Union Government renamed Department of Disinvestment as DIPAM
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Posted on:21 Apr 2016 12:50:50
21 April 2016 Current Affairs: Union Government on 20 April 2016 notified that the Department of Disinvestment is renamed as Department of Investment and Public Asset Management or DIPAM.The decision is aimed at proper management of Union government’s investments in equity including its disinvestment in central public sector undertakings (PSUs).The new department has been mandated to advise the government in the matters of financial restructuring of central public sector enterprises and for attracting investment through capital markets.A comprehensive approach will be adopted for efficient management of government investment in Central Public Sector Enterprises (CPSEs) by addressing issues such as capital restructuring, dividend, bonus shares, etc.
DIPAM : The DIPAM will work under Union Finance Ministry and it will deal with all matters relating to management of central government investments in equity including disinvestment of equity in central public sector undertakings. It will also deal with all matters relating to sale of central government equity through offer for sale or private placement or any other mode in the erstwhile central public sector undertakings.All other post disinvestment matters shall continue to be handled by the Union administrative ministry or concerned department with the consultation of DIPAM on necessity.Union Finance Minister Arun Jaitley had announced about the renaming of the Department of Disinvestment in his budget speech for 2016-17.
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