Government extends date for seeking Comments from Stakeholders & Public on the Draft FRDI Bill to 31st October, 2016

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The Government of India had invited stakeholder/public comments on the Draft Financial Resolution and Deposit Insurance(FRDI) Bill, 2016 from 28.9.2016 to 14.10.2016

A Committee was set up pursuant to the Budget Announcement of 2016-17 on framing a draft code on resolution of financial firms. A copy each of the Report of the Committee, the Draft Bill and an explanatory note explaining the key legal provisions of the Bill can be read here.

A number of requests have been received from stakeholders and institutions of repute for extending the time-line for providing comments on the draft Bill. The time line for receiving comments on the Draft Bill is accordingly extended till 31.10.2016.

All stakeholders concerned/public are requested to forward comments/suggestions that they may wish to submit on the Draft Bill by 31st October 2016 by e-mail to parveen.k63@gov.in or in hard copy to Shri Parveen Kumar, Under Secretary (FSLRC), Department of Economic Affairs, Ministry of Finance, Room No. 48, North Block, New Delhi-110001. The decision of the Government with respect to the Report and the Draft Bill will be taken later after receipt of public / stakeholders comments and after following due procedure thereafter.

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