Important committees in India

 Committees On Different Issues

1.  Abhijit Sen Committee (2002): Long-Term Food Policy

2.  Abid Hussain Committee: On Small-Scale Industries

3.  Athreya Committee: Restructuring Of IDBI

4.  Basel Committee: Banking Supervision (BCBS)

5.  Bimal Jalan committee: Report on the working of capital market infrastructure institutions (miis)

6.  Bimal Jalan committee (2018): To decide the appropriate level of reserves that the RBI should hold

7.  C. Rangarajan Committee: To review the Methodology for Measurement of Poverty

8.  Chore Committee: Review the Operation of the Cash Credit System

9.  Deepak Parekh committee: To Financing Infrastructure through PPP model

10. G. V. Ramakrishna Committee (1996): On Disinvestment

11. J. R. Varma Committee: Current Account Carry Forward Practice

12. JJ. Irani Committee: Company Law Reforms

13. K. C. Chakrabarty Committee: To analyze the financial condition of the Regional Rural Banks in India

14. K. Kasturirangan (2017) and submitted report (2019): To head drafting committee of National Education Policy

15. Kelkar Committee (2002): Tax Structure Reforms

16. Kothari Commission (1964-1966): To examine all aspects of the educational sector in India

17. Khan Working Group:  Development Finance Institutions

18. Khusro Committee (1989): Agricultural Credit System

19. Kumarmanglam Birla Report: Corporate Governance

20. MB Shah Committee: To investigate black money, mostly hoarded abroad

21. Mahajan Committee (1997): Sugar Industry

22. Malegam Committee (2010 and report submitted 2011): Reforms in the Primary Market & Repositioning of UTI

23. Malhotra Committee (1993): Broad Framework of Insurance Sector

24. Marathe Committee: Recommendation for Urban Co-operative Banks

25. Mashelkar Committee 2002: Auto Fuel Policy

26. Mckinsey Report: Merger of 7 Associate Banks with SBI

27. Meera Seth Committee: Development of Handlooms

28. Nachiket Mor Committee(2013): Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households

29. Narismhan Committee (1991): Banking Sector Reforms

30. Parekh Committee: Infrastructure Financing

31. P. J. Nayak Committee: To evaluate the governance of the board of banks and examine criteria to select directors, as well as their term

32. Radha Krishnan Commission (1948): Establishment of the University Grant Commission

33. R V. Gupta Committee: Small Savings

34. Raja Chelliah Committee: Tax Reforms

35. Rekhi Committee (1992): Indirect Taxes

36. RV Gupta Committee: Agricultural Credit

37.  Sarkaria Commission: Central-state relationship

38. S P Talwar Committee: Restructuring Of Weak Public Sector Bank

39. Suresh Tendulkar Committee: Redefining Poverty Line and Its Calculation Formula

40. Shah Committee: Reforms Relating To Non-Banking Financial Companies (NBFCs)

41. Shivraman Committee (1979): Establishment of NABARD

42. S.N. Verma Committee (1999): Restructuring the Commercial Banks

43. Swaminathan Commission (2004): To find the problems faced by the farmers

44.  Sukhamoy Chakravarty Committee (1982): To assess the functioning of the Indian Monetary system

45. Tandon Committee (1975): System Of working capital financing by Banks

46. Tarapore Committee (1997): Report on Capital Account Convertibility

47.  U.K. Sharma Committee: NABARD’s Role in RRB

48. Vaghul Committee: Money Market in India

49.  Vasudev Committee: NBFC Sector Reforms

50.  Y B Reddy Committee (2001): Review Of Income Tax Rebates

51. Justice A.K Mathur commission: 7th Pay Commission

52. Gadgil committee (1969): Determine priority sector lending

53. Narismhan Committee (1975): Establishment of regional rural banks

54.  Y.B. Damle committee (1983): Introduction of magnetic ink character recognition (MICR)

55.   Rangarajan committee (1986, 1991) : Related to banking

56. Gorporia committee (1991): Customer service improvement

57. Narshimhan committee (1991): Financial sector reforms

58. Padmanabham committee (1995): Banking supervision

59. Narshimhan committee (1998): Financial sector reforms part 2nd

60. Dantwala committee (1978): Check the viability of RRBs

61.   Rangarajan committee (2008): Financial inclusion

62. Malgaem committee (2011): Issues of microfinance institutions

63.  Damodaran committee (2011): Improvement in customer service in banks

64.   Mahapatra committee (2012): Restructuring of advances by banks

65.   Gupta working group (2006): Provide suggestions on regulation loans to the unorganized sector

66.   Rangarajan committee: Disinvestment

MCQ on Money and banking

  

MONEY & BANKING

Mock Test

One Nation One Ration Card (ONORC )

On January 20, 2020, Union Minister Ram Vilas Paswan made the One Nation One Ration Card announcement. The project is an ambitious one for the NDA administration. 24 Indian States/Union Territories have implemented ration card mobility in their regions as of August 1, 2020.

