70 Days WAR Plan

Day#15 Static Flash Cards Economic & Social Development [70 Days WAR Plan]

Monetary Policy Committee (MPC); TReDS; External Commercial Borrowings (ECB); Market Stabilisation Scheme (MSS); National Skills Qualifications Framework (NSQF); Flexible inflation targeting (FIT); Base Year; Difference Between GDP and GNP; Bull Market Vs Bear Market; Budget;
By IT's Core Team
April 05, 2019




What is the duration of period for which MPC members are appointed?

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  • The MPC members are appointed for a period of four years.

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Monetary policy:

Monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply and availability of credit with a view to achieving the ultimate objective of economic policy.

  • The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth.
  • MPC is headed by RBI governor.
  • The MPC replaces the previous arrangement of Technical Advisory Committee.

Monetary Policy Committee (MPC)

  • The framework aims at setting the policy (repo) rate based on an assessment of the current and evolving macroeconomic situation; and modulation of liquidity conditions to anchor money market rates at or around the repo rate.
  • Repo rate changes transmit through the money market to the entire the financial system, which, in turn, influences aggregate demand – a key determinant of inflation and growth.
  • Once the repo rate is announced, the operating framework designed by the Reserve Bank envisages liquidity management on a day-to-day basis through appropriate actions, which aim at anchoring the operating target – the weighted average call rate (WACR) – around the repo rate.
  • The operating framework is fine-tuned and revised depending on the evolving financial market and monetary conditions, while ensuring consistency with the monetary policy stance. The liquidity management framework was last revised significantly in April 2016.
  • The main responsibility of the MPC is to administer the inflation targeting monetary policy regime through determining the policy rate or repo rate to contain inflation.

Structure of the MPC:

  • The Monetary Policy Committee (MPC) is formed under the RBI with six members.
  • Three of the members are from the RBI while the other three members are appointed by the government.
  • Members from the RBI are the Governor who is the chairman of the MPC, a Deputy Governor and one officer of the RBI.
  • The government members are appointed by the Centre on the recommendations of a search-cum-selection committee which is to be headed by the Cabinet Secretary.




What happens if the budget is not passed within the announced date?

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  • If the Budget is not passed within the announced date, Article 116 of the Constitution empowers the Lok Sabha to pass the Vote-On-Account, a document which covers only the expenditure incurred.

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What is a budget and what does it consist of?

  • A Budget is an estimate of outflows and inflows that a Government will incur during a financial year.
  • It consists of actual figures for the preceding year and the budgetary estimate for the current year.

When is it presented and by whom?

  • The Budget is presented on a day that is determined by the Parliament.
  • It is traditionally presented on the last working day of February, this year, the interim budget was presented on 1st Feb 2019.
  • The Budget is presented by the Finance Minister.
  • The Budget division in the Finance Ministry has complete responsibility over it, though it requires final approval from the Prime Minister.
  • A timetable is drawn up by the Budget Advisory Committee of the Parliament.
  • In this schedule, a fixed time is given for each Ministry to discuss their needs prior to the Budget presentation.

Is an annual Budget necessary?

  • It is not only necessary, but compulsory.
  • Under Article 112 of the Constitution, a Statement of Receipts and Payments (estimated) has to be tabled in the Parliament for every financial year.
  • The Receipts and Payments statement contains consolidated fund, contingency fund and the public account.
  • The consolidated fund is a statement of all the inflows, such as tax revenues; and all expenditure, which constitute outflows.
  • To withdraw from this fund, the government requires parliamentary authorization.
  • The public account is one where all money raised from government schemes, such as Provident Fund, is accounted for.

What does the Budget document contain?

  • The budget speech and the document has two parts – Part A and B. Part A is the macroeconomic part of the budget where various schemes are announced, and allocations are made to several sectors.
  • The priorities of the government are also announced in this part.
  • Part B deals with the Finance Bill, which contains taxation proposals such as income tax revisions and indirect taxes.




What is the tendency of international investments during the period of Bulls market and bear market?

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  • International investments are encouraged at a faster pace during Bull market and stable or has receding approach in Bear market.

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What is Bull Market?

This situation is defined as a marketplace whereby the prices of listed securities are continuously rising due to favourable macro-economic scenario or improved internal circumstances of the firm or sector.

What is Bear Market?

