General Affairs
Full Text Of Amritsar Declaration At The 6th Ministerial Conference Of Heart Of Asia
-
AMRITSAR: The Heart Of Asia conference in Amritsar called for immediate elimination of terrorism to help the war-ravaged country in its political and economic transition.
Here is the full text of the Amritsar Declaration:
December 04, 2016
1. We, the Ministers of Foreign Affairs and high-level representatives of the participating and supporting countries, joined by high level representatives of the international and regional organizations, have met in Amritsar, the Republic of India, on 4 December 2016 at our Sixth Ministerial Conference of the Heart of Asia - Istanbul Process (HoA-IP). The Conference was co-chaired by HE Shri Arun Jaitley, Finance Minister of the Republic of India and HE Mr. Salahuddin Rabbani, Minister of Foreign Affairs of the Islamic Republic of Afghanistan.
2. We express our gratitude to HE Mr. Mohammad Ashraf Ghani, President of the Islamic Republic of Afghanistan and H.E. Shri Narendra Modi, Prime Minister of India for inaugurating the Sixth Ministerial Conference.
3. We recall the five Ministerial Conferences in Istanbul (2011), Kabul (2012), Almaty (2013), Beijing (2014), and Islamabad (2015) and we reaffirm our commitment to the principles, objectives, and outcomes enshrined in the Declarations of these Conferences that have defined the ideals for the working of the HoA-IP aimed at promoting regional peace and prosperity.
4. We reaffirm the importance of the HoA-IP as an important regional platform for political dialogue and close regional cooperation aimed at promoting stability, peace and prosperity in Afghanistan and the entire Heart of Asia region, and for enhancing Afghanistan's connectivity with the entire Heart of Asia region. We recognize the role of cultural heritage as a catalyst for social and economic development of the Heart of Asia region.
5. We reaffirm our commitment to the United Nations Charter and its enshrined principles of sovereignty, independence, territorial integrity, sovereign equality of nations and non-intervention in the internal affairs of other states as well as universally recognized principles and norms of international law. Further, we reaffirm our commitment to the Universal Declaration of Human Rights. We reiterate the importance of increased political dialogue and consultations between countries of the Heart of Asia region for a stable, peaceful and prosperous region.
6. We remain committed to resolving our differences peacefully, and refraining from threat or use of force against the political independence, territorial integrity, or sovereignty of any state. We will also work towards regional consensus on non-interference in the internal affairs of other countries, which is critically important for good neighborliness between countries of the region, and for peaceful co-existence as independent and sovereign nations, and re-affirm our commitment to these principles.
7. We stress the need for advancing regional cooperation as an effective means to address common challenges and to promote security, stability and socio-economic development in the Heart of Asia region. We, therefore, renew our commitment to strengthening enhanced cooperation among Member States in a sincere and effective manner.
8. We reaffirm our appreciation and express strong and unequivocal support for the ongoing constructive efforts of the Government of Afghanistan towards regional engagement and its commitment to building an increasing environment of trust and confidence throughout the region.
9. We appreciate the commitment of the international community for supporting the Government and people of Afghanistan and stress the crucial need for continuation of such support for achieving a peaceful, stable and prosperous Afghanistan.
10. We welcome the assumption of full responsibility for security by the ANDSF and for their role in fighting terrorism andviolent extremism in Afghanistan. We welcome the agreements between the International Community and the Government of Afghanistan, and relevant decisions, which allow for continued financial support to the ANDSF until 2020 and assistance to them by the Post-ISAF Mission, in support of long-term security and stability in Afghanistan. We also pay tribute to the sacrifices made by the ANDSF and international forces.
11. We commend the European Union and Afghanistan for convening the October 4-5 Brussels Conference on Afghanistan, and recognize the importance of the development assistance commitments made by over 100 countries and international organizations, and of the Self-Reliance through Mutual Accountability Framework (SMAF) and its deliverables. We call on the international community to further strengthen international and regional cooperation towards sustained efforts for a secure, stable and prosperous Afghanistan.
12. We appreciate the continued efforts by the OIC and Afghanistan to convene the International Ulema Conference in Mecca, Saudi Arabia with inclusive representation of the Islamic countries and hope a positive outcome would contribute to lasting peace and stability in Afghanistan.
13. We recognize the significance of United Nations Security Council Resolution 1325 (2000) and its subsequent resolutions on the role of women in conflict prevention, peace negotiations and post-conflict processes in the Heart of Asia region.
14. We remain concerned by the gravity of the security situation in Afghanistan in particular and the region and the high level of violence caused by the Taliban, terrorist groups including ISIL / DAISHand its affiliates, the Haqqani Network, Al Qaida, Islamic Movement of Uzbekistan, East Turkistan Islamic Movement, Lashkar-e-Taiba, Jaish-e-Mohammad, TTP, Jamaat-ul-Ahrar, Jundullah and other foreign terrorist fighters. Acknowledging the support that terrorism derives in our region, we demand an immediate end to all forms of terrorism, as well as all support to it, including financing of terrorism. We recognize that terrorism is the biggest threat to peace, stability and cooperation in our region. We encourage the international community to continue to assist the Government of Afghanistan. We strongly call for concerted regional and international cooperation to ensure elimination of terrorism, in all its forms and manifestations, including dismantling of terrorist sanctuaries and safe havens in the Heart of Asia region, as well as disrupting all financial, tactical and logistical support for terrorism. In this regard, we call upon all states to take action against these terroristentities in accordance with their respective national counter terrorism policies, their international obligationsand the UN Global Counter Terrorism Strategy 2006.Furthermore, we encourage early finalization of the Comprehensive Convention on International Terrorism with consensus.
15. We commend the government of Afghanistan in successfully pursuing peace talks with Hizb-e-Islami Gulbuddin Hekmatyar resulting in the signature of a peace agreement that sets a good precedent for future peace talks with all other armed groups.
16. We commend countries in the region and beyond, particularly Iran and Pakistan, for their hospitality in hosting millions of Afghan refugees for over three decades. We call on all these countries to continue hosting the Afghan refugees until their sustainable repatriation and reintegration in Afghanistan can take place in a voluntary, safe, gradual and dignified fashion, in accordance with the Solutions Strategy for Afghan Refugees to Support Voluntary Repatriation, Sustainable Reintegration and Assistance to Host Communities. We are concerned by the recent spike of Afghan refugee returns and the challenges that this sudden influx presents for returnee re-integration programmes. We therefore urge the international community to provide generous support and targeted assistance for Afghan refugees, returnees and host communities in the region, with emphasis on youth, education and livelihoods. We welcome the Afghanistan-Pakistan-UNHCR and Afghanistan-Iran-UNHCR Tripartite Commissions on Voluntary Repatriation of Afghan Refugees from Iran and Pakistan, as vital steps in the Solutions Strategy. We support the Final Statement of the UNHCR Executive Committee High Level Segment refocusing the international community's attention on the Afghan refugee situation in this critical period.
Addressing Challenges
17. Recognizing once again that terrorism, violent extremism, radicalization, separatism, and sectarianism and linkages among them are the gravest challenges that the Heart of Asia region and the rest of the international community face, and these problems would continue to pose a severe threat to the sovereignty, territorial integrity, economic development and bilateral and regional cooperation, we renew our strong commitment to strengthening comprehensive cooperation among the Heart of Asia countries and intensify our efforts to combat terrorism in all its forms and manifestations through solidarity and collective action.
18. We reaffirm our recognition made in Islamabad last year that violent extremism facilitates, encourages and justifies acts of terrorism and violence and we undertake to introduce measures to curb the spread of violent extremism and terrorism. We recognize the necessity of taking serious measures to address recruitment of youth to extremist and terrorist networks. We realize that the radicalization of disaffected elements of the population, especially youth, can only be prevented by effective de-radicalization and counter-radicalization strategies involving all the HoA countries.
19. We, therefore, believe efforts to eliminate the menace of terrorism and violent extremism will not succeed without a concerted and coherent regional approach involving all HoA countries. This approach will have to utilize the capacities of men and women throughout the cross section of society of the region that includes political figures, religious leaders, educational institutions, opinion makers, youth, civil society, mass media and social networks. We undertake to develop such a regional approach to counter radicalization by tasking our relevant experts from the fields of security, education and local governance to meet in the first half of 2017 to identify key areas to be addressed for developing this regional approach and provide recommendations to be presented to the Senior Officials Meeting of the HoA-IP in the first half of 2017 for further action on this critical issue. We encourage HoA member countries to share their experiences and best practices in the area of counter radicalization with a view to helping evolve their national counter radicalization strategies.
20. We welcome and support Afghanistan's initiative in taking the lead in exploring a regional counter-terror strategy, in accordance with the established principles of the UN charter, which we agreed was necessary when we last met in Islamabad in December 2015. We note the progress that has been made since the last Ministerial with an Ambassadorial meeting of the CT-CBM participating countries at which a draft framework strategy was shared by Afghanistan for further consideration and development. We call for convening an early meeting of experts to discuss the draft framework strategy with the view to its finalization for consideration by senior security officials.
21. We are concerned about the increase in production and cultivation of opium in Afghanistan, the volume of drug trafficking and demand in the HoA Region and beyond. This requires further eradication efforts and poses a threat to the socio-economic development, security and stability not only in Afghanistan, but also in the surrounding region and the world as a whole. We understand that acuteness and global scale of the drug threat requires appropriate international efforts aimed at intensifying measures to fight drugs production and trafficking in Afghanistan and the region of HoA. We also stress the urgent need to respond to the serious challenges posed by the nexus between revenue and its financial support for terrorist entities in Afghanistan, the Heart of Asia region and globally. To disrupt these links, the HoA countries intend to increase dialogue between their relevant ministries and agencies to tackle this menace. In this regard, we believe it is essential to integrate a comprehensive approach in addressing the drug problem of Afghanistan and the HoA region.
22. We recognize that a politically negotiated settlement remains important for durable peace in Afghanistan. We reiterate our support to the Government of Afghanistan in its efforts to advance an Afghan led Afghan owned peace process. We urge all Afghan Taliban groups and all other armed groups to enter into peace talks with the Government of Afghanistan. While recognizing the importance of the contributions of neighboring countries and regional partners in this process, we urgeall those countries in the region and beyond who have leverages and influence to help bring the Taliban to the negotiation table.
Achieving Prosperity
23. We acknowledge the crucial role of Afghanistan as a natural land bridge in promoting regional connectivity and economic integration in the Heart of Asia region, and we reiterate our strong support for Afghanistan's efforts to use its geographic location to enhance wider regional economic cooperation. We further stress that economic development will contribute to achieving lasting peace and stability in Afghanistan and the region, and enhance regional economic integration. In this regard, we welcome the practical implementation of TAPI and completion of the first stage of the Asian International Railway Corridor between Imamnazar, Turkmenistan, and Aqina, Afghanistan -- the initial stages of TAT linking Turkmenistan, Afghanistan and Tajikistan. Further, we encourage the early implementation of the multinational energy and connectivity projects of CASA-1000, TUTAP, Chabahar Agreement, the Five Nation Railway, TAT linking Turkmenistan, Afghanistan and Tajikistan by rail, all of which would play a central role in strengthening regional cooperation between Central Asia and South Asia and further forge economic connectivity and growth in the region. We welcome the MoU on Jointly Building the Silk Road Economic Belt and the 21st Century Maritime Silk Road between the Government of the People's Republic of China and the Government of the Islamic Republic of Afghanistan. All these will lay the foundations for a successful Seventh Regional Economic Cooperation Conference on Afghanistan (RECCA) planned for November 2017 in Ashgabat.
24. We are encouraged by the continued commitment of regional countries to establish significant North-South and East-West corridors within the Heart of Asia Region with a focus on the development of infrastructure connecting Afghanistan and the region to seaports. We recognize the crucial significance of enhanced and assured sea-land access for Afghanistan to region's biggest markets. In this context, we note the significant step taken by Afghanistan, Iran and India by signing their trilateral transport and transit agreement based on sea access through Chabahar. Once implemented, this corridor will provideadditional and dependable access for Afghanistan and Central Asia to regional and global markets.We also welcome the progress made on the Lapis Lazuli corridor, and believe that this will further increase the connectivity of Afghanistan.
25. We appreciate the necessity to maximize the speed of movement of goods across the region, and in this context we agree to collaborate more closely in removing the non-tariff barriers to trade, establishing and implementing bilateral and multilateral regional transit-trade framework agreements. In this regard, we stress on the urgent need to integrate, through the land route, South Asia and Central Asia through the expansion of existing bilateral trade and transit agreement both northwards and southwards.
26. We recognize the importance of the role of small and medium size enterprises (SMEs) in the economic growth of individual countries and the region as a whole. We commit to undertake measures to strengthen the growth of SMEs, including women entrepreneurship, and enable their expansion across borders into other countries of the region. To realize these objectives, we task the members of the Trade, Commerce and Investment Opportunities CBM to explore measures, such as simplifying customs procedures, exchanging information on regional markets and addressing tariff and non-tariff barriers, and submit a report to the Senior Officials Meetings, so as to take these ideas forward for implementation.
Confidence Building Measures
27. Reiterating our collective support to promote the implementation of six CBMs identified in the HoA-IP, we note with satisfaction that a number of activities under various CMBs that were carried out since we last met in Islamabad in December 2015.
28. We request the lead countries of CBMs that did not hold their Regional Technical Group meetings as we stipulated in Beijing (2014) and in Islamabad (2015) to reflect on how they could strengthen their capacity to play a lead role, as per their commitments, in advancing the work of the CBM that they lead. We also call upon participants and supporters to collaborate closely to implement prioritized activities under the CBMs of which they are members. We urge lead countries, participating and supporting countries and organizations to ensure the implementation of the activities prioritized by each CBM.
29. We appreciate the valuable support of the international community to the HoA-IP. In this context, we look forward to continued contributions of the supporting countries and organizations to realize the implementation activities prioritized under each CBM. In order to have a more precise picture of the contributions by the international community to the Heart of Asia Process, we request the co-Chairs to provide us with an annual report on the activities of each CBM and the contributions made by the participating countries and supporters of this process. In this context, an assessment of the Heart of Asia-Istanbul Process from its inception in 2011, including on the CBMs, was carried out by the Afghan Ministry of Foreign Affairs and presented to the Senior Officials' Meeting of the Heart of Asia- Istanbul Process in New York. We encourage participant countries and supporters to consider the recommendations of this assessment.
