As part of robust compliance system, banks are required, inter-alia, to have an effective compliance culture, independent corporate compliance function and a strong compliance risk management programme at bank and group level. Such an independent compliance function is required to be headed by a designated Chief Compliance Officer (CCO) selected through a suitable process with an appropriate ‘fit and proper’ evaluation/selection criteria to manage compliance risk effectively.
Banks shall keep the business logic and other parameters/configurations of the System updated to ensure that the System based identification, classification, provisioning and income recognition are strictly in compliance with the regulatory guidelines on an ongoing basis. There should be periodic system audit, at least once in a year, by Internal / External Auditors who are well versed with the system audit both on system parameters as also from the perspective of compliance to Income Recognition, Asset Classification and Provisioning guidelines.
RBI/2020-2021/26 FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 Date: August 21, 2020 The Chairman/ Managing Director/Chief Executive Officer All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative […]
EXCHANGE RATE-In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.69/2020-Customs(N.T.), dated 6th August, 2020 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 21st August, 2020,
In case of failure, the disbursement should be made as early as possible before the Festival of Id-Ul-Fitre/ Durga Puja-2020 Government of West Bengal Finance (Audit) Department ‘NABANNA’, HOWRAH-711102 No. 1722–F(P2) Dated, […]
In pursuance of Section 23 of the Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Act, 1971, (Act No 56 of 1971), the Comptroller and Auditor General of India hereby makes the following Regulations,
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.53/2020-Customs(N.T.), dated 18th June, 2020 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency
In exercise of the powers conferred by section 59 of the Lokpal and Lokayuktas Act, 2013 (1 of 2014), the Central Government hereby makes the following rules
In terms of Clause 5 of Guidelines on short term health insurance policies Ref: IRDAI/HLT/REG/CIR/156/05/2020 dated 23rd June, 2020, the policies issued under these guidelines will remain valid till 31st March, 2021.
Payment Application Security: Payment applications shall be developed as per PA-DSS guidelines and complied with as required. The entities shall review PCI-DSS compliance status as part of merchant onboarding process.
The Bulletin includes RBI Governor’s statement, Monetary Policy Statement, 2020-21, Statement on Developmental and Regulatory Policies, four Articles and Current Statistics. The four articles are: I. Quarterly Estimates of Households’ Financial Assets and Liabilities; II. Issues in Non-Bank Financial Intermediation; III. Market Financing Conditions for NBFCs: Issues and Policy Options; and IV Provisional Accounts of Central Government Finances 2019-20: An Assessment.
Increase in reserve assets (US $ 26.2 billion) was the dominant contributor to higher increase in Indian residents’ overseas financial assets, followed by overseas direct investments (US $ 3.3 billion).
New Delhi, the 9th April, 2020/Chaitra 20, 1942 (Saka) Under the authority of Article 123 of the Constitution of India, the President promulgated an Ordinance to amend Salary, Allowances And Pension of […]
In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) (“lending institutions”) are permitted to grant a moratorium of three months on payment of all instalments1 falling due between March 1, 2020 and May 31, 2020.
This Statement sets out various developmental and regulatory policies that directly address the stress in financial conditions caused by COVID-19.
The Registry will close at 4pm on Friday 20 March 2020. The situation will be kept under review and a further notification will be made whether the Registry can re-open at 10am on Monday 20 April 2020, as it had planned to do.
RBI: Non-Banking Financial Companies (NBFCs) covered by Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015 are required to comply with Indian Accounting Standards (Ind AS) for the preparation of their financial statements.
“portfolio” means the total holdings of securities and goods belonging to any person
This Statement sets out various developmental and regulatory policy measures for improving credit flows to certain sectors; reinforcing monetary transmission; strengthening regulation and supervision; broadening and deepening financial markets; and improving payment and settlement systems.
This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
US Presidential Executive Order on Protecting Vulnerable Newborn and Infant Children-25/09/2020- - Purpose. Every infant born alive, no matter the circumstances of his or her birth, has the same dignity and the same rights as every other individual and is entitled to the same protections under Federal law. Such laws include the Emergency Medical Treatment and Labor Act (EMTALA), 42 U.S.C. 1395dd, which guarantees, in hospitals that have an emergency department, each individual’s right to an appropriate medical screening examination and to either stabilizing treatment or an appropriate transfer. They also include section 504 of the Rehabilitation Act (Rehab Act), 29 U.S.C. 794, which prohibits discrimination against individuals with disabilities by programs and activities receiving Federal funding.
India-SL Joint Statement on Virtual Bilateral Summit-26/09/2020 - Prime Minister Mahinda Rajapaksa welcomed the announcement made by Prime Minister Modi of India’s grant assistance of US$ 15 million for promotion of Buddhist ties between the two countries. The grant will assist in deepening people-to-people linkages between the two countries in the sphere of Buddhism including inter alia through construction/renovation of Buddhist monasteries, capacity development, cultural exchanges, archaeological cooperation, reciprocal exposition of The Buddha’s relics, strengthening engagement of Buddhist scholars and clergy etc.
IT Department launched Faceless Income Tax Appeals - The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act. Necessary Gazette notification has also been issued today.
Legisprudence-A New Theoretical Approach to Legislation Luc J.Wintgens(ed) - Legislation, it is said, is a matter of politics, and politics is not rational. Politics is a power game, which results in compromises framed into a legislative or statutory structure. This power game seems to have its own logic and, most of the time, the results outweigh any other form of logic.
Can God and Caesar Coexist, Balancing Religious Freedom and International Law-Robert F. Drinan - The Catholic Church did not always seek religious freedom for every believer. For centuries the Church held to the conviction that governments should be required to discourage and even ban not only non-Christian religions but any version of Christianity that differed from Catholicism. Butin the Second Vatican Council radically altered that doctrine, so that now the Catholic Church strongly states that any governmental coercion of individuals to adhere or not to adhere to any religion is wrong.
Repugnant Laws: Judicial Review of Acts of Congress from the Founding to the Present-Keith Whittington - A hundred years ago there were serious and lively debates over whether courts should even have the power to strike down acts of elected legislatures. Those debates are largely in the past. Courts now routinely, almost casually, invalidate legislation. But the reaction judicial review now provokes is rather different. Few argue that judges should abandon the power to review and invalidate the deliberate acts of other government officials.
