI. provide guidance and compound matters in relation to capital controls under the draft Code. Table 8.6 outlines the recommendations of the Commission on guidance and compounding. FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION 87
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Government of India _______________
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Contents Acronyms . . . . . . . . .
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CONTENTS 12 Public debt management
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ACRONYMS FSAT Financial Sector Appe
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Acknowledgement When the Ministry o
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ACKNOWLEDGEMENT appreciate the effo
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EXECUTIVE SUMMARY rience till date.
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EXECUTIVE SUMMARY out many processe
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EXECUTIVE SUMMARY can issue regulat
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EXECUTIVE SUMMARY Alongside this, i
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EXECUTIVE SUMMARY to analyse one co
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Contracts, trading and market abuse
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5. A new Financial Redressal Agency
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EXECUTIVE SUMMARY States GDP as of
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1.2. Deliberations in the Commissio
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INTRODUCTION amendments frequently
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INTRODUCTION sectoral composition o
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INTRODUCTION The Commission has und
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CHAPTER 2 The tasks of financial la
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THE TASKS OF FINANCIAL LAW This is
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THE TASKS OF FINANCIAL LAW ◮ “i
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THE TASKS OF FINANCIAL LAW 2.5. Own
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THE TASKS OF FINANCIAL LAW desirabl
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CHAPTER 3 Structure of the regulato
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STRUCTURE OF THE REGULATOR Table of
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CHAPTER 4 Functions and powers of t
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FUNCTIONS AND POWERS OF THE REGULAT
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FUNCTIONS AND POWERS OF THE REGULAT
Page 67 and 68: FUNCTIONS AND POWERS OF THE REGULAT
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Page 76 and 77: CONSUMER PROTECTION The consumer pr
Page 78 and 79: Table of Recommendations 5.4 Princi
Page 80 and 81: CONSUMER PROTECTION using or disclo
Page 82 and 83: CONSUMER PROTECTION providers. The
Page 84 and 85: CONSUMER PROTECTION Table of Recomm
Page 87 and 88: CHAPTER 6 Micro-prudential regulati
Page 89 and 90: MICRO-PRUDENTIAL REGULATION let tha
Page 91 and 92: MICRO-PRUDENTIAL REGULATION Table o
Page 97 and 98: MICRO-PRUDENTIAL REGULATION PRINCIP
Page 99: MICRO-PRUDENTIAL REGULATION the oth
Page 102 and 103: RESOLUTION payment systems. The cor
Page 104 and 105: RESOLUTION Commensurately, the corp
Page 106 and 107: Table of Recommendations 7.3 Intera
Page 108 and 109: Table of Recommendations 7.5 Powers
Page 110 and 111: Table of Recommendations 7.7 Fundin
Page 113 and 114: CHAPTER 8 Capital controls Capital
Page 115 and 116: CAPITAL CONTROLS 2. Absence of judi
Page 117: CAPITAL CONTROLS Table of Recommend
Page 122 and 123: Table of Recommendations 9.1 Object
Page 124 and 125: Table of Recommendations 9.3 Establ
Page 126 and 127: SYSTEMIC RISK filings by financial
Page 128 and 129: SYSTEMIC RISK Table of Recommendati
Page 130 and 131: egulatory agencies. In such a situa
Page 132 and 133: FINANCIAL INCLUSION AND MARKET DEVE
Page 134 and 135: FINANCIAL INCLUSION AND MARKET DEVE
Page 136 and 137: Table of Recommendations 11.1 Objec
Page 138 and 139: Table of Recommendations 11.2 The m
Page 140 and 141: Table of Recommendations 11.3 Board
Page 143 and 144: CHAPTER 12 Public debt management 1
Page 145 and 146: PUBLIC DEBT MANAGEMENT of the publi
Page 147 and 148: PUBLIC DEBT MANAGEMENT State Govern
Page 149 and 150: PUBLIC DEBT MANAGEMENT Table of Rec
Page 151 and 152: CHAPTER 13 Foundations of contracts
Page 153 and 154: FOUNDATIONS OF CONTRACTS AND PROPER
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Page 164 and 165: 14.2. Problems of the present arran
Page 166 and 167: FINANCIAL REGULATORY ARCHITECTURE T
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FINANCIAL REGULATORY ARCHITECTURE w
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TRANSITION ISSUES On the functional
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TRANSITION ISSUES service providers
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SUMMARY OF RECOMMENDATIONS NOT EMBE
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CHAPTER 17 Conclusion Financial eco
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18.2. Note of dissent by K.J. Udesh
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18.3. Note of dissent by P.J. Nayak
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NOTES OF DISSENT A second difficult
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NOTES OF DISSENT 6. The present arr
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CHAPTER 19 Annexes 19.1. Formation
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ANNEXES 19.2. List of consultants,
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ANNEXES * Did not participate in th
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ANNEXES 19.5. Interactions with aut
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ANNEXES (c) Examine whether informa
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ANNEXES 2. General development of m
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ANNEXES 19. Role of surveyors: (a)
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ANNEXES 6. The law must provide for
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ANNEXES 31. Resolution of insurance
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ANNEXES 3. As shocks can spread thr
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ANNEXES 19.8.2. Terms of Reference
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ANNEXES (d) The Board of the target
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ANNEXES 2. The PDMA should adopt a
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ANNEXES 3. On the issue of co-opera
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ANNEXES 14. Regulators must look at
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ANNEXES 31. The WG recommends the m
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ANNEXES (b) Efficiency of DRT: Suit
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ANNEXES (c) Pledged shares and exem
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ANNEXES 19.11. Interactions by the
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ANNEXES 19.13. Submissions to FSLRC
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Government of India Volume I: Analysis and Recommendations

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