{"id":266,"date":"2017-02-01T09:04:47","date_gmt":"2017-02-01T09:04:47","guid":{"rendered":"http:\/\/www.classiciasacademy.com\/blog\/?p=266"},"modified":"2024-06-05T17:43:59","modified_gmt":"2024-06-05T12:13:59","slug":"economic-affairs","status":"publish","type":"post","link":"https:\/\/www.classiciasacademy.com\/blog\/economic-affairs\/","title":{"rendered":"ECONOMIC AFFAIRS"},"content":{"rendered":"<p><span style=\"font-family: 'Times New Roman', serif;\"><span lang=\"en-IN\"><u><b>Islamic window in Banks<\/b><\/u><\/span><\/span><\/p>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>In News: <\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">RBI has proposed the opening of an \u2018Islamic window\u2019 in banks to \u2018gradually\u2019 introduce Islamic Banking<\/span><\/p>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Islamic window\/Islamic Principles<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Islamic window refers to <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>services provided by conventional banks <\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">but based on Islamic principles.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Islamic bank is a complete banking system is based on and run with Islamic principles.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">There are <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>two basic principles behind Islamic banking <\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">are the <\/span><\/p>\n<\/li>\n<\/ul>\n<ol>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Sharing of profit and loss and <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Collecting and payment of interest or &#8220;riga&#8221; is not permitted. <\/span><\/p>\n<\/li>\n<\/ol>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Also this money cannot be used for speculative trading, gambling, or trading in prohibited commodities such as alcohol or pork.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>How Do Islamic Banks Earn Money Without Using Interest?<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Islamic banks <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>use equity-participation systems<\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">. <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">This means that if bank loans money to a business, the business pays back the loan without interest, but it gives the bank a share in its profits. <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">If the business defaults on the loan or does not earn any profits, the bank does not receive any profit either.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">For example, in 1963, Egyptians formed an Islamic bank in Mit Ghmar. When the bank loaned money to businesses, it did so on a profit-sharing model. <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">To reduce risk, the bank only approved about 40% of its business loan applications, but the default ratio was zero.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>What are the hurdles?<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">There is some political opposition against its introduction.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">It will call for a\u00a0complete overhaul of the banking regulatory system.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">India lacks\u00a0adequate manpower\u00a0trained in Sharia banking.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Steps taken<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">A committee headed by\u00a0Raghuram Rajan had suggested the need to have interest-free banking in India.<\/span><\/p>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The Kerala government\u00a0had subsequently tried to co-promote an Islamic finance institution, but the move was challenged in the High Court.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">A few simple products which are similar to conventional banking products may be considered for introduction through Islamic window of the conventional banks. <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Introduction of full-fledged Islamic banking with profit-loss sharing may be considered at a later stage on the basis of experience.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><u><b>Purchase Preference Policy<\/b><\/u><\/span><\/p>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>In News: <\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">The Commerce Department contests that the proposed Petroleum ministry\u2019s purchase preference policy violated the WTO rules.\u00a0<\/span><\/p>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Purchase Preference Policy<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The Petroleum Ministry plans to\u00a0infuse 50 per cent domestically manufactured content\u00a0in all public sector oil and gas contract.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">While keeping the contract open for bidding by all, public sector undertakings (PSUs) has to specify a certain percentage of required domestic content in supplies of goods and services \u2014 those providing local content product as well as those supplying pure imports.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Contentions of Commerce Department<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The Commerce Department contests that the proposed purchase preference policy violated the WTO rules.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\">\u201c<span style=\"font-family: 'Times New Roman', serif;\">Under the <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>WTO National Treatment on Internal Taxation and Regulation<\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">, any discrimination to imports in comparison to domestically manufactured goods is inconsistent with the obligations undertaken by the member countries, including India,\u201d<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Though WTO rules provided an exception for PSUs, but it is limited for products purchased for \u201cimmediate and ultimate consumption in governmental purposes and not otherwise for resale or use in the production of goods for resale\u201d.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><span lang=\"en-IN\"><u><b>RBI to Absorb Excess Liquidity<\/b><\/u><\/span><\/span><\/p>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>In News: <\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">The Reserve Bank of India (RBI) has said banks have to maintain 100 per cent cash reserve ratio (CRR) for the deposits they have received between September 16, 2016 and November 11, 2016 to absorb excess liquidity in the banking system following demonetization.<\/span><\/p>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>What is Liquidity?<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Liquidity is basically how \u201ceasy\u201d one can convert any asset into cash. <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">It is also an ability to buy or sell a security without affecting the asset\u2019s price. <\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Cash reserve ratio (CRR)<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">CRR is the proportion of deposits that banks have to keep as cash with the central bank (RBI).