In four states on a trial basis in 2019, the Ministry of Consumer Affairs, Food, and Public Distribution launched the One Nation One Ration Card Scheme. By the 1st Jan 2020, 12 new states were entered into the scheme. According to information provided by the Central Government, 86% of NFSA participants migrated to the One Nation One Ration Card programme. As of June 2021, the ONOR programme was to be used to adopt by the four States/UTs namely, Assam, Chhattisgarh, Delhi, and West Bengal. Through nationwide portability under the National Food Security Act, the program's objective is to enable hassle-free delivery of subsidized food grains to all migratory recipients wherever in the nation (NFSA.)

The National Food Security Act requires the Department to adopt the ONORC programme for universal mobility of ration cards (NFSA). Through this, all qualified ration card holders and NFSA beneficiaries can access their benefits from any location in the nation. The implementation of an IT-driven system, including the installation of ePoS devices at FPSs, the seeding of beneficiaries' Aadhaar numbers with their ration cards, and the operationalization of biometrically authenticated ePoS transactions in the State/UTs, enables the distribution of highly subsided food grains under this plan. Beneficiaries can provide the dealer at any Fair Price Shop location across the nation with either their ration card number or their Aadhaar number. Anyone in the household who has planted their Aadhaar information into their ration card is eligible to go through an authentication and receive their ration. To receive the benefit, you do not need to disclose your ration card or Aadhaar card with the ration dealer. Beneficiaries can submit to Aadhaar authentication using their iris scans or fingerprints.

As of August 2019, four states began using the One Nation One Ration Card service, which allows ration cards to be transferred between states. As of February 2022, the programme was in place in 35 states and the UT.

source:https://www.nic.in/infographs_post/one-nation-one-ration-card/

Benefits

1. This method enables all NFSA beneficiaries, in particular migrant beneficiaries, to claim full or partial foodgrains from any Fair Price Shop (FPS) in the nation using an existing ration card with biometric/Aadhaar identification in a seamless way.
2. The arrangement also enables, if any, their relatives back home to claim the remaining food on the same ration card.
3. In addition, ONORC will provide beneficiaries the option to select their own dealer. If there is any indication of wrongdoing, the recipient in many situations of misallocation can immediately move to another FPS store.
4. Supporting One-Third of the Population:
5. Reducing Leakages: 
6. Reducing Social Discrimination

Eligibility

1. The National Food Security Act (NFSA), 2013, One Nation One Ration Card, which offers an option to all qualified ration cards or recipients

Application Process:

Offline

1. Interested persons shall visit the nearest Fair Price Shop with Ration Card
2. Beneficiaries can quote either their ration card number or their Aadhaar number to any Fair Price Shop dealer across the country. 
3. Anyone in the family, who has seeded Aadhaar in the ration card can undergo authentication and lift the ration. There is no need to share or carry the ration card or Aadhaar card with a ration dealer to avail of the benefit. 
4. Beneficiaries can undergo Aadhaar authentication by using their fingerprints or iris-based identification.

Documents Required

1. Ration Card
2. Aadhar Card (if seeded with Ration Card)

Challenges regarding the Implementation of the ONOR

1. Exclusion Error: Leakages might be decreased after the PDS operations have been digitalized through smart cards and Aadhar linkage, but recently there have been exclusion errors following Aadhar connecting.
2. Lack of Information: Information on people relocating to other cities for employment is lacking. As a result, it is harder to identify the beneficiaries as they migrate to new places.
3. Domicile-Based Social Sector Schemes:
4. Disrupting Supplies At FPS

Conclusion

Since the Food Security Act, ONORC has significantly altered the system of public distribution. It will assist in achieving the objectives set forth in SDG 2: Ending hunger by 2030 and providing food security for migratory workers without jobs.

sources: 

1. https://www.myscheme.gov.in/schemes/onorc
2. https://tnpds.org.in/one-nation-one-ration-card/

Formulas of Deficits in Budget

Deficit Formulas

Budgetary deficit = Total expenditure – Total receipts   or        TE>TR

Fiscal deficit = Total expenditure – Total receipts excluding borrowings.

Primary deficit = Fiscal Deficit-Interest payments.

Revenue deficit = Total revenue expenditure – Total revenue receipts.   Or   TRE>TRR

Effective Revenue Deficit= Revenue Deficit – Grants in aid for the creation of capital assets.

It was suggested by the Rangarajan Committee on Public Expenditure and was introduced in the Union Budget 2011-12.

BUSINESS CYCLE

BUSINESS CYCLE