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One unique aspect of Bitcoin is that only 21 million units will ever be created.
In April 2018, Reserve Bank of India (RBI) notified that entities regulated by it should not deal in virtual currencies or
provide services for facilitating any person or entity in dealing with or settling virtual currencies.
However, the Supreme Court struck down the ban on trading of virtual currencies (VC) in India, which was imposed by
the RBI.
The Supreme Court has held that cryptocurrencies are in the nature of commodities and hence they cannot be banned.
The NK Singh committee (set up in 2016) recommended that the government should target a fiscal deficit of 3% of
the GDP in years up to 31st March, 2020, cut it to 2.8% in 2020-21 and to 2.5% by 2023.


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An Underwriter is simply an entity(can be a person or company)which assits as well as gurantees a

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to buy the remaining 200.

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A liquidity trap is a situation, described in Keynesian economics, in which injections of cash into the
private banking system by a central bank fail to decrease interest rates and hence make monetary
policy ineffective.

The liquidity trap is the situation in which prevailing interest rates are low and savings rates are high,
making monetary policy ineffective. In a liquidity trap, consumers choose to avoid bonds and keep
their funds in savings, because of the prevailing belief that interest rates will soon rise.

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Offshore Derivative Instruments (ODIs), also known as Participatory notes (p-notes) are instruments
used by the foreign investors to invest in India’s securities markets without getting registered with the
SEBI. Securities include shares, bonds and derivatives.

Foreign Institutional Investors (FII) and their sub-accounts have to register themselves with SEBI to
invest in India’s markets. And to register, they have to go through regulatory approval processes and
fill several know your customers (KYC) forms, provide PAN no. etc.

Through participatory notes, a foreign investor can invest in India’s stock markets and bond markets
without these regulatory hassles.

Participatory notes are issued by India-based brokers or Foreign Institutional Investors (FIIs)
registered with SEBI, to overseas/ foreign investors. These brokers/ FIIs make investments on behalf
of the overseas investors.

To illustrate- A registered FII buys Infosys shares from the Indian stock market. It keeps the shares
with itself and issues participatory notes based on these shares to interested overseas investors.

Offshore Derivative Instruments/ Participatory notes holder doesn’t own the Infosys shares. The p-
note is just a kind of instrument based on the securities. In technical terms, p-note is a derivative. It
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investor.

The participatory notes were introduced to ease the regulatory burden for foreign investors. But, It is
difficult to know the identity of the investors as they are outside the reach of SEBI. Hence, the money
can be used for terror financing or money laundering.

It was suspected that p-notes were used for round-tripping of domestic black money. Indians took
their black money out of the country through channels like hawala and brought it back using the p-
notes.

In June 2007, 56 % of the total Foreign Institutional Investment in India were through p-notes.

The SEBI and the Indian Government tried to ban p-notes, but the markets crashed and they had to
back down. But, since then, the SEBI has been slowly tightening the regulations on p-notes. As a
result, participatory notes investment shrunk to 6 % of FIIs by April 2017.

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The cooperative is different from a Company in the following ways: Cooperative follows the principle
of one-member–one vote, while the voting in a Company is determined by the type and number of
shares held. A cooperative is an association of members but a Company is an association of capital.
The main objective of a cooperative is to serve members’ needs, but the objective of a company is to
maximize profits for its shareholders. In a cooperative, no member is permitted to vote by proxy
whereas in a company proxies are allowed to vote.

A society is essentially an association of seven or more people registered under the Societies
Registration Act, 1860 – which is an all India Act (however, many States, have variants on the Act)
and which has as a stated purpose some charitable or benevolent purpose either in regards to the
public at-large or in regards to the common interest of the members and which operates as nearly as
possible at cost. A registered society is a legal entity with certain limitations. However, members of a
cooperative society get together to promote the economic interest of their members. They have to
submit viable business plan of the cooperative before registration. These two prerequisites are not
present in a society.

registration alt 1860

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The full form of SARFAESI Act as we know is Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002. Banks use this act as an effective tool for bad loans/
non-performing assets (NPA) recovery. It is possible where non-performing assets are secured by
securities that are charged to the Bank by way of hypothecation or mortgage or assignment.

· When loan default occurs, banks can seize the securities (except agricultural land) without
intervention of the court.

· SARFAESI Act is useful only for secured loans. The SARFAESI Act, 2002 gives powers of seize to
the banks. Banks can serve a notice in writing to the defaulting borrower asking it to discharge its
liabilities within 60 days. If the borrower fails to comply , the Bank may take recourse to one or more
of the following measures:

Take possession of the security given for the loan

Sale ,lease or assign the right over the security

Manage or appoint any person to manage the same

The SARFAESI Act also provides for the establishment of Asset Reconstruction Companies (ARCs).
ARCs are regulated by RBI to acquire assets from banks and financial institutions.

The rights of the borrowers have also been duly incorporated in the law.

· The borrowers can at any time before the sale is concluded, discharge liability by remitting the dues
and avoid losing the security charged to the bank.

· In case any unethical/illegal act is done by the Authorized Officer, he will be liable for penal
consequences.

· The borrowers will also be entitled to get compensation for such acts.

· For redressal of the grievances, the borrowers can move firstly to the DRT and thereafter the DRAT
in appeal. The limitation period is 45 days for DRT and 30 days for DRAT.

The following are the four conditions for enforcing the rights by a creditor under SARFAESI Act.

The loan is secured

The loan has been classified as an NPA by the banks

The outstanding loan is one lakh and above and more than 20% of the principal loan amount and
interest there on.

The security charged to bank is not an Agricultural land.

Methods of recovery

This act makes provisions for two important methods of recovery of the NPAs:

· Securitization: Securitization is the method of issuing marketable securities backed by a pool of

existing assets such as auto or home loans. After an asset is converted into marketable security, it is
sold. A securitization or reconstruction company may raise funds from the QIB (Qualified Institutional
Buyers) by forming schemes for acquiring financial assets.

· Asset Reconstruction: SARFAESI Act has given birth to the Asset Reconstruction Companies in
India. It can be done by proper management of the business of the borrower, or by taking over it or
selling a part or whole of the business or by rescheduling of payment of loan payable by the borrower
enforcement of security interest in accordance with the provisions of this Act.

Is Mortgaged House exempted?

The SARFAESI Act covers any asset, movable or immovable, given as security whether by way of
mortgage, hypothecation or creation of a security interest. There are some exceptions in the act such
as personal belongings of the borrower. However, only that property charged as security can be
proceeded under the provisions of SARFAESI Act. If the property of the borrower is his own
mortgaged residential house, the same is NOT exempted from the SARFAESI Act.

Role of Chief Metropolitan Magistrate or District Magistrate

The Chief Metropolitan Magistrate or District Magistrate is the officer that has been mandated to
assist secured creditor in taking possession of secured asset. These officers will ensure that once the
creditor has given him in writing that all other formalities of the act have been done, the CMM or DM
will take possession of such asset and documents relating thereto and forward the same to the
secured creditor. Such an act by the CMM or DM cannot be called in question in any court or before
any authority.

Banking regulation net 2017

1009

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logistics ease across differentslates

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B Extreme poverty 19 day

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LOOP NC Saxena
poverty
rural BPL figures in States

recon ended 50 rural BPL

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1993

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2008

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slum poplin 9 Crore

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multidimensional poverty index

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poverty 28 halved

during 2005 06 to 2015 16

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17 aspirational Goals
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1936

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I I

labour me trafficking

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National Council vocational training

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implemented through NS DC
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1962

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32
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INFO

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