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PIB Summaries 19 January 2024

  1. e-SAKSHI Application
  2. Yen Denominated Green Bonds


Context:

Recently, the Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation (MoSPI) launched the MPLADS e-SAKSHI Mobile Application.

Relevance:

GS II: Government policies and Intervention

Dimensions of the Article:

  1. e-SAKSHI Application Overview
  2. MPLAD Scheme

e-SAKSHI Application Overview:

  • Launched for the revised fund flow procedure under the Members of Parliament Local Area Development Scheme (MPLAD) Scheme.
  • Aims to revolutionize the engagement and management of development projects by Members of Parliament in their constituencies.
Key Benefits:
  • Convenience and Accessibility:
    • Allows MPs to propose, track, and oversee projects at their fingertips.
    • Enhances accessibility for MPs to engage with development initiatives.
  • Real-time Access:
    • Provides real-time access for swift decision-making.
    • Enables quick responses to emerging needs or issues in constituencies.
  • Streamlined Communication:
    • Improves communication between MPs and relevant authorities.
    • Facilitates efficient exchange of information for better project management.
  • Transparency Promotion:
    • Offers instant updates on the status and progress of proposed projects.
    • Enhances transparency in the implementation of development initiatives.
  • Budget Management:
    • Features for effective budget management.
    • Allows MPs to monitor expenditures related to their proposed projects.

MPLAD Scheme:

MPLADS is an ongoing Central Sector Scheme which was launched in 1993-94.  The Scheme enables the Members of Parliament to recommend works for creation of durable community assets based on locally felt needs to be taken up in their constituencies in the area of national priorities namely drinking water, education, public health, sanitation, roads etc.

Nodal Ministry:

The Ministry of Statistics and Programme Implementation has been responsible for the policy formulation, release of funds and prescribing monitoring mechanism for implementation of the Scheme.

Features

  • The annual MPLADS fund entitlement per MP constituency is Rs. 5 crore.
  • MPs are to recommend every year, works costing at least 15 per cent of the MPLADS entitlement for the year for areas inhabited by Scheduled Caste population and 7.5 per cent for areas inhabited by S.T. population.
  • In order to encourage trusts and societies for the betterment of tribal people, a ceiling of Rs. 75 lakh is stipulated for building assets by trusts and societies subject to conditions prescribed in the scheme guidelines.
  • Lok Sabha Members can recommend works within their Constituencies and Elected Members of Rajya Sabha can recommend works within the State of Election (with select exceptions).
  • Nominated Members of both the Rajya Sabha and Lok Sabha can recommend works anywhere in the country.
  • All works to meet locally felt infrastructure and development needs, with an emphasis on creation of durable assets in the constituency are permissible under MPLADS as prescribed in the scheme guidelines.
  • Expenditure on specified items of non durable nature are also permitted as listed in the guidelines.
Release of Funds:
  • Funds are released in the form of grants in-aid directly to the district authorities.
  • The funds released under the scheme are non-lapsable.
  • The liability of funds not released in a particular year is carried forward to the subsequent years, subject to eligibility.
Execution of works:
  • The MPs have a recommendatory role under the scheme. They recommend their choice of works to the concerned district authorities who implement these works by following the established procedures of the concerned state government.
  • The district authority is empowered to examine the eligibility of works sanction funds and select the implementing agencies, prioritise works, supervise overall execution, and monitor the scheme at the ground level.


Context:

REC Limited, a Maharatna and a Central Public Sector Enterprise (CPSE) under the Ministry of Power, has achieved a significant milestone by issuing its inaugural Japanese Yen (JPY) 61.1 billion green bonds under the Global Medium Term Notes Programme.

Relevance:

GS III: Indian Economy

Dimensions of the Article:

  1. Yen Denominated Green Bonds by REC Limited
  2. About REC Limited

Yen Denominated Green Bonds by REC Limited:

  • REC Limited’s eleventh international bond venture and its inaugural Yen Bond issuance.
  • The first Yen Green Bonds issuance by any Indian Public Sector Undertaking (PSU).

Time Period and Yields:

  • Bonds issued for 5-year, 5.25-year, and 10-year periods.
  • Yields at 1.76%, 1.79%, and 2.20% for the respective timeframes.

Significant Records:

  • Largest Euro-Yen issuance in South and South East Asia.
  • Largest Yen-denominated issuance from India.
  • Largest non-sovereign Yen-denominated issuance in South and South East Asia.

Investor Interest:

  • Witnessed interest from Japanese and international accounts.
  • Orders split at 50% from both Japanese and international investors.
  • International allocation among the highest for any Indian Yen deal.

Bond Ratings and Listing:

  • Rated Baa3/BBB–/BBB+ by Moody’s, Fitch, and JCR, respectively.
  • Bonds to be listed exclusively on the Global Securities Market of India International Exchange (India INX) and NSE IFSC in GIFT City, Gandhinagar, Gujarat.

About REC Limited:

  • Central Public Sector Undertaking under the Ministry of Power.
  • Engaged in financing projects across the power sector value chain, from generation to distribution.
  • Registered with the RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).

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