Conclusion
30. We task our Senior Officials to hold the first 2017 SOM of this process, within three months of this Conference, and engage in substantive discussions on various important subjects in accordance with our commitments in Beijing and Islamabad and also to review the plans submitted by the RTGs.
31. We express our sincere appreciation to the Government of the Republic of India for hosting the Sixth Ministerial Conference of the Heart of Asia-Istanbul Process in Amritsar. We welcome the willingness of Republic of Azerbaijan to host the next Ministerial Conference of the Heart of Asia-Istanbul Process as Co-chair in 2017.
32. We welcome the presence of guest countries Austria, Bulgaria, Latvia and Uzbekistan in this Conference and note their interest in the Heart of Asia Istanbul process.
33. This Declaration was adopted in Amritsar, India on 4 December 2016, by the Foreign Ministers and high-level representatives of the participating countries of the Heart of Asia-Istanbul Process: Islamic Republic of Afghanistan, Republic of Azerbaijan, People's Republic of China, Republic of India, Islamic Republic of Iran, Republic of Kazakhstan, Kyrgyz Republic, Islamic Republic of Pakistan, Russian Federation, Kingdom of Saudi Arabia, Republic of Tajikistan, Republic of Turkey, Turkmenistan, the United Arab Emirates, and the United Nations. This Declaration was welcomed and supported by the Foreign Ministers and high-level representatives of the supporting countries of the Heart of Asia-Istanbul Process, and the high-ranking representatives of the supporting international and regional organizations: Commonwealth of Australia, Canada, Royal Kingdom of Denmark, Arab Republic of Egypt, European Union, Republic of Finland, Republic of France, Federal Republic of Germany, Republic of Iraq, Republic of Italy, Japan, Republic of Poland, Norway, Spain, Sweden, the United Kingdom, the United States, Aga Khan Development Network (AKDN), Asian Development Bank (ADB), Conference on Interaction and Confidence Building Measures in Asia (CICA), Collective Security Treaty Organizations (CSTO), Economic Cooperation Organizations (ECO), North Atlantic Treaty Organization (NATO), Organization of Islamic Cooperation (OIC), Organization for Security and Cooperation in Europe (OSCE), Shanghai Cooperation Organization (SCO), and South Asian Association for Regional Cooperation (SAARC).
Here is the full text of the Amritsar Declaration:
December 04, 2016
1. We, the Ministers of Foreign Affairs and high-level representatives of the participating and supporting countries, joined by high level representatives of the international and regional organizations, have met in Amritsar, the Republic of India, on 4 December 2016 at our Sixth Ministerial Conference of the Heart of Asia - Istanbul Process (HoA-IP). The Conference was co-chaired by HE Shri Arun Jaitley, Finance Minister of the Republic of India and HE Mr. Salahuddin Rabbani, Minister of Foreign Affairs of the Islamic Republic of Afghanistan.
2. We express our gratitude to HE Mr. Mohammad Ashraf Ghani, President of the Islamic Republic of Afghanistan and H.E. Shri Narendra Modi, Prime Minister of India for inaugurating the Sixth Ministerial Conference.
3. We recall the five Ministerial Conferences in Istanbul (2011), Kabul (2012), Almaty (2013), Beijing (2014), and Islamabad (2015) and we reaffirm our commitment to the principles, objectives, and outcomes enshrined in the Declarations of these Conferences that have defined the ideals for the working of the HoA-IP aimed at promoting regional peace and prosperity.
5. We reaffirm our commitment to the United Nations Charter and its enshrined principles of sovereignty, independence, territorial integrity, sovereign equality of nations and non-intervention in the internal affairs of other states as well as universally recognized principles and norms of international law. Further, we reaffirm our commitment to the Universal Declaration of Human Rights. We reiterate the importance of increased political dialogue and consultations between countries of the Heart of Asia region for a stable, peaceful and prosperous region.
6. We remain committed to resolving our differences peacefully, and refraining from threat or use of force against the political independence, territorial integrity, or sovereignty of any state. We will also work towards regional consensus on non-interference in the internal affairs of other countries, which is critically important for good neighborliness between countries of the region, and for peaceful co-existence as independent and sovereign nations, and re-affirm our commitment to these principles.
7. We stress the need for advancing regional cooperation as an effective means to address common challenges and to promote security, stability and socio-economic development in the Heart of Asia region. We, therefore, renew our commitment to strengthening enhanced cooperation among Member States in a sincere and effective manner.
8. We reaffirm our appreciation and express strong and unequivocal support for the ongoing constructive efforts of the Government of Afghanistan towards regional engagement and its commitment to building an increasing environment of trust and confidence throughout the region.
9. We appreciate the commitment of the international community for supporting the Government and people of Afghanistan and stress the crucial need for continuation of such support for achieving a peaceful, stable and prosperous Afghanistan.
10. We welcome the assumption of full responsibility for security by the ANDSF and for their role in fighting terrorism andviolent extremism in Afghanistan. We welcome the agreements between the International Community and the Government of Afghanistan, and relevant decisions, which allow for continued financial support to the ANDSF until 2020 and assistance to them by the Post-ISAF Mission, in support of long-term security and stability in Afghanistan. We also pay tribute to the sacrifices made by the ANDSF and international forces.
11. We commend the European Union and Afghanistan for convening the October 4-5 Brussels Conference on Afghanistan, and recognize the importance of the development assistance commitments made by over 100 countries and international organizations, and of the Self-Reliance through Mutual Accountability Framework (SMAF) and its deliverables. We call on the international community to further strengthen international and regional cooperation towards sustained efforts for a secure, stable and prosperous Afghanistan.
12. We appreciate the continued efforts by the OIC and Afghanistan to convene the International Ulema Conference in Mecca, Saudi Arabia with inclusive representation of the Islamic countries and hope a positive outcome would contribute to lasting peace and stability in Afghanistan.
13. We recognize the significance of United Nations Security Council Resolution 1325 (2000) and its subsequent resolutions on the role of women in conflict prevention, peace negotiations and post-conflict processes in the Heart of Asia region.
14. We remain concerned by the gravity of the security situation in Afghanistan in particular and the region and the high level of violence caused by the Taliban, terrorist groups including ISIL / DAISHand its affiliates, the Haqqani Network, Al Qaida, Islamic Movement of Uzbekistan, East Turkistan Islamic Movement, Lashkar-e-Taiba, Jaish-e-Mohammad, TTP, Jamaat-ul-Ahrar, Jundullah and other foreign terrorist fighters. Acknowledging the support that terrorism derives in our region, we demand an immediate end to all forms of terrorism, as well as all support to it, including financing of terrorism. We recognize that terrorism is the biggest threat to peace, stability and cooperation in our region. We encourage the international community to continue to assist the Government of Afghanistan. We strongly call for concerted regional and international cooperation to ensure elimination of terrorism, in all its forms and manifestations, including dismantling of terrorist sanctuaries and safe havens in the Heart of Asia region, as well as disrupting all financial, tactical and logistical support for terrorism. In this regard, we call upon all states to take action against these terroristentities in accordance with their respective national counter terrorism policies, their international obligationsand the UN Global Counter Terrorism Strategy 2006.Furthermore, we encourage early finalization of the Comprehensive Convention on International Terrorism with consensus.
15. We commend the government of Afghanistan in successfully pursuing peace talks with Hizb-e-Islami Gulbuddin Hekmatyar resulting in the signature of a peace agreement that sets a good precedent for future peace talks with all other armed groups.
16. We commend countries in the region and beyond, particularly Iran and Pakistan, for their hospitality in hosting millions of Afghan refugees for over three decades. We call on all these countries to continue hosting the Afghan refugees until their sustainable repatriation and reintegration in Afghanistan can take place in a voluntary, safe, gradual and dignified fashion, in accordance with the Solutions Strategy for Afghan Refugees to Support Voluntary Repatriation, Sustainable Reintegration and Assistance to Host Communities. We are concerned by the recent spike of Afghan refugee returns and the challenges that this sudden influx presents for returnee re-integration programmes. We therefore urge the international community to provide generous support and targeted assistance for Afghan refugees, returnees and host communities in the region, with emphasis on youth, education and livelihoods. We welcome the Afghanistan-Pakistan-UNHCR and Afghanistan-Iran-UNHCR Tripartite Commissions on Voluntary Repatriation of Afghan Refugees from Iran and Pakistan, as vital steps in the Solutions Strategy. We support the Final Statement of the UNHCR Executive Committee High Level Segment refocusing the international community's attention on the Afghan refugee situation in this critical period.
Addressing Challenges
17. Recognizing once again that terrorism, violent extremism, radicalization, separatism, and sectarianism and linkages among them are the gravest challenges that the Heart of Asia region and the rest of the international community face, and these problems would continue to pose a severe threat to the sovereignty, territorial integrity, economic development and bilateral and regional cooperation, we renew our strong commitment to strengthening comprehensive cooperation among the Heart of Asia countries and intensify our efforts to combat terrorism in all its forms and manifestations through solidarity and collective action.
19. We, therefore, believe efforts to eliminate the menace of terrorism and violent extremism will not succeed without a concerted and coherent regional approach involving all HoA countries. This approach will have to utilize the capacities of men and women throughout the cross section of society of the region that includes political figures, religious leaders, educational institutions, opinion makers, youth, civil society, mass media and social networks. We undertake to develop such a regional approach to counter radicalization by tasking our relevant experts from the fields of security, education and local governance to meet in the first half of 2017 to identify key areas to be addressed for developing this regional approach and provide recommendations to be presented to the Senior Officials Meeting of the HoA-IP in the first half of 2017 for further action on this critical issue. We encourage HoA member countries to share their experiences and best practices in the area of counter radicalization with a view to helping evolve their national counter radicalization strategies.
20. We welcome and support Afghanistan's initiative in taking the lead in exploring a regional counter-terror strategy, in accordance with the established principles of the UN charter, which we agreed was necessary when we last met in Islamabad in December 2015. We note the progress that has been made since the last Ministerial with an Ambassadorial meeting of the CT-CBM participating countries at which a draft framework strategy was shared by Afghanistan for further consideration and development. We call for convening an early meeting of experts to discuss the draft framework strategy with the view to its finalization for consideration by senior security officials.
21. We are concerned about the increase in production and cultivation of opium in Afghanistan, the volume of drug trafficking and demand in the HoA Region and beyond. This requires further eradication efforts and poses a threat to the socio-economic development, security and stability not only in Afghanistan, but also in the surrounding region and the world as a whole. We understand that acuteness and global scale of the drug threat requires appropriate international efforts aimed at intensifying measures to fight drugs production and trafficking in Afghanistan and the region of HoA. We also stress the urgent need to respond to the serious challenges posed by the nexus between revenue and its financial support for terrorist entities in Afghanistan, the Heart of Asia region and globally. To disrupt these links, the HoA countries intend to increase dialogue between their relevant ministries and agencies to tackle this menace. In this regard, we believe it is essential to integrate a comprehensive approach in addressing the drug problem of Afghanistan and the HoA region.
22. We recognize that a politically negotiated settlement remains important for durable peace in Afghanistan. We reiterate our support to the Government of Afghanistan in its efforts to advance an Afghan led Afghan owned peace process. We urge all Afghan Taliban groups and all other armed groups to enter into peace talks with the Government of Afghanistan. While recognizing the importance of the contributions of neighboring countries and regional partners in this process, we urgeall those countries in the region and beyond who have leverages and influence to help bring the Taliban to the negotiation table.
Achieving Prosperity
23. We acknowledge the crucial role of Afghanistan as a natural land bridge in promoting regional connectivity and economic integration in the Heart of Asia region, and we reiterate our strong support for Afghanistan's efforts to use its geographic location to enhance wider regional economic cooperation. We further stress that economic development will contribute to achieving lasting peace and stability in Afghanistan and the region, and enhance regional economic integration. In this regard, we welcome the practical implementation of TAPI and completion of the first stage of the Asian International Railway Corridor between Imamnazar, Turkmenistan, and Aqina, Afghanistan -- the initial stages of TAT linking Turkmenistan, Afghanistan and Tajikistan. Further, we encourage the early implementation of the multinational energy and connectivity projects of CASA-1000, TUTAP, Chabahar Agreement, the Five Nation Railway, TAT linking Turkmenistan, Afghanistan and Tajikistan by rail, all of which would play a central role in strengthening regional cooperation between Central Asia and South Asia and further forge economic connectivity and growth in the region. We welcome the MoU on Jointly Building the Silk Road Economic Belt and the 21st Century Maritime Silk Road between the Government of the People's Republic of China and the Government of the Islamic Republic of Afghanistan. All these will lay the foundations for a successful Seventh Regional Economic Cooperation Conference on Afghanistan (RECCA) planned for November 2017 in Ashgabat.
24. We are encouraged by the continued commitment of regional countries to establish significant North-South and East-West corridors within the Heart of Asia Region with a focus on the development of infrastructure connecting Afghanistan and the region to seaports. We recognize the crucial significance of enhanced and assured sea-land access for Afghanistan to region's biggest markets. In this context, we note the significant step taken by Afghanistan, Iran and India by signing their trilateral transport and transit agreement based on sea access through Chabahar. Once implemented, this corridor will provideadditional and dependable access for Afghanistan and Central Asia to regional and global markets.We also welcome the progress made on the Lapis Lazuli corridor, and believe that this will further increase the connectivity of Afghanistan.
25. We appreciate the necessity to maximize the speed of movement of goods across the region, and in this context we agree to collaborate more closely in removing the non-tariff barriers to trade, establishing and implementing bilateral and multilateral regional transit-trade framework agreements. In this regard, we stress on the urgent need to integrate, through the land route, South Asia and Central Asia through the expansion of existing bilateral trade and transit agreement both northwards and southwards.
26. We recognize the importance of the role of small and medium size enterprises (SMEs) in the economic growth of individual countries and the region as a whole. We commit to undertake measures to strengthen the growth of SMEs, including women entrepreneurship, and enable their expansion across borders into other countries of the region. To realize these objectives, we task the members of the Trade, Commerce and Investment Opportunities CBM to explore measures, such as simplifying customs procedures, exchanging information on regional markets and addressing tariff and non-tariff barriers, and submit a report to the Senior Officials Meetings, so as to take these ideas forward for implementation.
Confidence Building Measures
27. Reiterating our collective support to promote the implementation of six CBMs identified in the HoA-IP, we note with satisfaction that a number of activities under various CMBs that were carried out since we last met in Islamabad in December 2015.
