Ministry of Finance Current Affairs - 2019
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Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI).
K Subramanian, an Indian School of Business (ISB) Hyderabad professor was appointed chief economic adviser for a period of 3 years in December 2018.
Their appointment was approved by Appointments Committee of the Cabinet (ACC), which is composed of Prime Minister of India (who is Chairman), Union Minister of Home Affairs and the order for appointment was issued by Department of Personnel and Training (DoPT).
About Insolvency and Bankruptcy Board of India
- IBBI, an insolvency regulatory agency was established on 1 October 2016. It was given statutory powers by Insolvency and Bankruptcy Code (IBC), the bankruptcy law of India which was passed by Lok Sabha on 5 May 2016.
- The IBC 2016 established Insolvency and Bankruptcy Board of India (IBBI), to oversee insolvency proceedings in India and to regulate entities registered under it.
- The IBBI Governing Board consists of 10 members, including representatives from the Ministry of Finance (MoF), Ministry of Law and Justice, Ministry of corporate affairs (MCA), and Reserve Bank of India (RBI).
- IBBI act as a regulator for overseeing insolvency proceedings and entities such as Insolvency Professionals (IP), Insolvency Professional Agencies (IPA) and Information Utilities (IU) in India.
- IBC covers Individuals, Companies, Partnership firms and Limited Liability Partnerships and handles cases under it using tribunals namely National company law tribunal (NCLT) and Debt recovery tribunal (DRT).
Tags: Appointments Committee of the Cabinet • B. Sriram • Cabinet (ACC) • Chief Economic Advise • Debt recovery tribunal • IBC • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code • Krishnamurthy Subramanian • Ministry of Corporate Affairs • Ministry of Finance • Ministry of Law and Justice • National company law tribunal • Reserve Bank of India • Union Minister of Home Affairs
Government of India has now implemented Project ‘SPARROW-CBIC’ for online writing of Annual Performance Appraisal Report (APAR) in SPARROW, for over 46,000 Group ‘B’ and Group ‘C’ Officers of Central Board of Indirect Taxes & Customs (CBIC) working in its various formations all across India. The term SPARROW stands for ‘Smart Performance Appraisal Report Recording Online Window’.
- Background: Online writing of Annual Performance Appraisal Report’s (APAR) in SPARROW for IRS (C&CE) Officers has already been implemented in year 2016-17. The Indian Revenue Service C&CE handles set of indirect taxes namely Service Tax, Central Excise, Customs etc.
- Implemented By: The Directorate General of Human Resource Development (DGHRD), the Human resources Management (HRM) arm of Central Board of Indirect Taxes & Customs (CBIC) of Department of Revenue, Ministry of Finance (MoF) is the implementing agency. It is being implemented in more than 400 formations of CBIC throughout India.
- About SPARROW-CBIC: It is a project for online writing of Annual Performance Appraisal Report (APAR) for Officers of CBIC. It is one of its kind project in terms of number and scale of employees covered as far as Central Government Departments are concerned. It seeks to bring a complete change in APAR management of large number of Group ‘B’ & Group ‘C’ Officers and Staff of CBIC. This would in turn lead to better Human resources
- Significance: Project leverages modern technology for enhancing morale and overall efficiency of everyone working in Central GST and Customs formations of CBIC. It serves as an important milestone in journey towards digitisation and paper less working.
Tags: Annual Performance Appraisal Report • APAR • CBIC • Central Board of Indirect Taxes & Customs • Central GST • Department of Revenue • DGHRD • Digital India • Directorate General of Human Resource Development • Government of India • Group ‘B’ & Group ‘C’ Officers • IRS (C&CE) • Ministry of Finance • Smart Performance Appraisal Report Recording Online Window • SPARROW-CBIC