Such a situation depicts a downward trend in the market over a period of time.

  • The markets have a pessimistic approach and the prices of assets are either in decline or expected to fall in the immediate future. It will cost investors lot of money as security prices will fall across the board and investor confidence is also expected to take a hit.

Bull Market Vs Bear Market – Key Differences

  • The market is mentioned as Bulls when the overall market scenario is positive and the market performance is on the rise. A bearish market is when the performance of the market is on the decline.
  • In a bullish market, the outlook of the investor is very optimistic and this is visible from the fact that investors will be taking long positions in the market. This way, the anticipation is security prices will rise further and investor has an opportunity to maximise profit opportunities. Conversely, in a bearish market, the market sentiment is quite pessimistic and reflected by investors taking a short position i.e. selling a security or undertaking a put position with increased anticipation of a falling market. Hence, if the price falls below the contracted price, the option holder will accordingly book a profit.
  • The economy grows sustainably in a bullish market whereas in a bearish market the economy will either fall or not grow at a faster pace as in the bullish outlook scenario. In both these situations (bull vs bear market), an indicator like the GDP (Gross Domestic Product) plays an important role in giving a bird’s eye view of how the economy is performing based on the existing factors.
  • In a bullish market, the market indicators are very strong. These indicators are used in technical analysis for forecasting market trends and various ratios and formulas which explain current gains and losses in stocks and indexes and its expected movement in the future. For e.g. the market breadth index is an indicator measuring the increasing number of stocks versus those which are falling. An index of greater than 1.0 indicates a future rise in market indices and vice-versa if it is below 1.0. In a bearish market, the market indicators are not strong. In either of the scenarios (bull vs bear market), the causes are interdependent and cascading effect for the same is observed.
  • The job market in a bullish situation is very bright and there are more disposable incomes in the hands of the public in general. However, in a bearish market, the job market is stiff and efforts are being made to control expenses and at a rapid pace if the situation is not improving.
  • In a bullish market, the liquidity flowing in the market is very large and investors continue to pump more funds with increased trading activity and investing in stocks, gold, real estate etc. but in a bearish market, the liquidity dries up in the system and investors are reluctant before making any commitments. The investments made during a bullish scenario are either sold preventing further downsides or holding back to them for future usage. It may give rise to hoarding and black marketing situations.
  • IPO activities are encouraged in a bullish market since the market sentiments are positive and investors are willing to invest more money, though, in a bearish market, IPO’s are avoided since investments would not be encouraged and people will prefer to hold on to the existing positions and liquidity.
  • International investments will automatically get encouraged in a bullish market with the intention to expand the existing portfolio. For instance, if India is going through a bullish phase and South Korea decides to make generous investments in India, such a move will encourage the smooth phase for India, enhance the investment made by South Korea and in turn boost the economy for South Korea thereby spreading the effects of a bullish market across borders. However, in a bearish market, international investments may not be a favorable option for other countries and such a move could be postponed to a futuristic date.
  • A bullish market will encourage the banking sector to reduce the interest rates on loans encouraging business activities to grow prompting expansionary policies by the Central Bank and the Government. Conversely, in a bearish market, the banking sector will curb the usage of money for emergency situation prompting contractionary policies by the highest authorities. The interest loans would either be held stable or increased.
  • In a bullish market, the yields on securities and dividends will be low highlighting the financial strength of the investor and security others can receive on investment made whereas, in a bearish market, these yields shall be very high indicating requirement of funds and attempting to lure investors by offering higher yields on securities at a later date.bull market




What are the fundamentals of calculating GDP and GNP respectively?

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  • The fundamentals for calculating the GDP is the location, while GNP is based on citizenship.

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What is GDP vs GNP?

  • Gross Domestic Product considers the market value of all final goods and services produced by factors of production such as capital and labour located within a country or economy during the given period of time, generally a yearly or a quarterly.
  • Gross national product considers the market value of all final goods and services produced by factors of production such as capital and labor supplied by citizens of a country, regardless of whether this similar production takes place internally within the province or outside of the country.

