“Worst is behind us, though the recovery path remains uncertain,” says Financial Stability Report

On Monday (11.01.2021), the Financial Stability and Development Council in its report bi-annual report said that Indian banks may see bad loans double despite signs of an improvement in the economic impact of the COVID-19 pandemic. The council is an umbrella group of regulators and releases the FSR report twice yearly to give a detailed…

From April 1, entities to quote LEI for all payment transactions of above 50 crores

The Legal Entity Identifier (LEI) is a 20-digit number used worldwide that will uniquely identify every legal entity or structure to a financial transaction. Pursuant to the Global Financial Crisis, the Legal Entity Identifier (LEI) code is conceived at the initiative of ‘Group of 20, financial stability Board’ for the purpose of better risk management.…

NPCI introduces RuPay contactless (offline) features

National Payments Corporation of India (NPCI) said that it has introduced RuPay Contactless (Offline) feature.The card comes with a reloadable wallet feature where customers can store money to ensure quick and hassel-free transactions compared to regular credit/debit card transactions. The RuPay NCMC (National Common Mobility Card) offline wallet can be used to make ticket payments…

The requirement of AFA for card transactions/ e-mandates relaxed to Rs.5000 from Jan 1

“Enhancing Security of Card Transactions”, wherein users were provided the option of a switch on / off or set limits for various card features, including for contactless transactions at Points of Sale (PoS) terminals. RBI has relaxed the AFA (Additional Factor of Authentication) requirement for values up to Rs. 5000- per transaction with effect from…

SEBI introduces a new level of risk area and labeling norms on dividend options for mutual fund schemes

The Capital market regulator SEBI has reviewed the guidelines for product labeling in mutual funds and has decided to introduce, ‘Very High Risk’ as the sixth risk profile for the MF schemes. According to SEBI notification, this new mutual fund rule shall be in force with effect from January 1, 2021, to all the existing…

Here are 8 important things you need to know about new rules which are effective from October 1, 2020

Effective from October 1, 2020, a number of changes taken place in respect of rules relating to health insurance coverage, driving licence , and registration certificate of vehicles, debit card, and credit card rules, Foreign fund transfer, FSSAI orders on foods, Ujwala connections, and Tax collection policy, etc. Here’s a brief look at the new…

Parliament passes Bilateral Netting of Qualified Financial Contracts Bill, 2020

The Bilateral Netting of Qualified Financial Contracts Bill, 2020 (Netting Bill) was passed this week in both the houses of the Parliament. The Bill covers over the counter derivatives contracts which are entered into on bilateral basis outside clearing system. The Finance Minister Mrs.Nirmala Sitharaman while addressing the Rajya Sabha said that under existing laws,…

All existing charitable trusts/institutions are required to apply for re-registration before December 2020: CBDT

The Central board of direct tax (CBDT) in its press release said that “It may be noted that The Finance Act 2020 rationalised the procedure relating to approval/registration/notification of certain entities referred to the section 10(23C), 12AA, 35 and 80G of the act, with effect from 1st June 2020. As per the new procedure, the…