Shri Jayant Sinha to inaugurate 6TH Meeting of the Group on Automatic Exchange of Information (AEOI) of the Global Forum
MOS (Finance) Shri Jayant Sinha to inaugurate 6TH Meeting
of the Group on Automatic Exchange of Information (AEOI) of the Global Forum on
Transparency and Exchange of Information for Tax Purposes tomorrow;
Focus among others would be on the process of monitoring and implementation of the Common Reporting Standards (CRS) on AEOI including the process of staged implementation of the standards
The Sixth (6TH) Meeting of the Group on Automatic
Exchange of Information (AEOI) Group of the Global Forum on Transparency and
Exchange of Information for Tax Purposes (Global Forum) will be held here in
the national capital on 3rd and 4th December, 2015. The meeting will be
inaugurated by the Minister of State for Finance, Shri Jayant Sinha on 3rd
December, 2015. The last meeting of the AEOI Group was held at Barbados on 26th
and 27th October, 2015.
In the New Delhi Meeting, reports assessing confidentiality and data safeguards in 32 countries/jurisdictions, including India, will be discussed and considered for approval. The AEOI Group will also further discuss the process of monitoring and implementation of the Common Reporting Standards (CRS) on AEOI including the process of staged implementation of the standards.
One of the key areas on which specific reviews will be carried-out relate to “confidentiality and data safeguards” to be completed by 2016 for all the jurisdictions which have committed to the new standards. This specific review was found necessary since the consensus view was that AEOI requires large volume of data being exchanged at once. The consequences of a breach of confidentiality are more serious and thus the supplying country must have a sufficient level of confidence that the data is safe with the receiving country.
The G-20 countries have requested the Global Forum to take on the work of implementation of the new global standard on automatic exchange of information namely the Common Reporting Standard (CRS) on AEOI. The Global Forum established an AEOI Group in consequence of the G20 Leaders’ Declaration in September, 2013 with a view to establish a mechanism to monitor and review the implementation of the new global standard on automatic exchange of information. India joined this Group and has also been elected as a Vice-Chair. The AEOI Group, which now has 64 member countries, is mandated to develop a methodology for the review through a transparent process in which all Global Forum members participate on an equal footing.
In the New Delhi Meeting, reports assessing confidentiality and data safeguards in 32 countries/jurisdictions, including India, will be discussed and considered for approval. The AEOI Group will also further discuss the process of monitoring and implementation of the Common Reporting Standards (CRS) on AEOI including the process of staged implementation of the standards.
One of the key areas on which specific reviews will be carried-out relate to “confidentiality and data safeguards” to be completed by 2016 for all the jurisdictions which have committed to the new standards. This specific review was found necessary since the consensus view was that AEOI requires large volume of data being exchanged at once. The consequences of a breach of confidentiality are more serious and thus the supplying country must have a sufficient level of confidence that the data is safe with the receiving country.
The G-20 countries have requested the Global Forum to take on the work of implementation of the new global standard on automatic exchange of information namely the Common Reporting Standard (CRS) on AEOI. The Global Forum established an AEOI Group in consequence of the G20 Leaders’ Declaration in September, 2013 with a view to establish a mechanism to monitor and review the implementation of the new global standard on automatic exchange of information. India joined this Group and has also been elected as a Vice-Chair. The AEOI Group, which now has 64 member countries, is mandated to develop a methodology for the review through a transparent process in which all Global Forum members participate on an equal footing.
*****
Government
invites applications for the post of CEO for National Investment and
Infrastructure Fund (NIIF)
National Investment and Infrastructure Fund (NIIF) has been set-up by the
Government of India, with an expected initial corpus of Rs. 40, 000
crores. The Fund is set- up as a Fund of Funds (Category II Alternate
Investment Fund) with a proposed series of funds. The Fund is looking to
appoint a CEO, who would be responsible for the overall management and
operations of the Fund. The ideal candidate should have senior Management
experience of at least 15 years, of which at least 5 years should be in area of
fund management/financial sector. Experience in institution building and
project execution will be desirable.
The CEO’s responsibilities include, but not limited to, the initial set up
activities of the Fund, putting appropriate investment and other relevant
policies in place, fund raising, coordinating with investors, identifying
investment opportunities, analyzing them, obtaining necessary approvals,
funding, managing the assets post investment and exiting the investments to
meet the Investment Objectives and Policy of the Fund. The compensation
for the selected candidate will be in tune with the industry practice.
The selection of a suitable candidate will be done by a Search-cum-Selection
Committee.
Interested candidates may apply in strict confidence within 15 days to jsinv-dea@nic.in. Nominations of suitable candidates may also be sent in the above
email id. (Details of NIIF are available in the website of Finance
Ministry, Department of Economic Affairs:
****
Post a Comment