MCA notifies insolvency rules for financial service providers. Citing "data quality issues", Govt says it won't release survey that reportedly showed consumer spending decline for the first time in four decades.
Rules-Based World: The Ministry of Corporate Affairs on Friday notified the rules for insolvency and liquidation proceedings of financial service providers. These rules, while not applicable to banks, would pave the way for the resolution of debt-laden entities like Dewan Housing Finance Ltd. (DHFL).
“The special framework provided under Section 227 of the Code for financial service providers is essentially aimed at serving as an interim mechanism to deal with any exigency pending introduction of a full-fledged enactment to deal with financial resolution of banks and other systemically important financial service providers,” Injeti Srinivas, Secretary, Corporate Affairs, said in a press statement.
More details here.
Here We Go Again: On Friday, Business Standard released leaked findings from the 2017-18 Consumer Expenditure Survey (CES). This showed that India’s inflation-adjusted average monthly per capita expenditure (MPCE) declined by 3.7% between 2011-12 and 2017-18. This number is significant because the decline was the first in four decades.
Now, it has emerged that the Ministry of Statistics and Programme Implementation (MOSPI) has decided “not to release the Consumer Expenditure Survey results of 2017-2018” in view of “data quality issues”. HT
Rewind: This is the second major National Statistical Office (NSO) report to run into such a controversy this year. Previously, two members of the National Statistical Commission resigned over delays in the release of the Periodic Labour Force Survey (PLFS) for 2017-18. This survey showed that the unemployment rate had reached 6.1% - a four-year high.
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