RBI Statement on Developmental and Regulatory Policies
In conclusion, the Statement on Developmental and Regulatory Policies reflects the RBI’s proactive approach towards fostering a resilient, inclusive, and innovative financial ecosystem. By prioritizing transparency, consumer protection, and technological innovation, these policy measures aim to bolster confidence, enhance efficiency, and unlock new opportunities in India’s financial markets. As stakeholders adapt to these evolving regulatory dynamics, collaboration and agility will be key in navigating the complexities of today’s financial landscape.
RBI relaxes restrictions for participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)
RBI has allowed Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX.
MCA directions for filing form INC-28 for restoration of struck off company
Stakeholders may file INC-28 with section 252(2) along with NCLT order and proof of cost/fee [if levied] for restoration.
MCA has issued relaxation of additional fees and extension of last date of filing of Form No. LLP BEN-2 and LLP Form No. 4D
In view of transition of MCA-21 from version-2 to version-3 and to promote compliance on part of reporting Limited Liability Partnerships, it is informed that such LLPs may file Form LLP BEN-2 and LLP Form No. 4D, without payment of any additional fees, up to 15.05.2024. The two forms shall be made available in version-3 for filing purposes w.e.f 15.04.2024.
NSE Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011
NSE has issued the Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011. It is clarified that the clients whose KYC are not found to be validated by KRAs or clients with KYCs which are “On Hold” for any reasons (both AADHAAR and Non-AADHAAR based) uploaded from September 01, 2023 to January 31, 2024 shall neither be Permitted to trade on the Exchange, nor will they be able to square up their open positions, if any, w.e.f. February 17, 2024.
The Central Board Trustees of EPF recommends 8.25 % rate of interest to EPF subscribers for FY2023-24
The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively.
Ministry of Labour & Employment has announced that ESIC insurance and medical Benefits will be extended to superannuated Insured Persons with relaxed norms
The proposal to provide Medical Benefit to the Insured superannuating workers who went out of the ESI Scheme coverage due to exceeding the wage\ ceiling, if the worker was under insurable employment for at least 5 years before superannuation/voluntary retirement, has been approved.
Ministry of Ayush has invited proposals towards organizing events under the IEC Scheme
The details of IEC scheme guidelines are available at https://ayush.gov.in/images/Schemes/iec.pdf. The interested firms may submit their proposals on the Ayush NGO Portal (https://ngo.ayush.gov.in/scheme2) in accordance with the IEC Scheme guidelines.
Extended timelines to obtain Request for Proposal for hiring Agency to conduct “Study on Assessment of the Level of Food Processing in India”
Date of Uploading RFP on Central Public Procurement Portal and submission of bid is extended till 25.01.2024 and the Last date and time of the submission of the bid (Technical & Financial) will be 21.02.2024 (4.00 PM).
Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
The objective of these Regulations is to specify minimum rural and social sector business that the insurers are required to underwrite under section 32B and 32C of the Insurance Act, 1938 and minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