Difference Between GDP and GNP:

  • The aggregate of all the goods and the services generated within the of the country’s geographical limits is known as GDP and the aggregate of all the goods and services generated by the citizens of the country is known as GNP.
  • GDP considers the production of products within the boundaries of the country. and on the other hand, GNP measures the production of products by the companies, industries and all other firms owned by the country’s residents.
  • .
  • With the case GDP, the calculation of productivity is done on a country’s scale while we talk about GNP, its calculation is the productivity on an international level.
  • GDP focuses on calculating domestic production, but GNP only considers on the production by the individuals, firms, and corporations, of the country.
  • GDP measures the strength of a country domestic economy. On the other hand, the GNP measured how the residents are contributing towards the country’s economy.

Key Facts:


  • GDP measures only domestic production.
  • GNP measures production by the nationals.


  • GDP includes the production of goods and services by foreigners within that country.
  • GNP includes the production of goods and services by its citizens outside of the country.


  • GDP excludes the production of goods and services by its citizens outside of the country.
  • GNP excludes the production of goods and services by foreigners within that country.

Widely used:

  • GDP is widely used to study the outlines of the domestic economy.
  • GNP is widely used to study how the residents are contributing to the economy.cdv111111




In context of banking, what is a Base Year?

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Answer & Enrich Your Learning:

  • The base year is a benchmark with reference to which the national account figures such as gross domestic product (GDP), gross domestic saving, gross capital formation is calculated. Gross domestic product is the value of all goods and services produced in a country.
  • The base year must be a representative year and must not experience any abnormal incidents such as droughts, floods, earthquakes etc.
  • It must be a year which is reasonably proximate to the year for which the national accounts statistics are being calculated.
  • Base year is carefully selected because of the impact it has on the numbers and the year chosen is usually one in which no serious anomaly was present.

The new base year

  • From January 2015, the Central Statistics Office (CSO) updated base year for GDP calculation to 2011-12, replacing the old series base year of 2004-05, as per the recommendations of the National Statistical Commission.
  • The new series includes corporate information from the MCA21 database of the Ministry of Corporate Affairs instead of the results obtained from the RBI study on company finances, which means a more comprehensive inclusion of corporate data in GDP numbers.
  • It also helps improve accuracy, particularly for the services sector, which accounts for about 60 per cent of GDP.
  • The new series is also compliant with the United Nations guidelines in System of National Accounts-2008.
  • It takes information for the corporate sector and has better estimates of the unorganized sector from 2010-11 National Sample Survey on unincorporated enterprises and data on sales and service taxes.
  • After the base year is changed, the GDP in previous years is revised according to the new base year for a fair comparison.

Why is the base year for national accounts changed every few years?

The base year has to be revised periodically in order to reflect the structural changes taking place within an economy, such as increasing share of services in GDP.

  • The more frequently the base year can be updated, the more accurate the statistics will be.
  • In India, the first estimates of national income were published by the Central Statistical Organisation (CSO) in 1956 taking 1948-49 as the base year.
  • Earlier, CSO depended on the population figures in the National Census to estimate the workforce in the economy. Therefore, the base year always coincided with the census figures like 1970-71, 1980-81 etc.
  • Subsequently, CSO decided that the National Sample Survey (NSS) figures on the workforce size were more accurate and hence, the base year would change every five years when the NSS conducted such survey.




Flexible inflation targeting (FIT) has been put in place with CPI inflation as the nominal anchor on the recommendation of which committee?

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  • Following the Urjit Patel Committee recommendations, the RBI Act has been amended and flexible inflation targeting (FIT) has been put in place with CPI inflation as the nominal anchor.

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Prior to the introduction of the all-India Consumer Price Index, popularly known as CPI combined (rural plus urban), the Wholesale Price Index (WPI) was the most useful price index in India.

  • It measured the weekly rhythm of price movement in the country.
  • The Reserve Bank of India (RBI) primarily used WPI inflation for the formulation of monetary policy under monetary targeting framework as well as under multiple indicator approach (MIA)— although inflation measured by other indices was also monitored/ analyzed.
  • Moreover, the Central Statistics Office (CSO) has been predominantly using WPI to deflate GDP at current prices to arrive at GDP at constant prices.
  • Where only volume data are available, the CSO uses WPI to convert volume to value to arrive at GDP at current prices.