28. We request the lead countries of CBMs that did not hold their Regional Technical Group meetings as we stipulated in Beijing (2014) and in Islamabad (2015) to reflect on how they could strengthen their capacity to play a lead role, as per their commitments, in advancing the work of the CBM that they lead. We also call upon participants and supporters to collaborate closely to implement prioritized activities under the CBMs of which they are members. We urge lead countries, participating and supporting countries and organizations to ensure the implementation of the activities prioritized by each CBM.
29. We appreciate the valuable support of the international community to the HoA-IP. In this context, we look forward to continued contributions of the supporting countries and organizations to realize the implementation activities prioritized under each CBM. In order to have a more precise picture of the contributions by the international community to the Heart of Asia Process, we request the co-Chairs to provide us with an annual report on the activities of each CBM and the contributions made by the participating countries and supporters of this process. In this context, an assessment of the Heart of Asia-Istanbul Process from its inception in 2011, including on the CBMs, was carried out by the Afghan Ministry of Foreign Affairs and presented to the Senior Officials' Meeting of the Heart of Asia- Istanbul Process in New York. We encourage participant countries and supporters to consider the recommendations of this assessment.
Conclusion
30. We task our Senior Officials to hold the first 2017 SOM of this process, within three months of this Conference, and engage in substantive discussions on various important subjects in accordance with our commitments in Beijing and Islamabad and also to review the plans submitted by the RTGs.
31. We express our sincere appreciation to the Government of the Republic of India for hosting the Sixth Ministerial Conference of the Heart of Asia-Istanbul Process in Amritsar. We welcome the willingness of Republic of Azerbaijan to host the next Ministerial Conference of the Heart of Asia-Istanbul Process as Co-chair in 2017.
32. We welcome the presence of guest countries Austria, Bulgaria, Latvia and Uzbekistan in this Conference and note their interest in the Heart of Asia Istanbul process.
33. This Declaration was adopted in Amritsar, India on 4 December 2016, by the Foreign Ministers and high-level representatives of the participating countries of the Heart of Asia-Istanbul Process: Islamic Republic of Afghanistan, Republic of Azerbaijan, People's Republic of China, Republic of India, Islamic Republic of Iran, Republic of Kazakhstan, Kyrgyz Republic, Islamic Republic of Pakistan, Russian Federation, Kingdom of Saudi Arabia, Republic of Tajikistan, Republic of Turkey, Turkmenistan, the United Arab Emirates, and the United Nations. This Declaration was welcomed and supported by the Foreign Ministers and high-level representatives of the supporting countries of the Heart of Asia-Istanbul Process, and the high-ranking representatives of the supporting international and regional organizations: Commonwealth of Australia, Canada, Royal Kingdom of Denmark, Arab Republic of Egypt, European Union, Republic of Finland, Republic of France, Federal Republic of Germany, Republic of Iraq, Republic of Italy, Japan, Republic of Poland, Norway, Spain, Sweden, the United Kingdom, the United States, Aga Khan Development Network (AKDN), Asian Development Bank (ADB), Conference on Interaction and Confidence Building Measures in Asia (CICA), Collective Security Treaty Organizations (CSTO), Economic Cooperation Organizations (ECO), North Atlantic Treaty Organization (NATO), Organization of Islamic Cooperation (OIC), Organization for Security and Cooperation in Europe (OSCE), Shanghai Cooperation Organization (SCO), and South Asian Association for Regional Cooperation (SAARC).
Afghan President Says Taliban Wouldn't Last A Month Without Pakistan Support
-
AMRITSAR: Afghan President Ashraf Ghani said on Sunday that the Taliban insurgency would not survive a month if it lost its sanctuary in neighbouring Pakistan, urging its neighbour to take on terrorist groups on its soil instead of giving Kabul financial aid.
Ghani's remarks, made at an international conference in the northern Indian city of Amritsar not far from the border with Pakistan, suggested tensions were rising with Pakistan after Ghani attempted to improve relations with Islamabad when he took office in 2014.
Pakistan said while violence had increased in Afghanistan , blaming another country for it didn't help.
Violence has spread around Afghanistan and the Taliban's ability to conduct coordinated high profile attacks in the capital Kabul has piled pressure on Ghani's Western-backed government to provide better security to a war weary people.
Last year, Afghanistan suffered the highest number of civilian casualties and military related deaths in the world, Ghani told the Heart of Asia conference aimed at getting regional players together to help stabilise his country.
"This is unacceptable... Some still provide sanctuary for terrorists. As a Taliban figure said recently, if they had no sanctuary in Pakistan, they wouldn't last a month," he said.
Analysts say Pakistan has historically backed the Afghan Taliban as a hedge against the influence of arch-rival India, with whom Pakistan has fought three wars, in its backyard.
Pakistan denies this and instead said it is itself a victim of terrorism and that fighters of the Tehrik-i-Taliban, one of the main groups carrying out attacks inside Pakistan, were operating from Afghanistan.
Sartaj Aziz, Pakistan's top foreign policy adviser, said it was true that there had been an upsurge in violence in Afghanistan. "We need to have an objective and holistic view rather to blame one country," he told the conference.
The number of people displaced by conflict in Afghanistan this year has surpassed half a million people, the United Nations reported last month, the highest number since it began compiling such statistics in 2008.
On top of the Taliban, ISIS has claimed responsibility for attacks targeting minority Shi'ites in Afghanistan where sectarian violence has been rare.
Ghani said there were 30 terrorist groups identified by the UN that were trying to establish a base in Afghanistan.
"I don't want a blame game, I want clarifications on what is being done to prevent the export of terror," Ghani said, calling it an undeclared war on Afghanistan.
"We thank Pakistan for their pledge of $500 million assistance for reconstruction of Afghanistan. I hope you use it to fight terrorists and extremists in Pakistan." Pakistan had made the pledge earlier this year.
Ghani's remarks, the strongest in recent months, come as India has simultaneously mounted pressure on Pakistan to end what it too calls cross-border terrorism in the disputed territory of Kashmir.
Prime Minister Narendra Modi said regional players had to act against not only the terrorists but their sponsors. "It must be backed by resolute action. Not just against forces of terrorism, but also against those who support, shelter, train and finance them."
Islamabad has rejected the Indian allegations and said it was ready to hold talks with India on the dispute over Kashmir, but no talks are planned with Aziz while he is in Amritsar, Indian officials said.
Ghani's remarks, made at an international conference in the northern Indian city of Amritsar not far from the border with Pakistan, suggested tensions were rising with Pakistan after Ghani attempted to improve relations with Islamabad when he took office in 2014.
Pakistan said while violence had increased in Afghanistan , blaming another country for it didn't help.
Last year, Afghanistan suffered the highest number of civilian casualties and military related deaths in the world, Ghani told the Heart of Asia conference aimed at getting regional players together to help stabilise his country.
"This is unacceptable... Some still provide sanctuary for terrorists. As a Taliban figure said recently, if they had no sanctuary in Pakistan, they wouldn't last a month," he said.
Analysts say Pakistan has historically backed the Afghan Taliban as a hedge against the influence of arch-rival India, with whom Pakistan has fought three wars, in its backyard.
Pakistan denies this and instead said it is itself a victim of terrorism and that fighters of the Tehrik-i-Taliban, one of the main groups carrying out attacks inside Pakistan, were operating from Afghanistan.
Sartaj Aziz, Pakistan's top foreign policy adviser, said it was true that there had been an upsurge in violence in Afghanistan. "We need to have an objective and holistic view rather to blame one country," he told the conference.
On top of the Taliban, ISIS has claimed responsibility for attacks targeting minority Shi'ites in Afghanistan where sectarian violence has been rare.
Ghani said there were 30 terrorist groups identified by the UN that were trying to establish a base in Afghanistan.
"I don't want a blame game, I want clarifications on what is being done to prevent the export of terror," Ghani said, calling it an undeclared war on Afghanistan.
"We thank Pakistan for their pledge of $500 million assistance for reconstruction of Afghanistan. I hope you use it to fight terrorists and extremists in Pakistan." Pakistan had made the pledge earlier this year.
Ghani's remarks, the strongest in recent months, come as India has simultaneously mounted pressure on Pakistan to end what it too calls cross-border terrorism in the disputed territory of Kashmir.
Prime Minister Narendra Modi said regional players had to act against not only the terrorists but their sponsors. "It must be backed by resolute action. Not just against forces of terrorism, but also against those who support, shelter, train and finance them."
Islamabad has rejected the Indian allegations and said it was ready to hold talks with India on the dispute over Kashmir, but no talks are planned with Aziz while he is in Amritsar, Indian officials said.
Rs. 2 Lakh Crore Black Money Declared By Mumbai Family Under Investigation: Government
-
MUMBAI: A Mumbai family's declaration of Rs. 2 lakh crore income has been rejected and investigations in the matter are on, the Union Finance Ministry has said. The ministry said the declaration was rejected as it was "suspicious in nature, being filed by persons of small means".
The family of four -- Abdul Razzaque Mohammed Sayed, his son Mohammed Aarif Abdul Razzaque Sayed, wife Rukhsana Abdul Razzaque Sayed and sister Noorjahan Mohammed Sayed, are residents of Bandra.
The declaration of Sayeeds is thrice the total amount of Rs. 65,250 crore declared under the Income Disclosure Scheme, formed to flush out black money. The scheme, which closed on September 30, provides immunity to those who declare hidden income and pay 45 per cent of the declared amount as tax, surcharge and penalty.
Expressing suspicion that the declarations could have been "misused", the ministry said inquiries are on to "determine the intention behind these false declarations".
The ministry said it has also rejected the declaration of Mahesh Shah, the Ahmedabad-based businessman, who had gone missing last month after declaring black money worth over Rs. 13,000 crore.
The low-profile real estate dealer, who has since surfaced, has told income tax officials that the money belonged to many people, including politicians, bureaucrats and builders.
After being questioned for nearly seven hours today, the 67-year-old was allowed to leave on health grounds. He will be questioned again tomorrow.
Regarding the Sayeeds, the ministry said three out of the four PAN numbers were originally from Ajmer. These were migrated to Mumbai in September 2016, where the declarations were filed.
The family of four -- Abdul Razzaque Mohammed Sayed, his son Mohammed Aarif Abdul Razzaque Sayed, wife Rukhsana Abdul Razzaque Sayed and sister Noorjahan Mohammed Sayed, are residents of Bandra.
Expressing suspicion that the declarations could have been "misused", the ministry said inquiries are on to "determine the intention behind these false declarations".
The ministry said it has also rejected the declaration of Mahesh Shah, the Ahmedabad-based businessman, who had gone missing last month after declaring black money worth over Rs. 13,000 crore.
After being questioned for nearly seven hours today, the 67-year-old was allowed to leave on health grounds. He will be questioned again tomorrow.
Regarding the Sayeeds, the ministry said three out of the four PAN numbers were originally from Ajmer. These were migrated to Mumbai in September 2016, where the declarations were filed.
RBI To Issue New 20 And 50 Rupee Notes; Old Currency Continues To Be Valid
-
NEW DELHI: The Reserve Bank of India has said it will soon release new notes of Rs. 20 and Rs. 50 denomination. All old notes, however, will continue to be valid, the bank has said.
The notes, which will be issued shortly, will be in the 2005 Mahatma Gandhi series. They will bear the signature of RBI Governor Urijit Patel and the year of printing, 2016, printed on the reverse. The design and security features of the notes will be similar to the earlier banknotes, the bank said.
The RBI's move comes less than a month after the Government's shock announcement of scrapping high denomination notes of Rs. 500 and Rs. 1000.
The weeks since has witnessed huge queues outside banks and ATMs. The matter has become a full-blown political controversy, with the opposition citing the distress of the common man.
PM Modi has said that a survey on the notes ban conducted on his app has proved that the people back his effort to crack down on black money and corruption. The opposition has dismissed the survey as "fake and sponsored".
The notes, which will be issued shortly, will be in the 2005 Mahatma Gandhi series. They will bear the signature of RBI Governor Urijit Patel and the year of printing, 2016, printed on the reverse. The design and security features of the notes will be similar to the earlier banknotes, the bank said.
The RBI's move comes less than a month after the Government's shock announcement of scrapping high denomination notes of Rs. 500 and Rs. 1000.
The weeks since has witnessed huge queues outside banks and ATMs. The matter has become a full-blown political controversy, with the opposition citing the distress of the common man.
PM Modi has said that a survey on the notes ban conducted on his app has proved that the people back his effort to crack down on black money and corruption. The opposition has dismissed the survey as "fake and sponsored".
PM Modi Calls For 'Resolute Action' Against Terror. In Audience, Pak's Sartaj Aziz.
-
AMRITSAR: Amid speculations of India-Pakistan bilateral talks at the Heart of Asia Summit, Prime Minister Narendra Modi sent a clear message to Pakistan today, calling for "resolute action" against forces of terrorism and underscoring that "silence and inaction will only embolden terrorists and their masters".
In his address at the 6th conference of Heart of Asia, a platform to help Afghanistan in its transition, PM Modi said the "growing arc" of terrorist violence is posing the gravest threat to the region.
There was a need to demonstrate strong and collective will to defeat terror networks that cause bloodshed and spread fear, he said at the event, which was attended by Pakistan's foreign affairs advisor Sartaj Aziz.
"As such, support for voices of peace in Afghanistan alone is not enough. It must be backed by resolute action. Not just against forces of terrorism, but also against those who support, shelter, train and finance them," PM Modi said in an obvious reference to Pakistan in his inaugural address.
Afghanistan President Ashraf Ghani, though, had strong words for Pakistan. "We thank Pakistan for their pledges of $500 million assistance for reconstruction of Afghanistan. I hope you use it to fight terrorists and extremists in Pakistan... No amount of money can assist us if there is support to terrorists by Pakistan," he said.
Pakistan Foreign Affairs Adviser Sartaj Aziz is attending the meet along with representatives of around 14 nations.
Pakistan has said it was ready for unconditional resumption of dialogue if India was ready. On Saturday, Mr Aziz, along with foreign ministers of four countries, had called on PM Modi. The Prime Minister told them that it was important to end terrorism and violence for fostering stability in Afghanistan and the region.
Mr Aziz, who has been at odds to explain his country's position, later said, "It is simplistic to blame only one country for the recent upsurge in violence. We need to have an objective and holistic view."
He said his participation in the event, "despite escalation on the Line of Control and the Working Boundary with India, is testimony to Pakistan's unflinching commitment for lasting peace in Afghanistan and the region".
