RBI delegates power to compound certain contraventions to Regional Offices/ Sub Offices
Issue of shares without approval of RBI or Government, Receiving investment in India from non-resident or taking on record transfer of shares by Investee Company etc. shall now be compounded by Regional Offices/ Sub Offices of the Reserve Bank.
Draft Food Safety and Standards (Packaging and Labelling) Amendment Regulations, 2020
The amendment provides that in case rice bran oil which is physically refined is used as one of the ingredients in Vanaspati, it shall be declared in the ingredient list on the label as “Physically Refined Rice Bran Oil”. Every package containing an admixture of edible oils shall carry a label declaration showing the percentage of admixture of edible oil contained.
Draft Food Safety and Standards (Prohibition and Restrictions on Sales) Amendment Regulations, 2020
The amendment seeks to include any Multi sourced edible vegetable oil containing Mustard Oil in the list of admixtures prohibited for sale.
RBI relaxes requirements applicable to non-banking financial companies for Housing Finance Institutions
The Requirement for registration, net owned fund, Reserve fund and Maintenance of percentage of assets shall no longer be applicable to Housing Finance institutions.
RBI revises minimum NOF for housing finance companies.
The housing finance institution holding a Certificate of Registration and having net owned fund less than 20 crore rupees, may continue to carry on the business of housing finance institution.
Government of Tripura issues procedure and checklist for inspection under legal metrology Act.
The inspection for high risk category shall be once in 6 months and for medium risk category it shall be once in 12 months.
CBIC extends timeline under the Sabka Vishwas (Legacy Dispute Resolution) Scheme.
The Last date for filing the declaration shall be on or before 31st December, 2020 and the last date for the issuance of the statement is 31st January, 2021.
The Food Safety and Standards (Import) Amendment Regulations, 2020.
Foreign Food manufacturing facility found to be in compliance of FSS Act rules and regulation made there-under shall be registered as Foreign Food manufacturing facilities for a period of five years.
The government of Tripura introduces the auto-renewal of registration/license under the legal metrology Act.
The license to manufacture weight and measures shall be auto-renewed through SWAAGAT portal subject to online payment of prescribed fee within the timeline specified under the Tripura Legal Metrology Enforcement Rules, 2011.