Effects of low WPI:

  • WPI inflation does not receive as much attention as earlier for several reasons. Following the Urjit Patel Committee recommendations, the RBI Act has been amended and flexible inflation targeting (FIT) has been put in place with CPI inflation as the nominal anchor.
  • Under the FIT, as the RBI has been mandated to achieve price stability measured in terms of CPI inflation, the use of WPI inflation has been completely done away with.
  • All projections relating to inflation are currently done in terms of CPI.
  • As of now, WPI is predominantly used for converting GDP/GVA at current prices to the same at constant prices.
  • Several items of services sector GDP that are not included in the WPI basket are deflated by WPI to compute real GDP of this sector.
  • In fact, the GDP deflator, which is defined as a ratio of GDP at current prices to GDP at constant prices multiplied by 100, closely tracks WPI inflation.
  • The GDP deflator, which is often argued as the true indicator of inflation, has been at the focal point of discussion while analyzing the real GDP growth in India during the recent period.
  • The sharp decline in the GDP deflator and the dramatic decline in WPI inflation coincided.
  • This contributed significantly to real GDP growth in India notwithstanding modest rise in production during recent years.
  • In order to ensure accuracy, it is high time to discard the single deflation method to estimate GDP/GVA by using WPI as a deflator.
  • What is therefore needed is to compute both input and output price indices for each sector and adopt double deflation method at the earliest as suggested by the System of National Accounts (SNA) 2008 – the standard compilation manual of the IMF for the estimation of GDP.
  • Separate services sector input/output price indices are required to deflate services sector GDP for which WPI is anyway not appropriate.
  • The attention of authorities concerned is called for, to resolve issues relating to the GDP deflator in India, as WPI has lost some of its usefulness.




National Skills Qualifications Framework (NSQF) supersedes which other frameworks released previously?

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  • All other frameworks, including the NVEQF (National Vocational Educational Qualification Framework) released by the Ministry of HRD, stand super ceded by the NSQF.

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National Skills Qualifications Framework (NSQF)

National Skills Qualifications Framework (NSQF), is a quality assurance framework which organizes qualifications according to a series of levels of knowledge, skills and aptitude.

  • These levels, graded from one to ten, are defined in terms of learning outcomes which the learner must possess regardless of whether they are obtained through formal, non-formal or informal learning.
  • Under NSQF, the learner can acquire the certification for competency needed at any level through formal, non-formal or informal learning.
  • The NSQF is anchored at the National Skill Development Agency (NSDA) and is being implemented through the National Skills Qualifications Committee (NSQC) which comprises of all key stakeholders.

Specific outcomes expected from implementation of NSQF are:

  • Mobility between vocational and general education by alignment of degrees with NSQF.
  • Recognition of Prior Learning (RPL), allowing transition from non-formal to organized job market.
  • Standardised, consistent, nationally acceptable outcomes of training across the country through a national quality assurance framework.
  • Global mobility of skilled workforce from India, through international equivalence of NSQF.
  • Mapping of progression pathways within sectors and cross-sectorally.
  • Approval of NOS/QPs as national standards for skill training.

Key Facts:

  • The framework is anchored and operationalized by the National Skill Development Agency (NSDA), an autonomous body attached to the Ministry of Finance, mandated to coordinate and harmonize skill development efforts of the Government of India and the private sector.
  • All other frameworks, including the NVEQF (National Vocational Educational Qualification Framework) released by the Ministry of HRD, stand super ceded by the NSQF.




When is Market Stabilisation Scheme (MSS) to be used?

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  • Market Stabilization Scheme (MSS) is used when there is high liquidity in the system.

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About Market Stabilisation Scheme (MSS)?

Market Stabilisation Scheme or MSS is a tool used by the Reserve Bank of India to suck out excess liquidity from the market through issue of securities like Treasury Bills, Dated Securities etc. on behalf of the government.

  • The money raised under MSS is kept in a separate account called MSS Account and not parked in the government account or utilized to fund its expenditures.
  • The Reserve Bank under Governor YV Reddy initiated the MSS scheme in 2004, to control the surge of US dollars in the Indian market, RBI started buying US dollars while pumping in rupee.
  • This eventually led to over-supply of the domestic currency raising inflationary expectations.
  • MSS was introduced to mop up this excess liquidity.
  • The bills and securities issued for the purpose of MSS is matched by an equivalent cash balance held by the Government with the Reserve Bank.
  • Thus, there is a marginal impact on revenue and fiscal deficits of the Government to the extent of interest payment on bills/securities outstanding under the MSS.
  • Further, the cost is shown separately in the Budget.

