Bill to address bankruptcy in financial sector this session: Das
In order to address the bankruptcy issue in the financial sector, government is likely to introduce a Bill for resolution of insolvent financial firms during the current session of Parliament.
"The Bill relating to resolution of mechanism in relation to stressed assets of financial firms is going to be introduced in the second leg of the Budget session," Economic Affairs Secretary Shaktikanta Das said.
The second half of the Budget session will convene on March 9 and continue till April 13.
Speaking about protectionism, Das said, it is not sustainable in the long run and India will pursue its policy of openness that is free movement of goods, services and manpower.
"Protectionism in any form is not going to be sustainable in the long run considering where the world economy stands today considering the kind of interdependence which we have today between countries in term of requirement of skills and manpower," he said.
As far as India is concerned, he said, "We feel we should stick to our policy of openness, free movement of good, services and manpower and there should not be any restriction on this. Let us see how the situation plays out. I am sure the current trend which you see in many parts of the world may not be sustainable for very long."
With regard to the Payment Settlement Board, he said, the Finance Minister has also said the government will comprehensively review Payment Settlement Act.
"Whether therefore RBI should be a part of it or there should be an alternative mechanism to be built up, that is a matter the government will review, the government will consult the all stakeholders and take a considered call because we are aware a lot of payment takes place outside banking system," he said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
05:44 PM IST