The Government should have independent super regulatory authority to direct, guide, monitor the movement of money of the government, commercial and individual of all sources including investments, borrowings, expenditure to look after future interests of the nation.
As per my knowledge, there is no effective authority which carries on the role of the super regulatory authority in India. The superior authority can be under the monitoring, control of the ministry of finance, Govt. of India which cannot be allocated to be carried on by the regulatory authorities managed by the administrators. Recently the central govt. Tried to have a regulatory authority “Financial Stability and Development Council” (FSDC). It seems the proposal is watered down for clear demarcation of responsibilities.
The proposed regulatory authority can be under the supervision of ministry of finance to look after the future interests of the public, nation at large.
The following regulators can be brought under the supervision:
- Reserve bank of India – lending, borrowing supervision
- SEBI – movement of capital, investment markets.
- Revenue Authorities of CBDT, CBEC
- Foreign funds – fema along with home ministry
- Corporate affairs may be converted as commercial affairs.
- Borrowings by the govt. And utilization of the proceeds – bonds, certificates etc.
- Trade and commerce,
- Export and imports allow ability , circumstances
- Govt. Investments, receivables, payable, incomes
- allocations, disbursements,
- Trade and bilateral agreements.
The main purpose should be divided into six sectors: called
A. Driver :
1. Direction: the direction, ambition of the decision of revenue, expenditure, and allocation should be clear with regarding period, quantum, quality and goals to be achieved within a period of time. Further steps of allocation, disbursements should be based on the same direction adopted.
2. Regulation: the government should form; prescribe regulations for proper implementation of the above said direction successfully without any flaws, ambiguity and with full clarity at every stage of implementation from top to bottom line of action. If implementation is not foolproof, the ultimate result also will have effect and not able to reach the goals prescribed in the direction.
3. Implementation: the success of any allocation, expenditure depends upon the impartial implementation of allocations, expenditures. The end result will have drastic effect on the proper implementation of any regulations prescribed as per direction.
4. Verification: the success of any implementation can be verified regularly by cross checks frequently without waiting until the completion of plan period make suitable amendments and we cannot expect many things to happens in single day, very short period unless long term plans are taken up and verified regularly.
5. Examination: the quality of implementation can be Examines, rechecked with the help of standards of examination at prescribed intervals with direction, regulations prescribed.
6. Result: this is the last stage of any plan, direction which shows this success of any direction to result. The success depends on the result achieved but not only planned, allocated etc.
B. Commercial social responsibility: the regulatory authority should also assure the quality, quantity, competition and price mechanisms for cost price to consumer prices.
C. Productivity: the resources of the nation, men, money, material, message and motivation should be used on the same direction since those are very precious and should be used for more productivity and maximum utilization.
D. Contributors share: Everyone should contribute for the goal of the nation. Their share should be prescribed and protected. The contributories are for material, manpower, money and management.
E. Uniformity: The success of any implementation depends up on the impartial implementation with equality of opportunity based on ability, efficiency only.
F. Creativity: The creativity of enhancing the usage, productivity and value addition should be encouraged and protected for a limited period.
G. Entrepreneurship: opportunity should be based on efficiency, ability, experience selected on competition based on prescribed norms of laws of the land to be followed.
H. Precautions: changes, alternative precautionary measures to be taken if the implementation is not successful or not up to the mark.
I. Monitoring: the steps should be more of punitive, monitoring and less for manage, control.