Intention of introducing the MSS:

  • It is to differentiate the liquidity absorption of a more enduring nature by way of sterilization from the day-to-day normal liquidity management operations.
  • The total absorption of liquidity from the system by the Reserve Bank will continue to be in line with the monetary policy stance from time to time and accordingly, the liquidity absorption will get apportioned among the instruments of LAF, MSS and normal open market operations (OMOs).

Key Facts:

  • The issued securities under the MSS are government bonds and they are called as Market Stabilisation Bonds (MSBs).
  • These securities are owned by the government though they are issued by the RBI.
  • The securities or bonds/t-bills issued under MSS are purchased by financial institutions.
  • After demonetization Reserve Bank of India has raised the ceiling for market stabilization scheme or MSS 20 times to Rs 6 lakh crore to suck excess cash out of the banking system and help banks earn some return from the deluge of deposits they have garnered after the government’s demonetization move.

About Carrying cost:

  • The money procured from selling bonds under MSS are kept with the RBI.
  • At the same time, interest payments have to be given to the institutions who buys bond.
  • Here, for the interest payment, the government allocates money from its budget to the RBI.
  • This expenditure to service interest payment for MSBs is called carrying cost.

Difference between CRR and MSS:

  • CRR is a sort of contingency fund and does not earn any interest.
  • MSS bonds, on the other hand, have a fixed tenure and earn returns.




As per the new External Commercial Borrowings norms, what is the ceiling for borrowing remains?

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  • As per the new External Commercial Borrowings norms the ceiling for borrowing remains at $750 million.

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External Commercial Borrowings (ECB)

An external commercial borrowing (ECB) is an instrument used in India to facilitate Indian companies to raise money outside the country in foreign currency.

  • The government of India permits Indian corporates to raise money via ECB for expansion of existing capacity as well as for fresh investments.
  • Foreign currency loans given domestically by Authorized Dealer Category I banks out of the proceeds of FCNR foreign currency nonresident (FCNR – B) loan (B) deposits do not come under the ECB framework.
  • Any contravention of the applicable provisions of ECB guidelines will invite penal action under the (Foreign Exchange Management Act) Act 1999? FEMA.
  • Only those companies in software sector space who are into development of software are eligible to raise ECB. Companies who are into designing and engineering consultancy, servicing of third-party software, providing ancillary IT related services, ITeS, etc., are not considered as software development companies for ECB purposes.
  • If the educational institute/university/ deemed university is registered as a company under the Companies Act 1956/2013, it can raise ECB as a part of infrastructure sub-sector. ECB guidelines as applicable for infrastructure companies would be applicable for such ECBs.
  • ECB can be raised in Indian Rupees (INR) and / or any convertible currency.

Benefits of ECB:

  • The cost of funds is usually cheaper from external sources if borrowed from economies with a lower rate of interest. Indian companies can usually borrow at lower rates from the U.S. and the Eurozone as interest rates are lower there compared to the home country, India.
  • Availability of larger market can help companies satisfy larger requirements from global players in a better manner as compared to what can be achieved domestically.
  • ECB is just a form of a loan and may not be of equity nature or convertible to equity. Hence, it does not dilute stake in the company and can be done without giving away control because debtors do not enjoy voting rights.
  • The borrower can diversify the investor base.
  • It provides access to international markets for the borrowers and gives good exposure to opportunities globally.
  • The economy also enjoys benefits, as the government can direct inflows into the sector, have potential to grow. For example, the government may allow a higher percentage of ECB funding in case of infrastructure and SME sector. This helps in an overall development of the country.
  • Avenues of lower cost funds can improve the profitability of the companies and can aid economic growth.

Disadvantages of ECB:

  • Availability of funds at a cheaper rate may bring in lax attitude on the company’s side resulting in excessive borrowing. This eventually results in higher (than requirement) debt on the balance sheet which may affect many financial ratios adversely.
  • Higher debt on the company’s balance sheet is usually viewed negatively by the rating agencies which may result in a possible downgrade by rating agencies which eventually might increase the cost of debt. This may also tarnish the company’s image in the market and market value of the shares too in eventual times.
  • Since the borrowing is foreign currency denominated, the repayment of the principal and the interest needs to be made in foreign currency and hence exposes the company to exchange rate risk. Companies may have to incur hedging costs or assume exchange rate risk which if goes against may end up negative for the borrowers resulting into heavy losses for them.