In his address at the 6th conference of Heart of Asia, a platform to help Afghanistan in its transition, PM Modi said the "growing arc" of terrorist violence is posing the gravest threat to the region.
There was a need to demonstrate strong and collective will to defeat terror networks that cause bloodshed and spread fear, he said at the event, which was attended by Pakistan's foreign affairs advisor Sartaj Aziz.
Afghanistan President Ashraf Ghani, though, had strong words for Pakistan. "We thank Pakistan for their pledges of $500 million assistance for reconstruction of Afghanistan. I hope you use it to fight terrorists and extremists in Pakistan... No amount of money can assist us if there is support to terrorists by Pakistan," he said.
Pakistan Foreign Affairs Adviser Sartaj Aziz is attending the meet along with representatives of around 14 nations.
Pakistan has said it was ready for unconditional resumption of dialogue if India was ready. On Saturday, Mr Aziz, along with foreign ministers of four countries, had called on PM Modi. The Prime Minister told them that it was important to end terrorism and violence for fostering stability in Afghanistan and the region.
Mr Aziz, who has been at odds to explain his country's position, later said, "It is simplistic to blame only one country for the recent upsurge in violence. We need to have an objective and holistic view."
He said his participation in the event, "despite escalation on the Line of Control and the Working Boundary with India, is testimony to Pakistan's unflinching commitment for lasting peace in Afghanistan and the region".
Business Affairs
Govt fails to break deadlock on GST
-
Finance Minister Arun Jaitley's plan to launch a new national sales tax next April got a jolt on Saturday after a two-day meeting with state officials ended without the resolution of a deadlock on who would administer the tax.
The long-awaited Goods and Services Tax (GST) would transform Asia's No.3 economy into a single market, could boost revenues through better compliance and make life simpler for businesses that now pay a host of federal and state levies.
But a council of federal and regional authorities has been struggling to forge a consensus on how to collect the new tax that will have federal and state elements.
Jaitley doesn't favour dual agencies auditing and scrutinising each taxpayer as he reckons multiple authorities could end up acting at cross-purposes. But states are reluctant to cede their turf.
While federal and state finance officials will meet again on Dec. 11-12 to discuss the issue, the possibility of a breakthrough at the meeting was not bright.
"I will keep my fingers crossed," Jaitley told reporters after meeting his state counterparts. "The day we resolve it, I would say it's a done deal."
For the GST to come into operation from April 1, Indian parliament as well as state legislatures, must pass, in all, four legislations before the end of this year.
Parliament's winter session is due to end on Dec. 16, but the bills can be brought before it only after the council approves them.
Adding to the uncertainty, some states in the council raked up the issue of compensation for revenues they fear losing following the GST launch as well as Prime Minister Narendra Modi's crackdown on the cash economy.
Modi's decision last month to scrap 500 rupee and 1,000 rupee banknotes at a stroke as part of a crackdown on tax dodgers and counterfeiters has left companies, farmers and households all suffering.
Jaitley has agreed to compensate loss-incurring states in the first five years of the new tax regime. But states are now equally worried about the economic fallout of the so-called "demonetisation" drive which could hurt their finances.
"All states are deeply concerned about their revenues falling," said West Bengal's finance minister Amit Mitra. "Compensation in future may become huge."
Under a constitutional amendment that enabled the GST, India needs to roll out the new sales tax by mid-September when the old system of indirect taxation is due to lapse.
Finance Minister Arun Jaitley's plan to launch a new national sales tax next April got a jolt on Saturday after a two-day meeting with state officials ended without the resolution of a deadlock on who would administer the tax.
The long-awaited Goods and Services Tax (GST) would transform Asia's No.3 economy into a single market, could boost revenues through better compliance and make life simpler for businesses that now pay a host of federal and state levies.
But a council of federal and regional authorities has been struggling to forge a consensus on how to collect the new tax that will have federal and state elements.
Jaitley doesn't favour dual agencies auditing and scrutinising each taxpayer as he reckons multiple authorities could end up acting at cross-purposes. But states are reluctant to cede their turf.
While federal and state finance officials will meet again on Dec. 11-12 to discuss the issue, the possibility of a breakthrough at the meeting was not bright.
"I will keep my fingers crossed," Jaitley told reporters after meeting his state counterparts. "The day we resolve it, I would say it's a done deal."
For the GST to come into operation from April 1, Indian parliament as well as state legislatures, must pass, in all, four legislations before the end of this year.
Parliament's winter session is due to end on Dec. 16, but the bills can be brought before it only after the council approves them.
Adding to the uncertainty, some states in the council raked up the issue of compensation for revenues they fear losing following the GST launch as well as Prime Minister Narendra Modi's crackdown on the cash economy.
Modi's decision last month to scrap 500 rupee and 1,000 rupee banknotes at a stroke as part of a crackdown on tax dodgers and counterfeiters has left companies, farmers and households all suffering.
Jaitley has agreed to compensate loss-incurring states in the first five years of the new tax regime. But states are now equally worried about the economic fallout of the so-called "demonetisation" drive which could hurt their finances.
"All states are deeply concerned about their revenues falling," said West Bengal's finance minister Amit Mitra. "Compensation in future may become huge."
Under a constitutional amendment that enabled the GST, India needs to roll out the new sales tax by mid-September when the old system of indirect taxation is due to lapse.
India, Afghanistan plan air cargo link over Pakistan
-
India and Afghanistan are planning to set up an air cargo service to help increase trade that both say is stymied because of their tense political relations with Pakistan that lies between them, Indian and Afghan officials said on Saturday.
The cargo service will aim to improve landlocked Afghanistan's connectivity to key markets abroad and boost the growth prospects of its fruit and carpet industries while it battles a deadly Taliban insurgency, Indian officials said.
An announcement on the service is expected after a meeting between Afghan President Ashraf Ghani and Indian Prime Minister Narendra Modi on Sunday in the northern Indian city of Amritsar, a short distance from the Pakistan border. The two leaders are attending the Heart of Asia conference aimed at stabilising Afghanistan.
Afghanistan depends on the Pakistani port of Karachi for its foreign trade. It is allowed to send a limited amount of goods overland through Pakistan into India, but imports from India are not allowed along this route.
Nuclear-armed India and Pakistan have gone to war three times and remain bitter foes while ties between Pakistan and Afghanistan have become strained despite their shared religious and cultural identities.
Pakistan's top foreign policy official Sartaj Aziz, who was due to attend the conference on Sunday, arrived a day earlier opening the possibility of a meeting with his Indian hosts to try and break a chill in ties.
Indian officials have been steadfast that there cannot be any dialogue with Pakistan until it acts against militant groups operating from its soil. Islamabad denies the allegation and says New Delhi must hold talks on the future of Kashmir, the dispute at the centre of nearly 70 years of hostility.
Afghan director general for macro fiscal policies Khalid Payenda said the potential for trade with India, the largest market in the region, was far greater than allowed by land and so the two countries had decided to use the air route.
"We have a lot of potential for trade on both sides. On our side, it's mostly fruit and dried fruit and potentially through India to other places for products like carpets and others," he said in Kabul ahead of the conference.
He said that a joint venture involving an Afghan and an Indian cargo firm would be set up and that the two governments were working to build the infrastructure at Kabul and Delhi airports.
An Indian government source attending the meeting in Amritsar said air cargo route details were still being worked out and could include Kandahar as a point of origin for shipping fruit directly to India.
Indian foreign ministry official Gopal Baglay, who oversees Afghanistan, Pakistan and Iran, said several proposals were being discussed to improve Afghanistan's trade and transport links.
"There have been very many ideas on how to enhance connectivity, overcome current challenges and also expand the trade basket," he said.
Afghan ambassador to India Shaida M. Abdali said measures to fight terrorism was key. Afghanistan says Pakistan has failed to rein in the militant groups operating from its soil.
"Unless we take a collective measure to fight terrorism, to fight the breeding ground for terrorism, the safe sanctuary, we will not be able to bring peace and stability either to Afghanistan or to anywhere else in the region, including India," he said in Amritsar.
Pakistan says it is itself a victim of terrorism and says India is using its close ties with Afghanistan to stir trouble in its restive Baluchistan province.
India and Afghanistan are planning to set up an air cargo service to help increase trade that both say is stymied because of their tense political relations with Pakistan that lies between them, Indian and Afghan officials said on Saturday.
The cargo service will aim to improve landlocked Afghanistan's connectivity to key markets abroad and boost the growth prospects of its fruit and carpet industries while it battles a deadly Taliban insurgency, Indian officials said.
An announcement on the service is expected after a meeting between Afghan President Ashraf Ghani and Indian Prime Minister Narendra Modi on Sunday in the northern Indian city of Amritsar, a short distance from the Pakistan border. The two leaders are attending the Heart of Asia conference aimed at stabilising Afghanistan.
Afghanistan depends on the Pakistani port of Karachi for its foreign trade. It is allowed to send a limited amount of goods overland through Pakistan into India, but imports from India are not allowed along this route.
Nuclear-armed India and Pakistan have gone to war three times and remain bitter foes while ties between Pakistan and Afghanistan have become strained despite their shared religious and cultural identities.
Pakistan's top foreign policy official Sartaj Aziz, who was due to attend the conference on Sunday, arrived a day earlier opening the possibility of a meeting with his Indian hosts to try and break a chill in ties.
Indian officials have been steadfast that there cannot be any dialogue with Pakistan until it acts against militant groups operating from its soil. Islamabad denies the allegation and says New Delhi must hold talks on the future of Kashmir, the dispute at the centre of nearly 70 years of hostility.
Afghan director general for macro fiscal policies Khalid Payenda said the potential for trade with India, the largest market in the region, was far greater than allowed by land and so the two countries had decided to use the air route.
"We have a lot of potential for trade on both sides. On our side, it's mostly fruit and dried fruit and potentially through India to other places for products like carpets and others," he said in Kabul ahead of the conference.
He said that a joint venture involving an Afghan and an Indian cargo firm would be set up and that the two governments were working to build the infrastructure at Kabul and Delhi airports.
An Indian government source attending the meeting in Amritsar said air cargo route details were still being worked out and could include Kandahar as a point of origin for shipping fruit directly to India.
Indian foreign ministry official Gopal Baglay, who oversees Afghanistan, Pakistan and Iran, said several proposals were being discussed to improve Afghanistan's trade and transport links.
"There have been very many ideas on how to enhance connectivity, overcome current challenges and also expand the trade basket," he said.
Afghan ambassador to India Shaida M. Abdali said measures to fight terrorism was key. Afghanistan says Pakistan has failed to rein in the militant groups operating from its soil.
"Unless we take a collective measure to fight terrorism, to fight the breeding ground for terrorism, the safe sanctuary, we will not be able to bring peace and stability either to Afghanistan or to anywhere else in the region, including India," he said in Amritsar.
Pakistan says it is itself a victim of terrorism and says India is using its close ties with Afghanistan to stir trouble in its restive Baluchistan province.
India takes pride of place, crosses $300 billion FDI milestone
-
India crossed the $300 billion foreign direct investment (FDI) milestone between April 2000 and September 2016, firmly establishing its credentials as a safe investment destination in the world.
Thirty three per cent of the FDI came through the Mauritius route, apparently because the investors wanted to take advantage of India's double taxation avoidance treaty with the island nation.
India received $101.76 billion from Mauritius between April 2000 and September 2016. The cumulative FDI inflows during the period amounted to $310.26 billion.
The inflows in the first half of the current financial year was $21.62 billion, according to data compiled by the Department of Industrial Policy and Promotion.
The other big investors have been from Singapore, the US, UK and the Netherlands.
Commenting on the $300 billion mark, industry bodies Ficci and CII have said that India is perceived as a safe and dynamic destination by global investors.
Ficci said that the liberalisation of the FDI policy framework, major national development programmes such as Make in India, Digital India and Skill India, besides increasing competitiveness, have made India the preferred choice for investors globally.
"We see this trend of increasing inflows further strengthening in the coming years," Ficci president Harshavardhan Neotia said.
CII said that FDI flows have increased significantly and consistently in the last two years and the country would continue to remain as one of the most attractive destinations in the foreseeable future.
"Global investor sentiment is positive about India being a safe investment haven, despite the global economic climate remaining uncertain," it said.
India's services sector topped the table, receiving 18 per cent of the cumulative equity FDI inflows followed by construction development, computer software & hardware, telecommunication and automobile.
India crossed the $300 billion mark at a time when the global economic slowdown has had a dampening impact on FDI flows which are expected to fall this year.
According to the World Investment Report 2016, global FDI flows rose by 38 per cent to $1.76 trillion, the highest level since the global economic and financial crisis began in 2008.
However, they still remain some 10 per cent short of the 2007 peak.
"Looking ahead, FDI flows are expected to decline by 10 15 per cent in 2016, reflecting the fragility of the global economy, persistent weakness of aggregate demand, effective policy measures to curb tax inversion deals," it said.
The report added that elevated geopolitical risks and regional tensions could further amplify the expected downturn.
India crossed the $300 billion foreign direct investment (FDI) milestone between April 2000 and September 2016, firmly establishing its credentials as a safe investment destination in the world.
Thirty three per cent of the FDI came through the Mauritius route, apparently because the investors wanted to take advantage of India's double taxation avoidance treaty with the island nation.
India received $101.76 billion from Mauritius between April 2000 and September 2016. The cumulative FDI inflows during the period amounted to $310.26 billion.
The inflows in the first half of the current financial year was $21.62 billion, according to data compiled by the Department of Industrial Policy and Promotion.
The other big investors have been from Singapore, the US, UK and the Netherlands.
Commenting on the $300 billion mark, industry bodies Ficci and CII have said that India is perceived as a safe and dynamic destination by global investors.
Ficci said that the liberalisation of the FDI policy framework, major national development programmes such as Make in India, Digital India and Skill India, besides increasing competitiveness, have made India the preferred choice for investors globally.
"We see this trend of increasing inflows further strengthening in the coming years," Ficci president Harshavardhan Neotia said.
CII said that FDI flows have increased significantly and consistently in the last two years and the country would continue to remain as one of the most attractive destinations in the foreseeable future.
"Global investor sentiment is positive about India being a safe investment haven, despite the global economic climate remaining uncertain," it said.
India's services sector topped the table, receiving 18 per cent of the cumulative equity FDI inflows followed by construction development, computer software & hardware, telecommunication and automobile.
India crossed the $300 billion mark at a time when the global economic slowdown has had a dampening impact on FDI flows which are expected to fall this year.
