CUSTOMS AND CENTRAL EXCISE SETTLEMENT COMMISSION
- The Central Government has constituted the Customs and Central Excise Settlement Commission under Section 32 of the Central Excise Act, 1944.
- The Commission consists of the Principal Bench presided over by the Chairman in New Delhi and 3 Additional Benches in Chennai, Mumbai and Kolkata presided over by Vice Chairman with 2 Members in each Bench.
- The commission functions in the Department of Revenue as an attached office of the Ministry of Finance.
- The basic objective in setting up of the Settlement Commission is to expedite payments of Customs and Excise duties involved in disputes, by avoiding costly and time consuming litigation process.
- Settlement Commission is, therefore, set up as an independent body, manned by experienced tax officers of ‘integrity and outstanding ability‘, capable of inspiring confidence in the Trade and Industry and entrusted with the responsibility of defining and safeguarding ‘Revenue Interest.
CENTRAL BOARD OF DIRECT TAXES
- The Central Board of Direct Taxes (CBDT), created by the Central Boards of Revenue Act, 1963, is the apex body entrusted with the responsibility of administering direct tax laws in India.
- The CBDT consists of a Chairman and six Members.
- It is the cadre controlling authority for the Indian Revenue Service and the controlling authority for the Income Tax Department.
CAPITALISATION OF PUBLIC SECTOR BANKS (PSBS)
- The capital infusion by the Government in SPBS is done with twin objectives of adequately meeting the credit requirement of the productive sectors of economy as well as to maintain regulatory capital adequacy ratios in PSBS.
- Governments infusion of capital in PSBs is in addition to their internally generated capital to enable banks to maintain a comfortable level of Tier-1 CRAR and also to ensure that they remain compliant with the capital adequacy norms under BASEL-III.
WOMEN’S BANK — BHARATIYA MAHILA BANK LIMITED
- With a View to promote gender equality and economic empowerment of women, Government took a decision to set-up India’s first Women’s Bank.
- Government has infused an initial capital of Rs.1,000 crore in the Bharatiya Mahila Bank Limited.
- The Bank has been incorporated and RBI has already issued a banking license to the Bank. The Bank has become functional after its inauguration on 19th November, 2013.
REGIONAL RURAL BANKS (RRBS)
- During 2013-14, 438 new branches have been opened by RRBs taking the total number of RRB branches to 18,299 as on 31.12.2013.
- All branches of RRBS are on CBS Platform.
- K.C. Chakrabarty Committee recommended recapitalisation support to 40 RRBS to enhance their CRAR to 9%.
- The amount of recapitalisation was assessed to be shared by the stake holders in proportion to their shareholding, i.e. 50% (Central Govt.) 15% (State Govt.) and 35% (Sponsor banks).
- The share of Central Government came to 1100 crore. The recapitalisation process was started in 2010-11.
- 48.46 crore was released to Central Madhya Pradesh Gramin Bank, which is an amalgamated entity after the amalgamation of Vidisha Bhopal Kshetriya Gramin Bank, on the recommendation of NABARD to meet the requirement of minimum CRAR of 9%.
- With this 1086.70 crore has been released up to 31st March, 2014 to 39 RRBS including Central Madhya Pradesh Gramin Bank. The achievement is 98.79%.