The Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021
The revised prudential borrowing limits for transactions in Call, Notice and Term Money Markets provides that Scheduled Commercial Banks (including Small Finance Banks), Payment Banks and Regional Rural Banks shall be 100% of capital funds on a daily average basis in a reporting fortnight, and 125% of capital funds on any given day.
New extensions granted for timelines under Income Tax compliances
A new legislation is proposed in order to provide relief to the family members of deceased taxpayers. It has been decided to provide income-tax exemption to ex-gratia payment received by family members of a person from the employer of such person or from other person on the death of the person on account of Covid-19 during FY 2019-20 and subsequent years.
The Mines and Minerals (Contribution to District Mineral Foundation) Amendment Rules, 2021
The Rules are amended to rename the prospecting licence-cum-mining lease as composite licence. They shall be deemed to have come into force on the 28th day of March, 2021.
Central Motor Vehicles (Fourteenth Amendment) Rules, 2021
The amendment provides that in case motor vehicle of category N2 or N3 is engaged to carry indivisible loads, the overall height of the motor vehicle shall not exceed 4.75 meters.
SEBI Issues Prudential norms for liquidity risk management for open-ended debt schemes.
All regulatory limit calculations other than Asset Allocation Limits (e.g. for Macaulay Duration, Risk-o-meter, investment restrictions pertaining to issuer, sector and group), the base to be considered is 100% of Net Assets.
Alignment of interest of Key Employees of AMC with the Unitholders of the Mutual Fund Schemes shall be applicable from 1st October 2021.
A minimum of 20% of the salary/ perks/ bonus/ non-cash compensation(gross annual CTC) net of income tax and any statutory contributions (i.e. PF and NPS) of the Key Employees of the AMCs shall be paid in the form of units of Mutual Fund schemes in which they have a role/ oversight.
RBI has extended the validity of Entrepreneurs Memorandum and Udyog Aadhaar Memorandum till 31st December 2021.
The aim is to facilitate the holders of EM Part-II and UAMs to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME.
SEBI amends (Alternative Investment Funds) Regulations, 2012.
The AIFs may invest in an Investee Company up to a specified limit, directly or through investment in the units of other AIFs without labelling themselves as a Fund of AIFs.
