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Current Affairs - Indian Economy

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Current Question International

Offshore Rupee Markets

Recently, a panel on ‘Offshore Rupee Markets’ has submitted its final report to the Reserve bank of India(RBI). Who among the following given persons was the head of the panel?

A
Usha Thorat
B
UK Sinha
C
K Subramanian
D
VG Kannan
Right ans is A

Explanation :

  • The report of the panel on 'Offshore Rupee Market' headed by former RBI deputy governor Usha Thorat has been made public on 8th August, 2019.
  • The panel was set up by the RBI in February, 2019, to examine the issues related to the offshore rupee markets in depth and recommend appropriate policy measures for incentivizing non-residents to access the onshore foreign exchange market.
  • It has recommended that the "competent authorities may examine the issue of taxation" with the objective of overcoming gaps between tax regime in India and other major international financial centres (Singapore, Hong Kong and London) to the extent possible, and thereby incentivising non-residents to hedge in the onshore market.
  • Another major suggestion is that the know Your Customer(KYC) registration may be centralised across the financial market with uniform documentation requirement.

 

Source: Civil Services Chronicle Online