The Centre on Saturday (July 7) issued a notification to include the Goods and Services Tax Network (GSTN) under the ambit of the Prevention of Money Laundering Act (PMLA). The above notification was issued under Section 66 of the PMLA. The disclosure of information provided will facilitate sharing of information between the GSTN, Enforcement Directorate,…
Today the Reserve Bank of India released on its website the DRG Study1 titled, “Anatomy of Price Volatility Transmission in Indian Vegetable Market”. The study is co-authored by Puja Padhi, Himani Shekhar, and Akanksha Handa. The study was funded by the Reserve Bank of India under the DRG Study Series. The study investigates the horizontal…
The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for the issue of Debit, Credit, and Prepaid Cards for feedback if any from stakeholders on or before August 4, 2023. The central bank on a review observed that arrangements existing between card networks and card…
eSARAS an e-commerce mobile app will be used as a more effective platform for marketing of the products made by women of self-help groups. It is an initiative conceptualized by the DAY-NRLM, Ministry of Rural Development (MoRD), towards the marketing of the best, authentic handicrafts and hand-looms. Launching the App, Secretary Shri Shailesh Kumar Singh…
The latest chart of interest for small savings instruments for the Q2 (July 1 to September 30) of 2023 are as under. Scheme Rate of interest for July-September 2023 Rate of interest from April -June 2023 Interest compounded Savings account 4.00% 4.00% Annual rest 1-year time deposit 6.90% 6.80% Quarterly rest 2-years’ time deposit 7.00%…
Reserve Bank Governor Shaktikanta Das on Friday while addressing the 17th statistics day conference at the RBI headquarters, also launched ‘Centralised Information Management System’ or CIMS, which is the next-generation data warehouse. The Governor said that commercial banks will first begin reporting on the central bank’s latest next-generation data warehouse, the Centralised Information Management System’…
RBI issued a press release today stating that the Government of Maharashtra has declared June 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881. The Maharashtra Government declared a public holiday on June 28, 2023, earlier, that has been now canceled. Settlement of the auction of state government…
The Reserve Bank of India (RBI) on Monday (June 26, 2023), imposed a monetary penalty of ₹26 lakh (Rupees Twenty-six lakh only) on TransUnion CIBIL Limited, Mumbai (the company) for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005. “This action is based on the deficiencies in regulatory compliance and is not…
In a notification on Friday (23, June) the RBI said that the Financial Benchmark Administrators (FBAs), which control ‘significant benchmarks’ in the markets for financial instruments regulated by the banking regulator, have been accorded approval to cease the publication of the Mumbai Interbank Forward Outright Rate (MIFOR) after June 30, 2023.“In light of the cessation…
The meeting of the UFBU (United Forum of Bank Unions) and Indian Banks’ Association (IBA) was held on June 21, 2023, in Mumbai. The important discussions and outcomes taken place in the meeting are explained below. Medical Insurance Scheme: The representatives of Unions have submitted their suggestions in detail like clubbing the policies of in-service…