According to the World Investment Report 2016, global FDI flows rose by 38 per cent to $1.76 trillion, the highest level since the global economic and financial crisis began in 2008.
However, they still remain some 10 per cent short of the 2007 peak.
"Looking ahead, FDI flows are expected to decline by 10 15 per cent in 2016, reflecting the fragility of the global economy, persistent weakness of aggregate demand, effective policy measures to curb tax inversion deals," it said.
The report added that elevated geopolitical risks and regional tensions could further amplify the expected downturn.
Post demonetisation, cash seizures in new currency rises to Rs 5.7 crore: I-T dept
-
The seizure of cash in new currency on Friday grew to over Rs 5 crore even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
I-T officials said the cash found, after searches were launched on Thursday on the premises of two engineers, working with the state government, and two contractors has risen to Rs 5.7 crore and these notes are in the denomination of the newly introduced currency of Rs 2000.
"Total admission of unaccounted income by the group stands at Rs 152 crore. Investigations are on," they said.
They added the department also recovered 7 kg bullion and jewellery weighing 9 kg, worth Rs 5 crore, after these operations.
"About 90 lakh has been found in the old demonestised currency. In addition, several property documents were also found and seized," they said.
A team of over 50 I-T sleuths and police personnel had launched operations on Thursday and searched premises in Bengaluru, Chennai and Erode (Tamil Nadu).
The Central Board of Direct Taxes (CBDT), the policy-making body of the tax department, said on Thursday, "The new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission of an engineer and a contractor."
The tax sleuths had also seized some notes of Rs 100, demonetised notes of Rs 500 and a few gold biscuits during the operation, they said, adding the department had to call in note counting machines and additional staff to ascertain the value of the cash.
What had surprised the tax authorities is the sheer amount of new currency stashed by these individuals at a time when new notes are not available to the common public which is queueing up to withdraw even small amounts from their accounts.
"Rs 5.7 crore is the highest seizure of the new currency in the country post the currency ban on November 8. Some entry operators and bankers are under the scanner. Such volume of new currency cannot be obtained without connivance of bank officials," a senior I-T department official said.
The department has also found a number of identity cards of various individuals from the searched premises which could have been used to illegally change the old currency with new ones.
The taxman also found a number of luxury cars parked in these locations.
Two days back, the Enforcement Directorate (ED) had seized Rs 10 lakh cash in new notes of Rs 2000 from the premises of a Kolkata-based doctor.
ED had conducted nationwide search operations yesterday at 40 locations and seized about Rs 1 crore in new notes.
Both the I-T department and the ED, along with other enforcement agencies and police, are undertaking these operations after reports of instances of illegal exchange of old currency and stashing of new currency notes to perpetrate hawala and money laundering like activities.
The seizure of cash in new currency on Friday grew to over Rs 5 crore even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
I-T officials said the cash found, after searches were launched on Thursday on the premises of two engineers, working with the state government, and two contractors has risen to Rs 5.7 crore and these notes are in the denomination of the newly introduced currency of Rs 2000.
"Total admission of unaccounted income by the group stands at Rs 152 crore. Investigations are on," they said.
They added the department also recovered 7 kg bullion and jewellery weighing 9 kg, worth Rs 5 crore, after these operations.
"About 90 lakh has been found in the old demonestised currency. In addition, several property documents were also found and seized," they said.
A team of over 50 I-T sleuths and police personnel had launched operations on Thursday and searched premises in Bengaluru, Chennai and Erode (Tamil Nadu).
The Central Board of Direct Taxes (CBDT), the policy-making body of the tax department, said on Thursday, "The new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission of an engineer and a contractor."
The tax sleuths had also seized some notes of Rs 100, demonetised notes of Rs 500 and a few gold biscuits during the operation, they said, adding the department had to call in note counting machines and additional staff to ascertain the value of the cash.
What had surprised the tax authorities is the sheer amount of new currency stashed by these individuals at a time when new notes are not available to the common public which is queueing up to withdraw even small amounts from their accounts.
"Rs 5.7 crore is the highest seizure of the new currency in the country post the currency ban on November 8. Some entry operators and bankers are under the scanner. Such volume of new currency cannot be obtained without connivance of bank officials," a senior I-T department official said.
The department has also found a number of identity cards of various individuals from the searched premises which could have been used to illegally change the old currency with new ones.
The taxman also found a number of luxury cars parked in these locations.
Two days back, the Enforcement Directorate (ED) had seized Rs 10 lakh cash in new notes of Rs 2000 from the premises of a Kolkata-based doctor.
ED had conducted nationwide search operations yesterday at 40 locations and seized about Rs 1 crore in new notes.
Both the I-T department and the ED, along with other enforcement agencies and police, are undertaking these operations after reports of instances of illegal exchange of old currency and stashing of new currency notes to perpetrate hawala and money laundering like activities.
Honest tax payers have no reason to worry about IT Law amendments
-
The government on Thursday proposed few amendments in existing Income tax provisions in a move to target those who want to convert black money into white using illegal channels. But it has also created confusion among a section of the people.
The government has therefore clarified that only unaccounted money or black money hoarders have reasons to be concerned after the amendments.
And, it will not affect any genuine tax payers or common citizen.
This is how the newly proposed IT 'Taxation' scheme will work:
1- The government will charge 30 per cent tax if a person declares his income under new income tax scheme. It will also slap 33 per cent surcharge of the tax - 33 per cent of 30 per cent - with 10 per cent penalty. It amounts to total 50 per cent of income declared.
2 - The government will also deposit 25 per cent of the declared income in the Pradhan Mantri Garib Kalyan Yojana or PMGKY -interest-free deposit scheme- for four years. For instance, if a person declares his undisclosed Rs 1 crore income, 49.9 per cent will be deducted as tax, surcharge and penalty. Out of the rest Rs 50 lakh, 25 percent of the declared income that is Rs 25 lakh will be deposited in the PMGKY for four years.
3- Anyone who continues to hold onto undisclosed cash and is caught, existing provisions of the Income Tax law will be amended to provide for a flat 60 per cent tax plus a surcharge of 25 per cent of tax (15 per cent), which will amount a levy of 75 per cent. Besides, if the assessing officer decides he can charge a 10 per cent penalty in addition to the 75 per cent tax.
4 - The jewellery or gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions.
5 - The government also clarified that during the search operations, no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family shall be made. Legitimate holding of jewellery upto any extent is fully protected.
The government on Thursday proposed few amendments in existing Income tax provisions in a move to target those who want to convert black money into white using illegal channels. But it has also created confusion among a section of the people.
The government has therefore clarified that only unaccounted money or black money hoarders have reasons to be concerned after the amendments.
And, it will not affect any genuine tax payers or common citizen.
This is how the newly proposed IT 'Taxation' scheme will work:
1- The government will charge 30 per cent tax if a person declares his income under new income tax scheme. It will also slap 33 per cent surcharge of the tax - 33 per cent of 30 per cent - with 10 per cent penalty. It amounts to total 50 per cent of income declared.
1- The government will charge 30 per cent tax if a person declares his income under new income tax scheme. It will also slap 33 per cent surcharge of the tax - 33 per cent of 30 per cent - with 10 per cent penalty. It amounts to total 50 per cent of income declared.
2 - The government will also deposit 25 per cent of the declared income in the Pradhan Mantri Garib Kalyan Yojana or PMGKY -interest-free deposit scheme- for four years. For instance, if a person declares his undisclosed Rs 1 crore income, 49.9 per cent will be deducted as tax, surcharge and penalty. Out of the rest Rs 50 lakh, 25 percent of the declared income that is Rs 25 lakh will be deposited in the PMGKY for four years.
3- Anyone who continues to hold onto undisclosed cash and is caught, existing provisions of the Income Tax law will be amended to provide for a flat 60 per cent tax plus a surcharge of 25 per cent of tax (15 per cent), which will amount a levy of 75 per cent. Besides, if the assessing officer decides he can charge a 10 per cent penalty in addition to the 75 per cent tax.
4 - The jewellery or gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions.
5 - The government also clarified that during the search operations, no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family shall be made. Legitimate holding of jewellery upto any extent is fully protected.
General Awareness
Important organisations relating to Banking, Finance & Economy
-
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)
The International Bank for Reconstruction and Development (IBRD) is an international financial institution which offers loans to middle-income developing countries. The IBRD is the first of five member institutions which compose the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. Together, the International Bank for Reconstruction and Development and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff.
INTERNATIONAL MONETARY FUND (IMF)
The International Monetary Fund (IMF) (French : Fonds monétaire international) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF's stated goal was to assist in the reconstruction of the world's international payment system post–World War II. Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily. Through this activity and others such as surveillance of its members' economies and the demand for self-correcting policies, the IMF works to improve the economies of its member countries Headquartered at Washington, D.C., United States.
BANK FOR INTERNATIONAL SETTLEMENTS (BIS)
The Bank for International Settlements (BIS) (in French, Banque desrèglements internationaux (BRI)) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks".As an international institution, it is not accountable to any single national government.
The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
ASIAN DEVELOPMENT BANK (ADB)
The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia.The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries.From 31 members at its establishment, ADB now has 67 members - of which 48 are from within Asia and the Pacific and 19 outside. ADB
was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with member's capital subscriptions. Headquartered at Mandaluyong City, Metro Manila, Philippines.
EXIM BANK (INDIA)
Export-Import Bank of India is the premier export finance institution of the country, established in 1982 under the Export-Import Bank of India Act 1981.
Government of India launched the institution with a mandate, not just to enhance exports from India, but to integrate the country’s foreign trade and investment with the overall economic growth.
Exim Bank is managed by a Board of Directors, which has representatives from the Government, Reserve Bank of India, Export Credit Guarantee Corporation of India, a financial institution, public sector banks, and the business community. Headquarters is in Mumbai.
FINANCE COMMISSION OF INDIA
The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.
Headquartered at New Delhi.
RESERVE BANK OF INDIA (RBI)
The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934.
The RBI plays an important part in the development strategy of the Government of India. It is a member bank of the Asian Clearing Union.
The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI).
RBI - CENTRAL BOARD OF DIRECTORS
The Central Board of Directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The Board consists of a governor, four deputy governors, fifteen directors to represent the regional boards, one from the Ministry of Finance and ten other directors from various fields.
Offices and branches. Head quartered at Mumbai.
The Reserve Bank of India has four zonal offices.It has 19 regional offices at most state capitals and at a few major cities in India. Few of them are located in Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, and Thiruvananthapuram. Besides it has 09 sub-offices at Agartala, Dehradun, Gangtok, Kochi, Panaji, Raipur, Ranchi, Shillong, Shimla and Srinagar.
The bank has also two training colleges for its officers, viz. Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune. There are also four Zonal Training Centres at Mumbai, Chennai, Kolkata and New Delhi.
NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)
National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India having headquarters based in Mumbai (Maharashtra) and other branches are all over the country. The Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD), set up by the Reserve Bank of India (RBI) under the Chairmanship of Shri B. Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). It was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector and completed its 25 years on 12 July 2007. It has been accredited with "matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India". RBI sold its stake in NABARD to the Government of India, which now holds 99% stake.NABARD is active in developing financial inclusion policy and is a member
of the Alliance for Financial Inclusion.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)
Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.
The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001. The Insurance regulatory and Development Authority (IRDA), batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the sector from the present 26 per cent.
INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI)
IDBI Bank Limited is an Indian financial service company headquartered Mumbai, India. RBI categorised IDBI as an "other public sector bank". It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian industry. It is currently 10th largest development bank in the world in terms of reach with 1715 ATMs, 1111 branches including one overseas branch at DIFC, Dubai and 766 centers including two overseas centres at Singapore & Beijing. Some of the institutions built by IDBI are the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), the National Securities Depository Limited (NSDL), the Stock Holding Corporation of India Limited (SHCIL), the Credit Analysis & Research Ltd, the Exim Bank (India), the Small Industries Development Bank of India (SIDBI), the Entrepreneurship Development Institute of India, and IDBI Bank, which is owned by the Indian Government.
INSTITUTE OF BANKING PERSONNEL SELECTION (IBPS)
Institute of Banking Personnel Selection (IBPS) located in Mumbai, is an autonomous agency in India, which started its operation in 1975 as Personnel Selection Services (PSS). In 1984, IBPS became an independent entity at the behest of Reserve Bank of India (RBI) and Public Sector Banks. IBPS is envisioned as self-governed academic and research oriented Institute, with a mission of enhancing human-resource development through personnel assessment. In 2011, IBPS announced a common written examination (CWE) for the selection Officers and Clerks in Indian banks. IBPS CWE is now mandatory for anyone who seeks an employment in public sector and Regional Rural banks.
INDIAN BANKS' ASSOCIATION (IBA)
Indian Banks' Association (IBA), formed on 26 September, 1946 as a representative body of management of banking in India operating in India an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 173 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and assist the member banks in various ways including implementation of new systems and adoption of standards among the members.
AGRICULTURE FINANCE CORPORATION OF INDIA LIMITED
AFC India Limited was incorporated on April 10, 1968 as a Public Limited Company with an Authorised Capital of Rs. 100 crore and Paid-up Capital of Rs. 5 crore by the then private sector commercial banks to “finance agriculture by all possible means”.(Currently the Paid-up Capital is Rs. 15 crore). Subsequent to the nationalisation of fourteen major Indian Scheduled Commercial Banks on July 19, 1969, AFC repositioned itself as a Technical Support Institution for facilitating accelerated growth of Indian agriculture. AFC has now blossomed into a diversified reputed consultancy organisation.
Headquarter of AFC is situated at Mumbai. The Company has three Regional Offices at Kolkata, New Delhi and Bangalore besides three Branch Offices atLucknow, Hyderabad and Pune and Field Offices at Kalahandi, Bargarh (Orissa) and Godda (Jharkhand).
RURAL PLANNING AND CREDIT DEPARTMENT (RPCD)
The Rural Planning and Credit Department (RPCD) formulates policies relating to rural credit and monitors timely and adequate flow of credit to the rural population for agricultural activities and rural employment programmes
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.
It was officially established by The Government of India in the year 1988 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI has its Headquarters are at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively.
NATIONAL HOUSING BANK (NHB)
The National Housing Bank (NHB) is a state owned bank and regulation authority in India, created on July 8, 1988 under section 6 of the National Housing Bank Act (1987). The headquarters is in New Delhi and i's total staff June 30, 2008 was 80.
The institution, owned by the Reserve Bank of India, was established to promote private real estate acquisition. The NHB is regulating and re-financing social housing programs and other activities like research and IT-initiatives, too.