<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Banks do not earn any interest on CRR balances kept with the RBI.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">It is intended to absorb a part of the surplus liquidity, while leaving adequate liquidity with banks to meet the credit needs of the productive sectors of the economy.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><span lang=\"en-IN\"><b>New Norms<\/b><\/span><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The RBI has asked banks to set aside 100 per cent of the deposits accrued between September 16 and November 11 as incremental CRR.<\/span><\/p>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Incremental CRR is a temporary measure to drain excess liquidity following demonetization <\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>What is incremental CRR?<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The incremental CRR prescribes the reserve ratio based on the extent of growth in deposits.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">It immobilizes the fast-growing liquidity from where it is lodged.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">In the late 90s, a 10 per cent incremental CRR was in vogue on the non-resident deposits to regulate (reduce) the flow of funds from overseas Indians.<\/span><\/p>\n<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Reason Behind this Move<\/b><\/span><\/p>\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">First, the surplus in the banking system, at about 5 lakh crore, was moving closer to the maximum absorption capacity of the central bank.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The RBI has only 5 lakh Crore of <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>government securities (G-Secs) <\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">to absorb banking system surplus through the <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>reverse repo window <\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">prior to the demonetization drive.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">For absorb further liquidity this option cannot be viable.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Other liquidity-absorption measures like Market Stabilization Scheme (MSS) bonds are too small given the liquidity-absorption requirement.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">As the funds parked by banks with the Reserve Bank of India (RBI) under the reverse repo facility surging the government security rate had fallen below the repo rate of 6.25 per cent.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Thus sharply fall in rates indirectly impacting the spot dollar-rupee rate. <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">This liquidity-absorption measure could reverse some of these distortions.<\/span><\/p>\n<table border=\"1\" width=\"100%\" cellspacing=\"0\" cellpadding=\"7\">\n<colgroup>\n<col width=\"256*\" \/> <\/colgroup>\n<tbody>\n<tr>\n<td valign=\"TOP\" width=\"100%\" height=\"71\">\n<ul>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Market Stabilization Bonds<\/b><\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">In 2003-04 government issued a new category of bonds specifically to offset the impact of excess liquidity.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">In case of normal borrowings by the government money goes to the Consolidated Fund of India. <\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Funds collected under MSS cannot be used by the government for its own expenditure, and would be maintained in the public account.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">RBI has revised the ceiling on MSS to Rs6 trillion, from the previous limit of Rs30, 000.<\/span><\/p>\n<\/li>\n<li><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><u><b>Committee to promote digital payment system<\/b><\/u><\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The government under NITI Aayog set up a 13-member committee to formulate a roadmap to implement measures that promote digital payment systems and move towards a healthy financial ecosystem.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Chandrababu Naidu<\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">, Chief Minister of Andhra Pradesh, will be the <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>convener of the committee<\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\"> which includes five other Chief Ministers.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">Other members include NITI Aayog Vice-Chairman Arvind Panagariya and NITI Aayog CEO Amitabh Kant who will also serve as the Secretary of the Committee.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">It shall <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>evolve an action plan<\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\"> to reach out to the public at large with the objective to create awareness and help them understand the benefits of such a switch over to digital economy.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">The committee has also been commissioned to identify and address bottlenecks pertaining to adoption of steps required to move towards a digital payment economy.<\/span><\/p>\n<\/li>\n<li><\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\"><b>Vittiya Saksharata Abhiyan<\/b><\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\"><span style=\"font-family: 'Times New Roman', serif;\">It is launched by <\/span><span style=\"font-family: 'Times New Roman', serif;\"><b>Union HRD Ministry<\/b><\/span><span style=\"font-family: 'Times New Roman', serif;\">.<\/span><\/p>\n<\/li>\n<li>\n<p align=\"JUSTIFY\">\u2018<span style=\"font-family: 'Times New Roman', serif;\">Vittiya Saksharata Abhiyan\u2019 to encourage, creates awareness and motivates all people around them to use a digitally enabled cashless economic system for transfer of fund.<\/span><\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>The <em>Classic IAS Academy<\/em> is a leading institute based in Delhi. The institute offers <a href=\"https:\/\/www.classiciasacademy.com\/index.php\"><strong>Top IAS Academy\u00a0in Delhi<\/strong><\/a>. The institute gives importance to social responsibility, leadership development and brainpower development. The dedicated team members offer complete guidance to its aspirants. The guidance is based on all the parameters set by the UPSC.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Islamic window in Banks In News: RBI has proposed the opening of an \u2018Islamic window\u2019 in banks to \u2018gradually\u2019 introduce Islamic Banking Islamic window\/Islamic Principles <a class=\"mh-excerpt-more\" href=\"https:\/\/www.classiciasacademy.com\/blog\/economic-affairs\/\" title=\"ECONOMIC AFFAIRS\">    [read more]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15],"tags":[84],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ECONOMIC 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