The Finance Ministry distributes Rs 13,386 crore to 25 states as an RLB award.

The Finance Ministry distributes Rs 13,386 crore to 25 states as an RLB award.

On Tuesday, the Finance Ministry said that it has allocated Rs 13,386 crore to 25 states for grants to rural local bodies (RLBs).

RLBs get tethered funding to improve two services: sanitation and maintaining open-defecation-free (ODF) status, as well as drinking water supply, rainfall harvesting, and water recycling.

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“The Ministry of Finance’s Department of Expenditure issued a sum of Rs 13,385.70 crore to 25 States on Monday for giving funds to Rural Local Bodies,” the ministry said in a statement.

This is the first instalment of Tied grants for the fiscal year 2021-22. The grants were distributed in accordance with the 15th Finance Commission’s recommendations.

FSDC meeting on September 3; to assess the economy and financial industry.

Tied grants are intended to ensure that rural local governments have access to additional money beyond the monies granted by the Centre and states for sanitation and drinking water under Centrally Sponsored Schemes.

The states are obligated to deliver the grants to rural local governments within 10 working days, and the grants must be released with interest.

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FSDC meeting on September 3; to assess the economy and financial industry.

FSDC meeting on September 3; to assess the economy and financial industry.

Finance Minister Nirmala Sitharaman convened a meeting of the Financial Stability and Development Council (FSDC) on September 3 to discuss the health of the financial sector and a strategy to aid the pandemic-affected economy’s embryonic recovery. This will be the FSDC’s 24th meeting and the first of the current fiscal year. The most recent meeting took place on December 15, 2020.

The meeting will take place soon after first-quarter GDP figures showed a growth of roughly 20%, compared to a fall of 24.4% in the previous financial year’s quarter.

Some macroeconomic indicators, including tax mobilisation, credit growth, manufacturing increase in specific sectors, and export growth, are showing signs of a nascent recovery.

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According to sources, the FSDC meeting will be placed through video conferencing on Friday.

According to sources, the finance minister may ask financial sector regulators to loosen and harmonise investment criteria for infrastructure investment trusts (InvITs), which are used to monetize public assets such as motorways, power lines, and railway tracks.

Sitharaman unveiled a Rs 6 lakh crore National Monetisation Pipeline (NMP) earlier this month, with the goal of unlocking value in infrastructure assets ranging from power to roads and railroads.

The Union Budget for the years 2021-22 identified the monetisation of running public infrastructure assets as a crucial source of long-term infrastructure funding.

The Budget included funding for the creation of a “National Monetisation Pipeline” of prospective brownfield infrastructure assets to help with this. The NMP study was created by NITI Aayog in collaboration with infrastructural ministries.

The asset pipeline under the NMP is estimated to be worth Rs 6 lakh crore over the next four years. The anticipated cost is equal to 14% of the Centre’s proposed outlay under the National Infrastructure Pipeline (Rs 43 lakh crore).

Anchorage Infrastructure Investment Holding’s FDI request of Rs 15,000 crore has been approved by the CCEA. 

The conference will also include senior officials from the Finance Ministry.

The FSDC is scheduled to examine several areas of the government’s stimulus initiatives, which were issued in response to the pandemic’s economic crisis.

Members of the FSDC include the Governor of the Reserve Bank of India, as well as the heads of the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, the Pension Fund Regulatory and Development Authority, and the International Financial Services Centres Authority.

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You can now buy US stocks such as Facebook, Apple and Google on NSE

You can now buy US stocks such as Facebook, Apple and Google on NSE

The NSE IFSC will be the first in the world to allow Indian retail investors to trade stocks in the United States. “Unsponsored depository receipts will be used to make the offering.”

The NSE International Exchange (NSE IFSC), a wholly-owned subsidiary of the National Stock Exchange (NSE), said on August 9 that it will shortly begin trading in select US companies.

The NSE IFSC platform would be used to enable the trading, according to a press release “Unsponsored depository receipts will be used to make the offering. Under the Regulatory Sandbox, IFSCA has made this possible.”

The entire trading, clearing, settlement, and holding of US stocks will be governed by the IFSC authority’s regulatory system.

“This effort is a first of its type at IFSC, where Indian retail investors will be allowed to transact on the NSE IFSC platform within the Reserve Bank of India’s (RBI) Liberalized Remittance Scheme (LRS) limits,” NSE IFSC stated.

The RBI’s LRS framework, for example, allows residents to remit up to $250,000 per fiscal year for any allowed current or capital account transaction.

“The business model offered by NSE IFSC will not only provide additional investment opportunities to Indian investors but will also make the entire investing procedure simple and inexpensive,” the stock exchange noted.

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When compared to the underlying shares traded in US markets, investors will be able to trade in fractional quantities/values, according to the company.

The new structure will make US stocks more accessible to Indian ordinary investors, according to the NSE IFSC.

The NSE IFSC Clearing Corporation Limited (NICCL) will provide a solid risk management framework, enabling clearing and settlement of all trades in depository receipts, and provide settlement assurance for all trades performed on the NSE IFSC platform, according to the company. Furthermore, all trades will be protected by the NSE IFSC’s investor protection structure.

According to the announcement, investors will be able to keep the depository receipts in “their own Demat accounts formed in GIFT City” and will be eligible for corporate action benefits related to the underlying stock.

Investors should take advantage of price corrections to increase their gold exposure – According to analysts 

NSE IFSC will release operational information soon and will launch the product as soon as feasible, according to the company, which also stated that depositories, banks, and brokers have already begun working with NSE IFSC to make these investment products available to Indian customers.

The introduction of trading in US stocks through NSE IFSC, according to Vikram Limaye, MD and CEO of NSE, will be one of the stock exchange’s important achievements.

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