New ECB norms as per released in 2019:

  • As part of the Central government’s aim to improve ease of doing business in India, the Reserve Bank of India (RBI) on 16 January 2019 notified a new external commercial borrowings framework (New ECB Framework).
  • The New ECB Framework rationalizes the existing external commercial borrowings framework (Old ECB Framework) by merging the existing Track I (medium-term foreign currency denominated ECB) and Track II (long-term foreign currency denominated ECB) into one track as ‘Foreign Currency Denominated ECB’.
  • Existing Track III (Indian Rupee denominated ECB) and the Indian Rupee denominated bonds (Masala Bonds) route has been merged as ‘Rupee Denominated ECB’.
  • The list of eligible borrowers has been expanded. All entities eligible to receive foreign direct investment can borrow under the ECB framework
  • The RBI kept minimum average maturity period unchanged at three years for all ECBs, irrespective of the amount borrowed. But if a manufacturer raises overseas debt of up to $50 million in a financial year, the minimum average maturity period would be one year.
  • All eligible borrowers can now raise ECBs up to $750 million or equivalent per financial year under the automatic route replacing the existing sector-wise limits.
  • Any entity who is a resident of a country which is financial action task force compliant, will be treated as a recognized lender.
  • The Export-Import Bank and the Small Industries Development Bank of India has been allowed to borrow overseas from recognized lenders.
  • The previous four-tier structure has been replaced by two specific channels: dollar- and rupee-denominated ECBs.
  • The RBI kept minimum average maturity period unchanged at three years for all ECBs, irrespective of the amount borrowed. But if a manufacturer raises overseas debt of up to $50 million in a financial year, the minimum average maturity period would be one year.

What are the various types of ECB?

ECBs can be raised as:

  • Loans, eg., bank loans, loans from equity holder, etc.
  • Capital market instruments, e.g., floating rate notes / fixed rate bonds / securitised instruments, non-convertible, optionally convertible or partially convertible preference shares, FCCB*, FCEB*.
  • Buyers’ credit / suppliers’ credit
  • Financial lease

About FCCB

  • A foreign currency convertible bond (FCCB) is a type of corporate bond issued by an Indian company in an overseas market in a currency different from that of the issuer.
  • Investors have the option of redeeming their investment on maturity or converting the bonds into equity any time during the currency of the bond.
  • The repayment of the principal is in the currency in which the money is raised.

About FCEB

  • In case of a foreign currency exchangeable bond (FCEB), investors have the option of converting the bonds into equity of the offered company.
  • The company issuing FCEB shall be part of the promoter group of the offered company and shall hold the equity shares being offered at the time of issuance of FCEB.




Which public sector enterprise (PSU) became the first PSU to make transaction on RXIL TReDS platform?

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  • State-owned aerospace and defence manufacturer Hindustan Aeronautics (HAL) became the first public sector enterprise (PSU) to make transaction on RXIL TReDS platform.

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What is TReDS?

TReDS is an online electronic institutional mechanism for facilitating the financing of trade receivables of MSMEs through multiple financiers.

  • The TReDS Platform will enable discounting of invoices/bills of exchange of MSME Sellers against large Corporates including Govt. Departments and PSUs, through an auction mechanism, to ensure prompt realization of trade receivables at competitive market rates.

How does the TReDS system work?

A seller has to upload the invoice on the platform. It then goes to the buyer for acceptance. Once the buyer accepts, the invoice becomes a factoring unit. The factoring unit then goes to auction. The financiers then enter their discounting (finance) rate. The seller or buyer, whoever is bearing the interest (financing) cost, gets to accept the final bid. TReDs then settle the trade by debiting the financier and paying the seller.

The amount gets credited the next working day into the seller’s designated bank account through an electronic payment mode. The second leg of the settlement is when the financier makes the repayment and the amount is repaid to the financier.

Salient Features of TReDS:

  • Unified platform for Sellers, Buyers and Financiers
  • Eliminates Paper
  • Easy Access to Funds
  • Transact Online
  • Competitive Discount Rates
  • Seamless Data Flow
  • Standardised Practices
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