SEBI issues notification on Maintenance of Current Accounts in multiple banks by Mutual Funds.
At present, mutual funds are required to maintain current accounts in multiple banks, having presence beyond the top 30 cities, for receiving subscription amount and for payment of redemption proceeds. The mutual fund industry informed that the Reserve Bank of India (RBI) instructed that banks shall not open current accounts for customers who have availed credit facilities in the form of cash credit or overdraft from the banking system.
SEBI modifies Operational Guidelines for FPIs and DDPs.
The contribution of resident Indian individuals shall be made through the Liberalised Remittance Scheme (LRS) notified by Reserve Bank of India and shall be in global funds whose Indian exposure is less than 50%.”
SEBI revises minimum number and holding of unit holders for unlisted Infrastructure Investment Trusts (InvITs).
The minimum number of unit holders in an InvIT, other than the sponsor(s), its related parties and its associates, should be five, together and collectively holding at least 25 per cent of the total units of the InvIT at all times.
CBIC launches Compliance Information Portal (CIP).
The portal would provide a complete knowledge of all import and export related requirements for all items covered under the Customs Tariff thereby improving the ease of doing cross border trade.
MoRTH notifies Draft rules to fast track Hit&Run Accident investigations and settlement of claims with enhanced compensation.
The Draft rules regarding creation, operation, and sources of fund, etc. of the Motor Vehicles Accident Fund have been notified and the fund shall be used for providing compensation in case of Hit &Run Accident, treatment for accident victims, and any other purpose, as may be specified by the Central Government.
DGFT directs IECs/firms to upload e-BRCs corresponding to RoSCTL shipping bills
The DGFT has noticed that in many cases, e-BRCs corresponding to RoSCTL shipping bills with LEO up to 31.03.2021, have not been uploaded. Therefore, all IECs/firms who have issued scrips under RoSCTL shipping bills with LEO up to 31.03.2021, have been directed to upload e-BRCs in DGFT online e-BRC repository by AD banks latest by 15.09.2021.
DGFT has provided the Online Procedure for transfer of Advance Authorization/EPCG Authorization in case of amalgamation
For guidance on these new processes, the Help manual & FAQs may be ·accessed on the DGFT Website — > Learn — > ‘Application Help & FAQs’.
