National Identification Authority of India Bill, 2013 to be introduced in the winter session of Parliament
So far, about 47 crore 85 lakh Aadhaars have been issued and the enrollment process is in full swing to meet the target. Enroll for Aadhaar is done at designated centres only and appointment for the same can be obtained online at the following link https://appointments.uidai.gov.in/easearch.aspx. However, for actual enrollment process, physical presence of the resident is a must. It is also clarified that certain… Read More
RBI releases Framework for setting up of Wholly Owned Subsidiaries by Foreign Banks in India
The Reserve Bank of India (RBI) today released on its website, the framework for setting up of Wholly Owned Subsidiaries (WOS) by foreign banks in India. The policy is released in pursuance of the announcement made in the Second Quarter Review of Monetary Policy 2013-14 (para 26 - See below). The policy is guided by the… Read More
Competition Commission of India imposes penalty on Tamilnadu Film Exhibitors™ Association
Competition Commission of India (CCI) has imposed a penalty of Rs.41,393/- on M/s Tamilnadu Film Exhibitors™ Association (TNFEA) (now known as Tamilnadu Theatre Owners™ Association). The penalty has been imposed in respect of information filed by M/s Reliance Big Entertainment Pvt. Ltd(RBEPL) alleging contravention of the provisions of Section 3 and 4 of the Competition… Read More
Timely Issue of TDS Certificate to Customers
RBI/2013-14/361 DBOD.No.Leg.BC.65/09.07.005/2013-14 November 6, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Timely Issue of TDS Certificate to Customers It has been brought to our notice that, some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing income-tax returns timely. 2. The matter… Read More
Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit)
RBI/2013-14/359 DNBS.PD/ CC.NO.359 /03.10.001/2013-14 November 06, 2013 All NBFCs Dear Sirs, Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit) A reference is invited to our Circular No DNBS.PD/ CC.NO.316 /03.10.001/2012-13 December 20, 2012 advising all NBFCs to ensure replacement of all Non-CTS-2010 standard compliant cheques received from their customers for future… Read More
MCA extends dates for suggestions towards 3rd & 4th Tranche of Draft Rules under Companies Act 2013
The last date for the public at large for giving suggestions/ comments to the Ministry of Corporate Affairs regarding the 3rd and 4th tranche of Draft Rules being framed under the Companies Act, 2013 has been extended to the 10th of this month i.e. 10th November 2013. In these 2 phases, Draft Rules have been… Read More
Foreign Direct Investment (FDI) in India Definition of ˜group company™ as per RBI Guidelines
RBI/2013-14/356 A.P. (DIR Series) Circular No.68 November 01, 2013 To All Category I Authorised Dealer banks Madam/Sir, Foreign Direct Investment (FDI) in India definition of ˜group company™ Attention of Authorised Dealer Category I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations,… Read More
˜At par™ cheque facility extended to Cooperative Banks/RRBs by Scheduled Commercial Banks
RBI/2013-14/344 RPCD.CO.RRB.RCB.BC.No. Cir.No. 48/07.51.010//2013-14 October 29, 2013 The Chairman All Regional Rural Banks (RRBs) All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative… Read More
Revision in Bank Rate
RBI/2013-14/346 UBD.BPD.(PCB).Cir. No. 33 /16.11.00/2013-14 October 29, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam / Dear Sir, Revision in Bank Rate Please refer to our circular UBD.BPD.(PCB).Cir.No.28/16.11.00/2013-14 dated October 7, 2013 on the captioned subject. 2. As announced in the Second Quarter Review of Monetary Policy Statement for 2013-14 dated October 29, 2013, the Bank… Read More
Legal Status of Call and Put Options in India: Recent Scenario
Definition of 'Option' A financial derivative that represents a contract sold by one party (option writer) to another party (option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period… Read More
Role of SEBI in Capital Market: Developments and Challenges
INTRODUCTION The SEBI, that is, the Securities and the Exchange Board of India, is the national regulatory body for the securities market, set up under the securities and Exchange Board of India Act, 1992, to protect the interest of investors in securities and to promote the development of, and to regulate the securities market and… Read More
Second Quarter Review of Monetary Policy 2013-14 – Statement by Raghuram Rajan
Download: Second Quarter Review of Monetary Policy 2013-14 "Good Morning and welcome to the Reserve Bank. Today, continuing the process begun in September, we have announced the following policy measures: we have reduced the marginal standing facility (MSF) rate by 25 basis points from 9.0 per cent to 8.75 per cent with immediate effect; we have… Read More
Issues pertaining to primary issuance of debt securities
CIRCULAR CIR/IMD/DF/18/2013 October 29, 2013 To All Recognized Stock Exchanges All Registered Merchant Bankers Dear Sir/Madam, Issues pertaining to primary issuance of debt securities SEBI has been holding discussions with issuers and various other market participants regarding the issues concerning development of Corporate Bond Market. Based on the suggestions received in the aforesaid meetings, it… Read More
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