FSDC reviews major impact on global/ domestic economy and financial markets

A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today (January 13, 2021) in Mumbai through video conference. RBI Governor Shri Shaktikanta Das, chaired the meeting. In the meeting, topics of the major impact on global and domestic economy as well as financial financial stability were discussed. The following…

Record-keeping of cash deals in gems & jewelry trade as well as Real Estate now a must

The Ministry of Finance (Department of Revenue) on the 28th December 2020 notifies (G.S.R.799(E) dealers in precious metals, precious stones, in the exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), as “persons carrying on designated businesses…

Raise promoters’ stake in private banks: RBI’s internal working group

An Internal Working Group (IWG) of Reserve Bank of India suggested giving banking licences to large corporate or industrial houses after necessary amendments to the Banking Regulation Act, 1949. The committee was formed by the banking regulator in June to review extant ownership guidelines and corporate structure for Indian private sector banks. “The terms of…