Finance Ministry Current Affairs - 2019
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The Finance Ministry has asked the public sector banks to gradually reduce the government’s equity to 52 per cent. Currently, some of the public sector banks have government’s holding beyond 75 per cent.
Why the disinvestment?
The decision to bring down the government’s equity to 52 per cent was taken due to the following reasons:
- Dilution of the government’s stake will help banks to meet 25 per cent public float norms set by the SEBI.
- To align with the best corporate practices.
- Encourage the banks to follow the prudential lending norms.
The Ministry of Finance has authorised the Public Sector Banks to take necessary steps in bringing down the government equity based on the marketing conditions.
Rules of SEBI
A notification under the Securities Contracts Regulations (Amendment) Rules makes it mandatory for all listed entities to have a minimum public float of 25%.
The Securities and Exchange Board of India (SEBI) was established under the provisions of the Securities and Exchange Board of India Act, 1992 on April 12, 1992. SEBI aims to protect the interests of investors in securities and to promote the development and regulate the securities market in the country.
Government to release Rs 75 commemorative coin to mark 75th anniversary of Tricolour hoisting by Bose
Union Ministry of Finance has announced to release Rs 75 commemorative coin on occasion of 75th anniversary of hoisting of Tricolour for first time by Netaji Subhash Chandra Bose at Cellular Jail, Port Blair on December 30, 1943. Earlier on October 21, 2018, Prime Minister Narendra Modi had hoisted National Flag at Red Fort and unveiled plaque to commemorate 75th Anniversary of formation of Azad Hind Government, formed by Bose.
Features of coin
The 35-gram coin will be composed of 50% silver, 40% copper, and 5% each of nickel and zinc. It will bear the portrait of Netaji Subhash Chandra Bose saluting flag on background of cellular jail. It will have numeral 75th along with inscription “anniversary” will be depicted below portrait. It will also have inscription in both Devanagari script and English saying ‘First Flag Hoisting Day’.
First Flag Hoisting by Netaji Subhash Chandra Bose
Subhash Chandra Bose on December 30, 1943 had hoisted Tricolor for first time on free Indian soil at Cellular Jail of Port Blair during his visit to Andaman and declaring the island as the free territory from the British rule. It was much before India attained Independence in 1947. On same occasion, he had announced freedom of Andaman & Nicobar Islands (making it first Indian Territory) from the British rule and renamed them as “Shaheed-dweep” (Martyr Island) and “Swaraj-dweep” (Self-rule Island). The island at that time was liberated from British rule by Japan which captured it during World War – II. Major General Arcot Doraiswamy Loganadan of Indian National Army (INA) was made the Governor of the Andaman and Nicobar Islands.