{"id":74372,"date":"2016-09-29T17:43:39","date_gmt":"2016-09-29T12:13:39","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=74372"},"modified":"2016-12-05T18:02:03","modified_gmt":"2016-12-05T12:32:03","slug":"finance-ministry-invites-suggestions-on-committee-report-the-draft-financial-resolution-and-deposit-insurance-bill-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/29\/finance-ministry-invites-suggestions-on-committee-report-the-draft-financial-resolution-and-deposit-insurance-bill-2016\/","title":{"rendered":"Finance Ministry invites suggestions on Committee Report & the Draft Financial Resolution and Deposit Insurance Bill, 2016"},"content":{"rendered":"

Finance Ministry invites comments\/suggestions from stakeholders by October 14, 2016 on the Report & Draft FRDI Bill\u00a0<\/strong><\/p>\n

The Finance Minster Shri Arun Jaitley in Para 90 of his Budget Speech 2016-17, had announced:
\n\u201cA systemic vacuum exists with regard to bankruptcy situations in financial firms. A comprehensive Code on Resolution of Financial Firms will be introduced as a Bill in\u00a0 Parliament during 2016-17. This Code will provide a specialised resolution mechanism to deal with bankruptcy situations in banks, insurance companies and financial sector entities. This Code, together with the Insolvency and Bankruptcy Code, 2015, when enacted, will provide a comprehensive resolution mechanism for our economy\u201d.
\nPursuant to the above budget announcement, a Committee was set-up under the Chairmanship of Shri Ajay Tyagi, Additional Secretary, Department of Economic Affairs, Ministry of Finance on 15th\u00a0March 2016 with representatives from the Ministry of Finance, the financial sector regulatory authorities and the Deposit Insurance and Credit Guarantee Corporation with instructions to submit a Report and a draft Code.
\nThe Committee has submitted its Report and a Draft Bill known as \u2018The\u00a0Financial Resolution and Deposit Insurance Bill, 2016\u2019.\u00a0 A copy of the Report of the Committee and the Draft Bill along with an explanatory note explaining the key legal provisions of the Bill are\u00a0hosted on the home page of the Ministry of Finance at\u00a0>www. finmin.nic.in<\/a><.
\nAll stakeholders concerned\/public are requested to forward comments\/suggestions that they may wish to submit on the Draft Bill\u00a0 by\u00a0\u00a014th\u00a0October 2016\u00a0 by e-mail to \u00a0>\u00a0parveen.k63@gov.in <\u00a0or in hard copy to Shri Parveen Kumar, Under Secretary (FSLRC), Department of Economic Affairs, Ministry of Finance, Room No. 48, North Block, New Delhi-110001. The decision of the Government with respect to the Report and the Draft Bill will be taken later after receipt of public\/stakeholders comments and after following due procedure thereafter.<\/p>\n

Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"

Finance Ministry invites comments\/suggestions from stakeholders by October 14, 2016 on the Report & Draft FRDI Bill\u00a0 The Finance Minster Shri Arun <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-74372","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes"],"yoast_head":"\nFinance Ministry invites suggestions on Committee Report & the Draft Financial Resolution and Deposit Insurance Bill, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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