VISION Promoting inclusive expansion with stability in housing finance market.
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)
Small Industries Development Bank of India is an independent financial institution aimed to aid the growth and development of micro, small and mediumscale enterprises (MSME) in India. Set up on April 2, 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.
It is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.
Its headquarters is in Lucknow (U.P)
BUREAU OF INDIAN STANDARDS (BIS)
The Bureau of Indian Standards (BIS) is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution, Government of India. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on 23 December 1986. The Minister in charge of the Ministry or Department having administrative control of the BIS is ex-officio President (Emaad Amin) of the BIS.
Its headquarters are in New Delhi, with regional offices in Kolkata, Chennai, Mumbai, Chandigarh and Delhi, and 20 branch offices. It also works as WTO-TBT enquiry point for India.
INVESTMENT INFORMATION AND CREDIT RATING AGENCY (ICRA) LIMITED
ICRA Limited is an Indian independent and professional investment information and credit rating agency. It was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India). It is second largest Indian rating comapany in term of customer base. It was a joint-venture between Moody's and various Indian commercial banks and financial services companies.
Headquarters is in Gurgaon (Haryana),India
CREDIT ANALYSIS AND RESEARCH LIMITED (CARE)
CARE Ratings commenced operations in April 1993 and over nearly two decades, it has established itself as the second-largest credit rating agency in India.
CARE’s registered office and head office, is located in Mumbai
CREDIT RATING INFORMATION SERVICES OF INDIA LIMITED (CRISIL)
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL’s majority shareholder is Standard & Poor's, a division of The McGraw-Hill Companies and provider of financial market intelligence.
In India, CRISIL Research is an independent and integrated research house and provides growth forecasts, profitability analysis, emerging trends, expected investments, industry structure and regulatory frameworks.
Headquarters is in Mumbai.
SME RATING AGENCY OF INDIA (SMERA)
SME Rating Agency of India Limited (SMERA) is a third party rating agency exclusively set up for micro, small and medium enterprises (MSME) in India for ratings on creditworthiness. It provides ratings which enable MSME units to raise bank loans at competitive rates of interest Headquarters is in Mumbai.
BRICKWORK RATINGS INDIA PVT. LTD.
Brickwork Ratings India Pvt. Ltd. operates as a credit rating agency. It offers bank loan ratings for external commercial borrowings, term loans, working capital loans, buyers credit, cash credit/packing credit, overdraft, bank guarantees, bill purchase/discounted, and letters of credit.
Headquarters is in Bengaluru.
INDIA RATINGS AND RESEARCH PRIVATE LIMITED
India Ratings & Research (Ind-Ra) is India's Most Respected rating agency committed to providing the India's credit markets with accurate, timely and prospective credit opinions.
India Ratings & Research (Ind-Ra) provides credit ratings and research services for India based credits. Ind-Ra is part of the Fitch Group, which in turn is a jointly-owned subsidiary of Fimalac, S.A. and Hearst Corporation Corporate Headquarters is in Mumbai.
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
Onicra Credit Rating Agency is one of the leading Credit and Performance Rating agencies in India. It provides ratings, risk assessment and analytical solutions to Individuals, MSMEs and Corporates.
Corporate Office is in Gurgaon,Haryana.
STANDARD & POOR'S (S&P)
Standard & Poor's (S&P) is an American financial services company. It is adivision of McGraw Hill Financial that publishes financial research and analysis on stocks and bonds. S&P is known for its stock market indices such as the U.S.- based S&P 500, the Canadian S&P/TSX, the Australian S&P/ASX 200, and India's S&P CNX Nifty. S&P is considered one of the Big Three credit-rating agencies, which also include Moody's Investor Service and Fitch Ratings. Its head office is located New York City, United States.
MOODY'S INVESTORS SERVICE
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities and, with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies.
Headquarters is in New York City, United States.
CREDIT INFORMATION BUREAU (INDIA) LIMITED (CIBIL)
Credit Information Bureau (India) Limited (CIBIL) is India’s first Credit Information Company (CIC) founded in August 2000. CIBIL collects and maintains records of an individual’s payments pertaining to loans and credit cards. These records are submitted to CIBIL by member banks and credit institutions, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications.
Headquartered at Mumbai.
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED (ARCIL)
Asset Reconstruction Company (India) Limited (Arcil) is India's first and largest asset reconstruction company, to commence business of resolution of Non-Performing Assets (NPAs) upon acquisition from Indian banks and financial institutions. It is sponsored by prominent banks and financial institutions namely State Bank of India (SBI), IDBI Bank Limited (IDBI), ICICI Bank Limited (ICICI) and Punjab National Bank (PNB). Arcil has its registered office at Mumbai, Maharashtra.
DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (DICGC)
Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India. It was established on 1961 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000.
BOMBAY STOCK EXCHANGE (BSE)
Bombay Stock Exchange, commonly referred to as the BSE, (Bombay Share Bazaar) is a stock exchange located on Dalal Street, Mumbai, Maharashtra, India.
It is the 11th largest stock exchange in the world by market capitalisation as of 31 December 2012. Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first Stock Exchange and one of India’s leading exchange groups. Over the past 137 years, BSE has facilitated the growth of the Indian corporate sector by providing it an efficient capital-raising platform.
NATIONAL STOCK EXCHANGE OF INDIA (NSE)
The National Stock Exchange (NSE) is stock exchange located in Mumbai, India. National Stock Exchange (NSE) was established in the mid 1990s as a demutualised electronic exchange. NSE provides a modern, fully automated screenbased trading system, with over two lakh trading terminals, through which investors in every nook and corner of India can trade. NSE has played a critical role in reforming the Indian securities market and in bringing unparalleled transparency, efficiency and market integrity.
STOCK HOLDING CORPORATION OF INDIA LIMITED (SHCIL)
Stock Holding Corporation of India Ltd (SHCIL), India’s largest custodian and depository participant based in Mumbai, Maharashtra. It was established in 1986 under the Government of India as public limited company Stock Holding Corporation of India (SHCIL), the country's first and one of the largest security custodians to financial institutions, will be merged with stateowned lender IDBI Bank, subject to approvals from regulators and other SHCIL stakeholders.
ENTREPRENEURSHIP DEVELOPMENT INSTITUTE OF INDIA (EDI)
The Entrepreneurship Development Institute of India (EDI), an autonomous and not-for-profit institute, set up in 1983, is sponsored by the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The government of Gujarat pledged twenty-three acres of land on which stands the EDI campus.
Located in Gujrat.
OTC EXCHANGE OF INDIA (OTCEI)
OTC Exchange Of India (OTCEI) also known as Over-the-Counter Exchange of India based in Mumbai, Maharashtra.It is the first exchange for small companies.[3] It is the first screen based nationwide stock exchange in India.It was set up to access high-technology enterprising promoters in raising finance for new product development in a cost effective manner and to provide transparent and efficient trading system to the investors
INTER-CONNECTED STOCK EXCHANGE OF INDIA
Inter-connected Stock Exchange Ltd. (ISE) started its operation in 1998 in Vashi, Mumbai. It is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its trading members. It has 841 trading members, who are located in 18 cities.
MULTI COMMODITY EXCHANGE (MCX)
Multi Commodity Exchange of India Ltd (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom,potatoes, palm oil and others).
INTREX TRADE EXCHANGE LTD
Intrex Trade Exchange Ltd is India's first ever Cash Trade Exchange, based in Mumbai, Maharashtra. formerly known as Intrex India Ltd, is a public limited company incorporated in Year 2000 by Essel Group.The Trade exchange, comprising both a cash and a cashless exchange, offers Indian businesses an integrated platform for their finance, marketing and sourcing requirements.
NATIONAL SECURITIES DEPOSITORY LIMITED(NSDL)
National Securities Depository Limited (NSDL), is the first central securities depository in India based in Mumbai.It is promoted by institutions of national stature responsible for the economic development of India and has established a national infrastructure of international standards that handles most of the securities held and settled in dematerialised form in the Indian capital market
IDRBT
Institute for Development & Research in Banking Technology or IDRBT is a banking research institute, established in 1996 by Reserve Bank of India (RBI), and is located at Hyderabad, India.RBI established IDBRT with the aim of providing the operational service support in Information Technology to Banks and Financial Institutions. The first phase of reforms in the Indian Financial Sector precipitated the need for an Apex Level Institute, for implementing Banking Technology and Technology Absorption in the Indian Banking and Financial Sector.
IDBRT is also an academic institution that offers a range of Academic and Research Programs, designed specifically to meet both the existing and emerging requirements of the Banking and Financial Sector in India.
BANKING CODES AND STANDARDS BOARD OF INDIA
The Banking Codes and Standards Board of India is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on February 18, 2006.
Headquarters is in Mumbai.
ASSET MANAGEMENT COMPANY (AMC)
An Asset Management Company (AMC) is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the company/ firm provides more diversification, liquidity, and professional management consulting service than is normally available to individual investors. The diversification of portfolio is done by investing in such securities which are inverselycorrelated to each other. Money is collected from investors by way of floating
various mutual fund schemes.
Associated Chambers of Commerce and Industry of India (ASSOCHAM)
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India. The organisation represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives. The goal of this organization is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
Headquarters is in New Delhi.
FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY (FICCI)
The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India. It is a non-government, notfor- profit organisation. FICCI draws its membership from the corporate sector, both private and public, including SMEs and MNCs.
It is headquartered in the national capital New Delhi and has presence in 11 states in India and 8 countries across the world
EXPORT CREDIT GUARANTEE CORPORATION OF INDIA (ECGC)
The Export Credit Guarantee Corporation of India Limited (ECGC) is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Government of India had initially set up Export Risks Insurance Corporation (ERIC) in July 1957. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983 ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports
Headquartered at Mumbai.
CENTRAL REGISTRY OF SECURITISATION ASSET RECONSTRUCTION AND SECURITY INTEREST (CERSAI)
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a company licensed under section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi. CERSAI was promoted by central government to prevent frauds involving multiple lending by different banks on the same immovable property. It became operational on March
31,2011.
The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company.
Objective: The object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).
The Registration would be applicable to transactions of security interest over property created to secure loans and advances from the banks and financial institutions as defined under the SARFAESI Act.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)
The International Bank for Reconstruction and Development (IBRD) is an international financial institution which offers loans to middle-income developing countries. The IBRD is the first of five member institutions which compose the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. Together, the International Bank for Reconstruction and Development and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff.
INTERNATIONAL MONETARY FUND (IMF)
The International Monetary Fund (IMF) (French : Fonds monétaire international) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF's stated goal was to assist in the reconstruction of the world's international payment system post–World War II. Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily. Through this activity and others such as surveillance of its members' economies and the demand for self-correcting policies, the IMF works to improve the economies of its member countries Headquartered at Washington, D.C., United States.
BANK FOR INTERNATIONAL SETTLEMENTS (BIS)
The Bank for International Settlements (BIS) (in French, Banque desrèglements internationaux (BRI)) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks".As an international institution, it is not accountable to any single national government.
The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
ASIAN DEVELOPMENT BANK (ADB)
The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia.The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries.From 31 members at its establishment, ADB now has 67 members - of which 48 are from within Asia and the Pacific and 19 outside. ADB
was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with member's capital subscriptions. Headquartered at Mandaluyong City, Metro Manila, Philippines.
EXIM BANK (INDIA)
Export-Import Bank of India is the premier export finance institution of the country, established in 1982 under the Export-Import Bank of India Act 1981.
Government of India launched the institution with a mandate, not just to enhance exports from India, but to integrate the country’s foreign trade and investment with the overall economic growth.
Exim Bank is managed by a Board of Directors, which has representatives from the Government, Reserve Bank of India, Export Credit Guarantee Corporation of India, a financial institution, public sector banks, and the business community. Headquarters is in Mumbai.
FINANCE COMMISSION OF INDIA
The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.
Headquartered at New Delhi.
RESERVE BANK OF INDIA (RBI)
The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934.
The RBI plays an important part in the development strategy of the Government of India. It is a member bank of the Asian Clearing Union.
The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI).
RBI - CENTRAL BOARD OF DIRECTORS
The Central Board of Directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The Board consists of a governor, four deputy governors, fifteen directors to represent the regional boards, one from the Ministry of Finance and ten other directors from various fields.
Offices and branches. Head quartered at Mumbai.
The Reserve Bank of India has four zonal offices.It has 19 regional offices at most state capitals and at a few major cities in India. Few of them are located in Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, and Thiruvananthapuram. Besides it has 09 sub-offices at Agartala, Dehradun, Gangtok, Kochi, Panaji, Raipur, Ranchi, Shillong, Shimla and Srinagar.
The bank has also two training colleges for its officers, viz. Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune. There are also four Zonal Training Centres at Mumbai, Chennai, Kolkata and New Delhi.
NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)
National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India having headquarters based in Mumbai (Maharashtra) and other branches are all over the country. The Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD), set up by the Reserve Bank of India (RBI) under the Chairmanship of Shri B. Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). It was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector and completed its 25 years on 12 July 2007. It has been accredited with "matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India". RBI sold its stake in NABARD to the Government of India, which now holds 99% stake.NABARD is active in developing financial inclusion policy and is a member
of the Alliance for Financial Inclusion.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)
Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.
The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001. The Insurance regulatory and Development Authority (IRDA), batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the sector from the present 26 per cent.
INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI)
IDBI Bank Limited is an Indian financial service company headquartered Mumbai, India. RBI categorised IDBI as an "other public sector bank". It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian industry. It is currently 10th largest development bank in the world in terms of reach with 1715 ATMs, 1111 branches including one overseas branch at DIFC, Dubai and 766 centers including two overseas centres at Singapore & Beijing. Some of the institutions built by IDBI are the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), the National Securities Depository Limited (NSDL), the Stock Holding Corporation of India Limited (SHCIL), the Credit Analysis & Research Ltd, the Exim Bank (India), the Small Industries Development Bank of India (SIDBI), the Entrepreneurship Development Institute of India, and IDBI Bank, which is owned by the Indian Government.
INSTITUTE OF BANKING PERSONNEL SELECTION (IBPS)
Institute of Banking Personnel Selection (IBPS) located in Mumbai, is an autonomous agency in India, which started its operation in 1975 as Personnel Selection Services (PSS). In 1984, IBPS became an independent entity at the behest of Reserve Bank of India (RBI) and Public Sector Banks. IBPS is envisioned as self-governed academic and research oriented Institute, with a mission of enhancing human-resource development through personnel assessment. In 2011, IBPS announced a common written examination (CWE) for the selection Officers and Clerks in Indian banks. IBPS CWE is now mandatory for anyone who seeks an employment in public sector and Regional Rural banks.
