Foreign Exchange Transactions Electronic Reporting System (FET-ERS), IDPMS and EDPMS are databases about foreign currency dealings. Under FET-ERS, all authorized dealers are obligated to report each foreign exchange transactions (inward and outward remittances in FET–ERS) to the RBI.
According to SIT, access to this database need to be given to authorities like Enforcement Directorate and Directorate of Revenue Intelligence, so to check any malpractices. Additionally, FET–ERS data should capture the PAN number of the importer or the exporter.
KYC requirements for opening a bank account
To open a bank account, one needs to submit a
(i) ‘proof of identity and
(ii) proof of address’ together with a recent photograph.
Documents to be given as ‘proof of identity’ and ‘proof of address’
The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card. One of these documents is to be submitted as proof of identity. If these documents also contain your address details, then it would also be accepted as ‘proof of address’.
The Financial Stability Board (FSB) is an international body for monitoring about the global financial system. It was established to address financial system vulnerabilities and to drive the development and implementation of strong regulatory, supervisory and other policies in the interest of financial stability. The FSB was established after the G20 meeting at London in 2009 in the context of the global financial crisis. It was a successor of the Financial Stability Forum that existed before. The FSB includes all G 20 economies, FSF members and the European Commission. Headquarters of FSB is in Basel, Switzerland.
The Financial Stability Board (FSB) has been established to address vulnerabilities and to develop and implement strong regulatory, supervisory and other policies in the interest of financial stability. The FSB represents the G-20 leaders' first major international institutional innovation. Secretary of the US Treasury Tim Geithner has described it as "in effect, a fourth pillar" of the architecture of global economic governance. The FSB has been assigned a number of important tasks, working alongside the IMF, World Bank, and WTO.
The e Bureau is responsible to the Department of Revenue, Ministry of Finance.
Central Economic Intelligence Bureau
Tax evasion is a major economic offence that is widespread. The Central Economic Intelligence Bureau was set up with the intention of creating a body which would coordinate and strengthen the intelligence gathering activities as well as investigative efforts of all the agencies which enforce economic laws. The e Bureau was established in July,1985 and is responsible to the Department of Revenue, Ministry of Finance. The CEIB along with Income Tax Department makes economic intelligence, monitoring and fighting economic offences such as smuggling, money laundering tax evasion and fraud.
The CEIB is an important part of the Economic Intelligence Council which is responsible for coordination, strategy and information-sharing amongst the government agencies responsible for intelligence and control of economic offences such as smuggling, money laundering tax evasion and fraud. Finance Ministry is the nodal ministry for Economic Intelligence Council.
The Bureau is headed by the Special Secretary cum Director General who is assisted by three Joint Secretary level officers one of whom is designated as JS(COFEPOSA) and the other two are designated Dy. Director General (Administration & Coordination) and Dy. Director General (ECOINT).
Examine the following statements about Financial Sector Assessment Programme.
I. It is a joint programme of the IMF and the World Bank
II. India is one of the 25 countries with systemically important financial institutions that should undergo FSAP.
III. The assessment is done in every five years.
The Financial Sector Assessment Program (FSAP) is a joint program of the International Monetary Fund and the World Bank. In September 2010, IMF made it mandatory for 25 jurisdictions (including India) with systemically important financial sectors to undergo financial stability assessments under the FSAP every five
India’s last assessment under FSAP was done during 2011-12. The next FSAP assessment is due in 2016-17. India is actively participating in post crisis reforms of the international regulatory and supervisory framework under the aegis of the G20. India remains committed to adoption of international standards and best practices, in a phased manner and calibrated to local conditions, wherever necessary.