Japan’s crown prince ‘approves’ daughter’s wedding

Princess Mako of Akishino standing in front of a cake: Princess Mako and Kei Komuro announced their engagement in 2017

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Princess Mako and Kei Komuro announced their engagement in 2017

Japan’s Crown Prince Fumihito said he “approves” of his daughter’s long-postponed plans to marry her university boyfriend, media reports say.

Princess Mako was originally set to wed non-royal Kei Komuro in 2018, a year after they announced their engagement.

The palace later denied the delay was linked to his mother’s rumoured financial problems.

However, the prince reiterated the money issues must be dealt with first, according to Kyodo news agency.

“In order for many people to be convinced and celebrate (the marriage), I have said it is important for the issue to be dealt with,” said the prince, the younger brother of Emperor Naruhito and the first in line to the Chrysanthemum Throne.

“From my point of view, I think they are not in a situation where many people are convinced and pleased (about their marriage),” Crown Prince Fumihito, also known as Crown Prince Akishino, added.

Mr Komuro, who is currently completing further studies at Fordham University’s law school in New York, according to Kyodo, said last year his family had no financial difficulties.

He said the issue of an unpaid loan to his mother’s ex-fiancé had been settled. But the former fiancé told local media the issue was unresolved.

Princess Mako of Akishino looking at the camera: The couple said they were postponing their wedding in 2018

The couple said they were postponing their wedding in 2018

It is unclear when the couple, both 29, will hold their ceremony. Princess Mako, the eldest daughter of Prince Fumihito and Princess Kiko, will be stripped of her royal status upon marriage to Mr Kumuro.

But earlier this month she expressed her strong resolve to go ahead with the wedding, local media said.

Her father has now also backed it.

“The constitution says marriage shall be based only on the mutual consent of both sexes. If that is what they really want, then I think that is something I need to respect as a parent,” he said, according to Kyodo, Japan’s leading news agency.

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Gift City: IFSCA approves draft Banking Regulations

The International Financial Services Centres Authority (IFSCA) —regulator of IFSCs including Gift City— on Wednesday approved draft Banking regulations that will be applicable in international financial services centres (IFSCs) such as Gujarat’s Gift City.

The formulation of draft regulation paves the way for putting in place the rules for the various aspects of banking operations that would be permissible at the IFSC.

The draft regulations include laying down the requirements for setting up IFSC Banking Units (IBUs); Permitting persons resident outside India (having net worth not less than $1 million) to open foreign currency accounts in any freely convertible currency at IBUs; Permitting persons resident in India (having net worth not less than $1 million) to open foreign currency accounts in any freely convertible currency at IBUs to undertake any permissible current account or capital account transaction or any combination thereof under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India.

The draft regulations also lay down the permissible activities of IBUs including credit enhancement, credit insurance, and sale, purchase of portfolios, engage in factoring and forfeiting of export receivables and undertake equipment leasing, including aircraft leasing; Permitting the Authority to determine business that a Banking Unit may be permitted to conduct in INR with persons resident in India and persons resident outside India, subject to settlement of the financial transaction in relation to such business in freely convertible foreign currency.

These draft regulations will be notified by the government in due course, an official release said.

Meanwhile, the final report of the Pradip Shah headed panel, set up by IFSCA, has submitted its final report, which mainly focuses on Banking, capital markets and insurance. This panel has made a case for wealth management capabilities to be enabled in the IBU by allowing investments in various markets across different geographies.

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Gift City: IFSCA board approves bullion regulations

The International Financial Services Centres Authority (IFSCA) on Tuesday approved regulations on bullion exchange, paving the way for setting up an entire ecosystem for bullion trading, namely– bullion exchange, depository, clearing house, and vaults in Gujarat’s Gift City, the country’s sole international financial services centre (IFSC).

The Bullion Exchange Regulations seeks to provide an integrated platform for all the market intermediaries including trading members/clearing members, bullion depositories, and vault managers, so as to facilitate transparency and traceability in the bullion market and standardisation of bullion contracts.

This is the first time in India a single regulator (IFSCA), which has the responsibility of operationalising the bullion exchange, will regulate both the bullion spot and derivative contracts that would be traded on the Exchange.

It maybe recalled that the central government, on the recommendations of the IFSCA, had on August 31 notified the bullion spot delivery contract and bullion depository receipt (with bullion as underlying) as Financial Products and related services as Financial Services under the IFSCA Act, 2019.

At IFSCA’s board meeting, chaired by Injeti Srinivas, Chairman of IFSCA, on Tuesday, the draft bullion regulations were approved.

The salient aspects of the Bullion Exchange Regulations include:Functions and general obligations of a bullion exchange and clearing corporation; Ownership and governance structure of a bullion exchange and clearing corporation; Rights and Obligations of Bullion Depositories, Participants and Beneficial Owners; The grant of registration to a vault manager by the Authority and Role of bullion depositories besides other operational aspects of the bullion exchange

Global in house centres

At IFSCA’s Board meeting on Tuesday, the regulations for Global in -house Centres(GICs) were also approved. In recent years, GICs in India have been contributing to development of highly skilled talent pool in the country.

India is emerging as world’s leading centre of digitization, with one of largest pool of digital talents. These GIC regulations issued by IFSCA has the potential to put GIFT-IFSC in the leagues of leading FinTech cities, generating significant employment opportunities.

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