RBI revised Master Direction on Risk Management and Inter-Bank Dealings

Standalone Primary Dealers may borrow in foreign currency from their parent or correspondent outside India or any other entity as permitted by Reserve Bank of India and avail overdraft in nostro accounts (not adjusted within five days), only for operational reasons. Such borrowings shall be within the limit for foreign currency borrowings prescribed in the Master Direction – Standalone Primary Dealers (Reserve Bank) Directions, 2016 dated August 2016.

RBI directions for issue of Irrevocable Payment Commitments

Only those custodian banks will be permitted to issue IPCs, who have a clause in the Agreement with clients giving the banks an inalienable right over the securities to be received as pay out in any settlement. However, this clause will not be insisted upon if the transactions are pre-funded i.e., either clear INR funds are available in the customer’s account or, in case of FX deals, the bank’s nostro account has been credited before the issuance of the IPC.

Spilling The Tea On March 2024 Production Estimates

According to the report, the total estimated production of tea in India for March 2024 was 62.52 million kilograms (MKgs). This is a marked decrease from the 79.61 million kilograms produced in March 2023.

Revision In Ceiling Prices Of Coronary Stents

The new ceiling prices are Rs. 10,509.79 per unit for Bare Metal Stents and Rs. 38,267.18 per unit for Drug Eluting Stents (DES). These prices are exclusive of Goods and Services Tax (GST). Manufacturers can revise their existing MRP (Maximum Retail Price) based on the new ceiling price and WPI increase.