INDIAN BANKS' ASSOCIATION (IBA)
Indian Banks' Association (IBA), formed on 26 September, 1946 as a representative body of management of banking in India operating in India an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 173 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and assist the member banks in various ways including implementation of new systems and adoption of standards among the members.
AGRICULTURE FINANCE CORPORATION OF INDIA LIMITED
AFC India Limited was incorporated on April 10, 1968 as a Public Limited Company with an Authorised Capital of Rs. 100 crore and Paid-up Capital of Rs. 5 crore by the then private sector commercial banks to “finance agriculture by all possible means”.(Currently the Paid-up Capital is Rs. 15 crore). Subsequent to the nationalisation of fourteen major Indian Scheduled Commercial Banks on July 19, 1969, AFC repositioned itself as a Technical Support Institution for facilitating accelerated growth of Indian agriculture. AFC has now blossomed into a diversified reputed consultancy organisation.
Headquarter of AFC is situated at Mumbai. The Company has three Regional Offices at Kolkata, New Delhi and Bangalore besides three Branch Offices atLucknow, Hyderabad and Pune and Field Offices at Kalahandi, Bargarh (Orissa) and Godda (Jharkhand).
RURAL PLANNING AND CREDIT DEPARTMENT (RPCD)
The Rural Planning and Credit Department (RPCD) formulates policies relating to rural credit and monitors timely and adequate flow of credit to the rural population for agricultural activities and rural employment programmes
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.
It was officially established by The Government of India in the year 1988 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI has its Headquarters are at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively.
NATIONAL HOUSING BANK (NHB)
The National Housing Bank (NHB) is a state owned bank and regulation authority in India, created on July 8, 1988 under section 6 of the National Housing Bank Act (1987). The headquarters is in New Delhi and i's total staff June 30, 2008 was 80.
The institution, owned by the Reserve Bank of India, was established to promote private real estate acquisition. The NHB is regulating and re-financing social housing programs and other activities like research and IT-initiatives, too.
VISION Promoting inclusive expansion with stability in housing finance market.
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)
Small Industries Development Bank of India is an independent financial institution aimed to aid the growth and development of micro, small and mediumscale enterprises (MSME) in India. Set up on April 2, 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.
It is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.
Its headquarters is in Lucknow (U.P)
BUREAU OF INDIAN STANDARDS (BIS)
The Bureau of Indian Standards (BIS) is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution, Government of India. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on 23 December 1986. The Minister in charge of the Ministry or Department having administrative control of the BIS is ex-officio President (Emaad Amin) of the BIS.
Its headquarters are in New Delhi, with regional offices in Kolkata, Chennai, Mumbai, Chandigarh and Delhi, and 20 branch offices. It also works as WTO-TBT enquiry point for India.
INVESTMENT INFORMATION AND CREDIT RATING AGENCY (ICRA) LIMITED
ICRA Limited is an Indian independent and professional investment information and credit rating agency. It was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India). It is second largest Indian rating comapany in term of customer base. It was a joint-venture between Moody's and various Indian commercial banks and financial services companies.
Headquarters is in Gurgaon (Haryana),India
CREDIT ANALYSIS AND RESEARCH LIMITED (CARE)
CARE Ratings commenced operations in April 1993 and over nearly two decades, it has established itself as the second-largest credit rating agency in India.
CARE’s registered office and head office, is located in Mumbai
CREDIT RATING INFORMATION SERVICES OF INDIA LIMITED (CRISIL)
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL’s majority shareholder is Standard & Poor's, a division of The McGraw-Hill Companies and provider of financial market intelligence.
In India, CRISIL Research is an independent and integrated research house and provides growth forecasts, profitability analysis, emerging trends, expected investments, industry structure and regulatory frameworks.
Headquarters is in Mumbai.
SME RATING AGENCY OF INDIA (SMERA)
SME Rating Agency of India Limited (SMERA) is a third party rating agency exclusively set up for micro, small and medium enterprises (MSME) in India for ratings on creditworthiness. It provides ratings which enable MSME units to raise bank loans at competitive rates of interest Headquarters is in Mumbai.
BRICKWORK RATINGS INDIA PVT. LTD.
Brickwork Ratings India Pvt. Ltd. operates as a credit rating agency. It offers bank loan ratings for external commercial borrowings, term loans, working capital loans, buyers credit, cash credit/packing credit, overdraft, bank guarantees, bill purchase/discounted, and letters of credit.
Headquarters is in Bengaluru.
INDIA RATINGS AND RESEARCH PRIVATE LIMITED
India Ratings & Research (Ind-Ra) is India's Most Respected rating agency committed to providing the India's credit markets with accurate, timely and prospective credit opinions.
India Ratings & Research (Ind-Ra) provides credit ratings and research services for India based credits. Ind-Ra is part of the Fitch Group, which in turn is a jointly-owned subsidiary of Fimalac, S.A. and Hearst Corporation Corporate Headquarters is in Mumbai.
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
Onicra Credit Rating Agency is one of the leading Credit and Performance Rating agencies in India. It provides ratings, risk assessment and analytical solutions to Individuals, MSMEs and Corporates.
Corporate Office is in Gurgaon,Haryana.
STANDARD & POOR'S (S&P)
Standard & Poor's (S&P) is an American financial services company. It is adivision of McGraw Hill Financial that publishes financial research and analysis on stocks and bonds. S&P is known for its stock market indices such as the U.S.- based S&P 500, the Canadian S&P/TSX, the Australian S&P/ASX 200, and India's S&P CNX Nifty. S&P is considered one of the Big Three credit-rating agencies, which also include Moody's Investor Service and Fitch Ratings. Its head office is located New York City, United States.
MOODY'S INVESTORS SERVICE
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities and, with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies.
Headquarters is in New York City, United States.
CREDIT INFORMATION BUREAU (INDIA) LIMITED (CIBIL)
Credit Information Bureau (India) Limited (CIBIL) is India’s first Credit Information Company (CIC) founded in August 2000. CIBIL collects and maintains records of an individual’s payments pertaining to loans and credit cards. These records are submitted to CIBIL by member banks and credit institutions, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications.
Headquartered at Mumbai.
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED (ARCIL)
Asset Reconstruction Company (India) Limited (Arcil) is India's first and largest asset reconstruction company, to commence business of resolution of Non-Performing Assets (NPAs) upon acquisition from Indian banks and financial institutions. It is sponsored by prominent banks and financial institutions namely State Bank of India (SBI), IDBI Bank Limited (IDBI), ICICI Bank Limited (ICICI) and Punjab National Bank (PNB). Arcil has its registered office at Mumbai, Maharashtra.
DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (DICGC)
Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India. It was established on 1961 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000.
BOMBAY STOCK EXCHANGE (BSE)
Bombay Stock Exchange, commonly referred to as the BSE, (Bombay Share Bazaar) is a stock exchange located on Dalal Street, Mumbai, Maharashtra, India.
It is the 11th largest stock exchange in the world by market capitalisation as of 31 December 2012. Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first Stock Exchange and one of India’s leading exchange groups. Over the past 137 years, BSE has facilitated the growth of the Indian corporate sector by providing it an efficient capital-raising platform.
NATIONAL STOCK EXCHANGE OF INDIA (NSE)
The National Stock Exchange (NSE) is stock exchange located in Mumbai, India. National Stock Exchange (NSE) was established in the mid 1990s as a demutualised electronic exchange. NSE provides a modern, fully automated screenbased trading system, with over two lakh trading terminals, through which investors in every nook and corner of India can trade. NSE has played a critical role in reforming the Indian securities market and in bringing unparalleled transparency, efficiency and market integrity.
STOCK HOLDING CORPORATION OF INDIA LIMITED (SHCIL)
Stock Holding Corporation of India Ltd (SHCIL), India’s largest custodian and depository participant based in Mumbai, Maharashtra. It was established in 1986 under the Government of India as public limited company Stock Holding Corporation of India (SHCIL), the country's first and one of the largest security custodians to financial institutions, will be merged with stateowned lender IDBI Bank, subject to approvals from regulators and other SHCIL stakeholders.
ENTREPRENEURSHIP DEVELOPMENT INSTITUTE OF INDIA (EDI)
The Entrepreneurship Development Institute of India (EDI), an autonomous and not-for-profit institute, set up in 1983, is sponsored by the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The government of Gujarat pledged twenty-three acres of land on which stands the EDI campus.
Located in Gujrat.
OTC EXCHANGE OF INDIA (OTCEI)
OTC Exchange Of India (OTCEI) also known as Over-the-Counter Exchange of India based in Mumbai, Maharashtra.It is the first exchange for small companies.[3] It is the first screen based nationwide stock exchange in India.It was set up to access high-technology enterprising promoters in raising finance for new product development in a cost effective manner and to provide transparent and efficient trading system to the investors
INTER-CONNECTED STOCK EXCHANGE OF INDIA
Inter-connected Stock Exchange Ltd. (ISE) started its operation in 1998 in Vashi, Mumbai. It is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its trading members. It has 841 trading members, who are located in 18 cities.
MULTI COMMODITY EXCHANGE (MCX)
Multi Commodity Exchange of India Ltd (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom,potatoes, palm oil and others).
INTREX TRADE EXCHANGE LTD
Intrex Trade Exchange Ltd is India's first ever Cash Trade Exchange, based in Mumbai, Maharashtra. formerly known as Intrex India Ltd, is a public limited company incorporated in Year 2000 by Essel Group.The Trade exchange, comprising both a cash and a cashless exchange, offers Indian businesses an integrated platform for their finance, marketing and sourcing requirements.
NATIONAL SECURITIES DEPOSITORY LIMITED(NSDL)
National Securities Depository Limited (NSDL), is the first central securities depository in India based in Mumbai.It is promoted by institutions of national stature responsible for the economic development of India and has established a national infrastructure of international standards that handles most of the securities held and settled in dematerialised form in the Indian capital market
IDRBT
Institute for Development & Research in Banking Technology or IDRBT is a banking research institute, established in 1996 by Reserve Bank of India (RBI), and is located at Hyderabad, India.RBI established IDBRT with the aim of providing the operational service support in Information Technology to Banks and Financial Institutions. The first phase of reforms in the Indian Financial Sector precipitated the need for an Apex Level Institute, for implementing Banking Technology and Technology Absorption in the Indian Banking and Financial Sector.
IDBRT is also an academic institution that offers a range of Academic and Research Programs, designed specifically to meet both the existing and emerging requirements of the Banking and Financial Sector in India.
BANKING CODES AND STANDARDS BOARD OF INDIA
The Banking Codes and Standards Board of India is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on February 18, 2006.
Headquarters is in Mumbai.
ASSET MANAGEMENT COMPANY (AMC)
An Asset Management Company (AMC) is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the company/ firm provides more diversification, liquidity, and professional management consulting service than is normally available to individual investors. The diversification of portfolio is done by investing in such securities which are inverselycorrelated to each other. Money is collected from investors by way of floating
various mutual fund schemes.
Associated Chambers of Commerce and Industry of India (ASSOCHAM)
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India. The organisation represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives. The goal of this organization is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
Headquarters is in New Delhi.
FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY (FICCI)
The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India. It is a non-government, notfor- profit organisation. FICCI draws its membership from the corporate sector, both private and public, including SMEs and MNCs.
It is headquartered in the national capital New Delhi and has presence in 11 states in India and 8 countries across the world
EXPORT CREDIT GUARANTEE CORPORATION OF INDIA (ECGC)
The Export Credit Guarantee Corporation of India Limited (ECGC) is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Government of India had initially set up Export Risks Insurance Corporation (ERIC) in July 1957. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983 ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports
Headquartered at Mumbai.
CENTRAL REGISTRY OF SECURITISATION ASSET RECONSTRUCTION AND SECURITY INTEREST (CERSAI)
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a company licensed under section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi. CERSAI was promoted by central government to prevent frauds involving multiple lending by different banks on the same immovable property. It became operational on March
31,2011.
The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company.
Objective: The object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).
The Registration would be applicable to transactions of security interest over property created to secure loans and advances from the banks and financial institutions as defined under the SARFAESI Act.
The International Bank for Reconstruction and Development (IBRD) is an international financial institution which offers loans to middle-income developing countries. The IBRD is the first of five member institutions which compose the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. Together, the International Bank for Reconstruction and Development and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff.
INTERNATIONAL MONETARY FUND (IMF)
The International Monetary Fund (IMF) (French : Fonds monétaire international) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF's stated goal was to assist in the reconstruction of the world's international payment system post–World War II. Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily. Through this activity and others such as surveillance of its members' economies and the demand for self-correcting policies, the IMF works to improve the economies of its member countries Headquartered at Washington, D.C., United States.
BANK FOR INTERNATIONAL SETTLEMENTS (BIS)
The Bank for International Settlements (BIS) (in French, Banque desrèglements internationaux (BRI)) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks".As an international institution, it is not accountable to any single national government.
The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
ASIAN DEVELOPMENT BANK (ADB)
The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia.The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries.From 31 members at its establishment, ADB now has 67 members - of which 48 are from within Asia and the Pacific and 19 outside. ADB
was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with member's capital subscriptions. Headquartered at Mandaluyong City, Metro Manila, Philippines.
EXIM BANK (INDIA)
Export-Import Bank of India is the premier export finance institution of the country, established in 1982 under the Export-Import Bank of India Act 1981.
Government of India launched the institution with a mandate, not just to enhance exports from India, but to integrate the country’s foreign trade and investment with the overall economic growth.
Exim Bank is managed by a Board of Directors, which has representatives from the Government, Reserve Bank of India, Export Credit Guarantee Corporation of India, a financial institution, public sector banks, and the business community. Headquarters is in Mumbai.
FINANCE COMMISSION OF INDIA
The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.
Headquartered at New Delhi.
RESERVE BANK OF INDIA (RBI)
The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934.
The RBI plays an important part in the development strategy of the Government of India. It is a member bank of the Asian Clearing Union.
The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI).
RBI - CENTRAL BOARD OF DIRECTORS
The Central Board of Directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The Board consists of a governor, four deputy governors, fifteen directors to represent the regional boards, one from the Ministry of Finance and ten other directors from various fields.
Offices and branches. Head quartered at Mumbai.
