(1.) THE PREFACE
(2.) The provenance of the Bank of International Settlements (BIS) and consequently, of the Basel III Capital Regulations is traceable to the aftermath of World War-I. On 17.05.1930, several countries, including India, entered into the Hague Agreement. The Hague Agreement stipulated that various functions relating to but not limited to the complete and final settlement of reparations by Germany and other named Axis powers would be transferred to the BIS which was to be established in terms of the aforesaid Hague Agreement. Shortly thereafter, the Reserve Bank of India (the RBI) was constituted under the Reserve Bank of India Act, 1934 (the RBI Act). Under the RBI Act, the Government of India transferred the functions relating to currency management and entrusted the carrying on of banking business, as specified in Section 3 of the RBI Act, to the RBI. Thereafter, the RBI stepped into the shoes of the Government of India as regards the BIS. The BIS constituted various committees for the exercise of its functions. One of these committees is the BCBS. Section 3 of the Basel Committee Charter, which deals with its legal status, is as under:
(3.) Section 5 specifies the responsibilities of BCBS members and these responsibilities include, inter alia, working together to achieve the mandate of the BCBS; implementing and applying BCBS standards in their domestic jurisdictions within the pre-defined time frame established by the Committee; and to promote the interests of global financial stability and not solely national interests, while participating in BCBS work and decision making. As stated earlier, the RBI is one of the institutional representatives on the BCBS.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
Read More
Sales: sales@the-laws.com
Support: info@the-laws.com
8000853936
9376168072
27, 4TH FLOOR, Agrawal Center, Ashram Road, Income Tax, Ahmadabad 380014.
LOGIN