The Reserve Bank of India has four zonal offices.It has 19 regional offices at most state capitals and at a few major cities in India. Few of them are located in Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, and Thiruvananthapuram. Besides it has 09 sub-offices at Agartala, Dehradun, Gangtok, Kochi, Panaji, Raipur, Ranchi, Shillong, Shimla and Srinagar.
The bank has also two training colleges for its officers, viz. Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune. There are also four Zonal Training Centres at Mumbai, Chennai, Kolkata and New Delhi.
NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)
National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India having headquarters based in Mumbai (Maharashtra) and other branches are all over the country. The Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD), set up by the Reserve Bank of India (RBI) under the Chairmanship of Shri B. Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). It was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector and completed its 25 years on 12 July 2007. It has been accredited with "matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India". RBI sold its stake in NABARD to the Government of India, which now holds 99% stake.NABARD is active in developing financial inclusion policy and is a member
of the Alliance for Financial Inclusion.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)
Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.
The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001. The Insurance regulatory and Development Authority (IRDA), batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the sector from the present 26 per cent.
INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI)
IDBI Bank Limited is an Indian financial service company headquartered Mumbai, India. RBI categorised IDBI as an "other public sector bank". It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian industry. It is currently 10th largest development bank in the world in terms of reach with 1715 ATMs, 1111 branches including one overseas branch at DIFC, Dubai and 766 centers including two overseas centres at Singapore & Beijing. Some of the institutions built by IDBI are the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), the National Securities Depository Limited (NSDL), the Stock Holding Corporation of India Limited (SHCIL), the Credit Analysis & Research Ltd, the Exim Bank (India), the Small Industries Development Bank of India (SIDBI), the Entrepreneurship Development Institute of India, and IDBI Bank, which is owned by the Indian Government.
INSTITUTE OF BANKING PERSONNEL SELECTION (IBPS)
Institute of Banking Personnel Selection (IBPS) located in Mumbai, is an autonomous agency in India, which started its operation in 1975 as Personnel Selection Services (PSS). In 1984, IBPS became an independent entity at the behest of Reserve Bank of India (RBI) and Public Sector Banks. IBPS is envisioned as self-governed academic and research oriented Institute, with a mission of enhancing human-resource development through personnel assessment. In 2011, IBPS announced a common written examination (CWE) for the selection Officers and Clerks in Indian banks. IBPS CWE is now mandatory for anyone who seeks an employment in public sector and Regional Rural banks.
INDIAN BANKS' ASSOCIATION (IBA)
Indian Banks' Association (IBA), formed on 26 September, 1946 as a representative body of management of banking in India operating in India an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 173 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and assist the member banks in various ways including implementation of new systems and adoption of standards among the members.
AGRICULTURE FINANCE CORPORATION OF INDIA LIMITED
AFC India Limited was incorporated on April 10, 1968 as a Public Limited Company with an Authorised Capital of Rs. 100 crore and Paid-up Capital of Rs. 5 crore by the then private sector commercial banks to “finance agriculture by all possible means”.(Currently the Paid-up Capital is Rs. 15 crore). Subsequent to the nationalisation of fourteen major Indian Scheduled Commercial Banks on July 19, 1969, AFC repositioned itself as a Technical Support Institution for facilitating accelerated growth of Indian agriculture. AFC has now blossomed into a diversified reputed consultancy organisation.
Headquarter of AFC is situated at Mumbai. The Company has three Regional Offices at Kolkata, New Delhi and Bangalore besides three Branch Offices atLucknow, Hyderabad and Pune and Field Offices at Kalahandi, Bargarh (Orissa) and Godda (Jharkhand).
RURAL PLANNING AND CREDIT DEPARTMENT (RPCD)
The Rural Planning and Credit Department (RPCD) formulates policies relating to rural credit and monitors timely and adequate flow of credit to the rural population for agricultural activities and rural employment programmes
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.
It was officially established by The Government of India in the year 1988 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI has its Headquarters are at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively.
NATIONAL HOUSING BANK (NHB)
The National Housing Bank (NHB) is a state owned bank and regulation authority in India, created on July 8, 1988 under section 6 of the National Housing Bank Act (1987). The headquarters is in New Delhi and i's total staff June 30, 2008 was 80.
The institution, owned by the Reserve Bank of India, was established to promote private real estate acquisition. The NHB is regulating and re-financing social housing programs and other activities like research and IT-initiatives, too.
VISION Promoting inclusive expansion with stability in housing finance market.
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)
Small Industries Development Bank of India is an independent financial institution aimed to aid the growth and development of micro, small and mediumscale enterprises (MSME) in India. Set up on April 2, 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.
It is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.
Its headquarters is in Lucknow (U.P)
BUREAU OF INDIAN STANDARDS (BIS)
The Bureau of Indian Standards (BIS) is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution, Government of India. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on 23 December 1986. The Minister in charge of the Ministry or Department having administrative control of the BIS is ex-officio President (Emaad Amin) of the BIS.
Its headquarters are in New Delhi, with regional offices in Kolkata, Chennai, Mumbai, Chandigarh and Delhi, and 20 branch offices. It also works as WTO-TBT enquiry point for India.
INVESTMENT INFORMATION AND CREDIT RATING AGENCY (ICRA) LIMITED
ICRA Limited is an Indian independent and professional investment information and credit rating agency. It was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India). It is second largest Indian rating comapany in term of customer base. It was a joint-venture between Moody's and various Indian commercial banks and financial services companies.
Headquarters is in Gurgaon (Haryana),India
CREDIT ANALYSIS AND RESEARCH LIMITED (CARE)
CARE Ratings commenced operations in April 1993 and over nearly two decades, it has established itself as the second-largest credit rating agency in India.
CARE’s registered office and head office, is located in Mumbai
CREDIT RATING INFORMATION SERVICES OF INDIA LIMITED (CRISIL)
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL’s majority shareholder is Standard & Poor's, a division of The McGraw-Hill Companies and provider of financial market intelligence.
In India, CRISIL Research is an independent and integrated research house and provides growth forecasts, profitability analysis, emerging trends, expected investments, industry structure and regulatory frameworks.
Headquarters is in Mumbai.
SME RATING AGENCY OF INDIA (SMERA)
SME Rating Agency of India Limited (SMERA) is a third party rating agency exclusively set up for micro, small and medium enterprises (MSME) in India for ratings on creditworthiness. It provides ratings which enable MSME units to raise bank loans at competitive rates of interest Headquarters is in Mumbai.
BRICKWORK RATINGS INDIA PVT. LTD.
Brickwork Ratings India Pvt. Ltd. operates as a credit rating agency. It offers bank loan ratings for external commercial borrowings, term loans, working capital loans, buyers credit, cash credit/packing credit, overdraft, bank guarantees, bill purchase/discounted, and letters of credit.
Headquarters is in Bengaluru.
INDIA RATINGS AND RESEARCH PRIVATE LIMITED
India Ratings & Research (Ind-Ra) is India's Most Respected rating agency committed to providing the India's credit markets with accurate, timely and prospective credit opinions.
India Ratings & Research (Ind-Ra) provides credit ratings and research services for India based credits. Ind-Ra is part of the Fitch Group, which in turn is a jointly-owned subsidiary of Fimalac, S.A. and Hearst Corporation Corporate Headquarters is in Mumbai.
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
Onicra Credit Rating Agency is one of the leading Credit and Performance Rating agencies in India. It provides ratings, risk assessment and analytical solutions to Individuals, MSMEs and Corporates.
Corporate Office is in Gurgaon,Haryana.
STANDARD & POOR'S (S&P)
Standard & Poor's (S&P) is an American financial services company. It is adivision of McGraw Hill Financial that publishes financial research and analysis on stocks and bonds. S&P is known for its stock market indices such as the U.S.- based S&P 500, the Canadian S&P/TSX, the Australian S&P/ASX 200, and India's S&P CNX Nifty. S&P is considered one of the Big Three credit-rating agencies, which also include Moody's Investor Service and Fitch Ratings. Its head office is located New York City, United States.
MOODY'S INVESTORS SERVICE
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities and, with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies.
Headquarters is in New York City, United States.
CREDIT INFORMATION BUREAU (INDIA) LIMITED (CIBIL)
Credit Information Bureau (India) Limited (CIBIL) is India’s first Credit Information Company (CIC) founded in August 2000. CIBIL collects and maintains records of an individual’s payments pertaining to loans and credit cards. These records are submitted to CIBIL by member banks and credit institutions, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications.
Headquartered at Mumbai.
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED (ARCIL)
Asset Reconstruction Company (India) Limited (Arcil) is India's first and largest asset reconstruction company, to commence business of resolution of Non-Performing Assets (NPAs) upon acquisition from Indian banks and financial institutions. It is sponsored by prominent banks and financial institutions namely State Bank of India (SBI), IDBI Bank Limited (IDBI), ICICI Bank Limited (ICICI) and Punjab National Bank (PNB). Arcil has its registered office at Mumbai, Maharashtra.
DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (DICGC)
Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India. It was established on 1961 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000.
BOMBAY STOCK EXCHANGE (BSE)
Bombay Stock Exchange, commonly referred to as the BSE, (Bombay Share Bazaar) is a stock exchange located on Dalal Street, Mumbai, Maharashtra, India.
It is the 11th largest stock exchange in the world by market capitalisation as of 31 December 2012. Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first Stock Exchange and one of India’s leading exchange groups. Over the past 137 years, BSE has facilitated the growth of the Indian corporate sector by providing it an efficient capital-raising platform.
NATIONAL STOCK EXCHANGE OF INDIA (NSE)
The National Stock Exchange (NSE) is stock exchange located in Mumbai, India. National Stock Exchange (NSE) was established in the mid 1990s as a demutualised electronic exchange. NSE provides a modern, fully automated screenbased trading system, with over two lakh trading terminals, through which investors in every nook and corner of India can trade. NSE has played a critical role in reforming the Indian securities market and in bringing unparalleled transparency, efficiency and market integrity.
STOCK HOLDING CORPORATION OF INDIA LIMITED (SHCIL)
Stock Holding Corporation of India Ltd (SHCIL), India’s largest custodian and depository participant based in Mumbai, Maharashtra. It was established in 1986 under the Government of India as public limited company Stock Holding Corporation of India (SHCIL), the country's first and one of the largest security custodians to financial institutions, will be merged with stateowned lender IDBI Bank, subject to approvals from regulators and other SHCIL stakeholders.
ENTREPRENEURSHIP DEVELOPMENT INSTITUTE OF INDIA (EDI)
The Entrepreneurship Development Institute of India (EDI), an autonomous and not-for-profit institute, set up in 1983, is sponsored by the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The government of Gujarat pledged twenty-three acres of land on which stands the EDI campus.
Located in Gujrat.
OTC EXCHANGE OF INDIA (OTCEI)
OTC Exchange Of India (OTCEI) also known as Over-the-Counter Exchange of India based in Mumbai, Maharashtra.It is the first exchange for small companies.[3] It is the first screen based nationwide stock exchange in India.It was set up to access high-technology enterprising promoters in raising finance for new product development in a cost effective manner and to provide transparent and efficient trading system to the investors
INTER-CONNECTED STOCK EXCHANGE OF INDIA
Inter-connected Stock Exchange Ltd. (ISE) started its operation in 1998 in Vashi, Mumbai. It is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its trading members. It has 841 trading members, who are located in 18 cities.
MULTI COMMODITY EXCHANGE (MCX)
Multi Commodity Exchange of India Ltd (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom,potatoes, palm oil and others).
INTREX TRADE EXCHANGE LTD
Intrex Trade Exchange Ltd is India's first ever Cash Trade Exchange, based in Mumbai, Maharashtra. formerly known as Intrex India Ltd, is a public limited company incorporated in Year 2000 by Essel Group.The Trade exchange, comprising both a cash and a cashless exchange, offers Indian businesses an integrated platform for their finance, marketing and sourcing requirements.
NATIONAL SECURITIES DEPOSITORY LIMITED(NSDL)
National Securities Depository Limited (NSDL), is the first central securities depository in India based in Mumbai.It is promoted by institutions of national stature responsible for the economic development of India and has established a national infrastructure of international standards that handles most of the securities held and settled in dematerialised form in the Indian capital market
IDRBT
Institute for Development & Research in Banking Technology or IDRBT is a banking research institute, established in 1996 by Reserve Bank of India (RBI), and is located at Hyderabad, India.RBI established IDBRT with the aim of providing the operational service support in Information Technology to Banks and Financial Institutions. The first phase of reforms in the Indian Financial Sector precipitated the need for an Apex Level Institute, for implementing Banking Technology and Technology Absorption in the Indian Banking and Financial Sector.
IDBRT is also an academic institution that offers a range of Academic and Research Programs, designed specifically to meet both the existing and emerging requirements of the Banking and Financial Sector in India.
BANKING CODES AND STANDARDS BOARD OF INDIA
The Banking Codes and Standards Board of India is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on February 18, 2006.
Headquarters is in Mumbai.
ASSET MANAGEMENT COMPANY (AMC)
An Asset Management Company (AMC) is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the company/ firm provides more diversification, liquidity, and professional management consulting service than is normally available to individual investors. The diversification of portfolio is done by investing in such securities which are inverselycorrelated to each other. Money is collected from investors by way of floating
various mutual fund schemes.
Associated Chambers of Commerce and Industry of India (ASSOCHAM)
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India. The organisation represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives. The goal of this organization is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
Headquarters is in New Delhi.
FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY (FICCI)
The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India. It is a non-government, notfor- profit organisation. FICCI draws its membership from the corporate sector, both private and public, including SMEs and MNCs.
It is headquartered in the national capital New Delhi and has presence in 11 states in India and 8 countries across the world
EXPORT CREDIT GUARANTEE CORPORATION OF INDIA (ECGC)
The Export Credit Guarantee Corporation of India Limited (ECGC) is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Government of India had initially set up Export Risks Insurance Corporation (ERIC) in July 1957. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983 ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports
Headquartered at Mumbai.
CENTRAL REGISTRY OF SECURITISATION ASSET RECONSTRUCTION AND SECURITY INTEREST (CERSAI)
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a company licensed under section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi. CERSAI was promoted by central government to prevent frauds involving multiple lending by different banks on the same immovable property. It became operational on March
31,2011.
The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company.
Objective: The object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).
The Registration would be applicable to transactions of security interest over property created to secure loans and advances from the banks and financial institutions as defined under the SARFAESI Act.
