Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver-No. 60 /2021-CUSTOMS (N.T.)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

RBI allowed escrow accounts in scheduled commercial banks

Maintenance of Escrow Account with a Scheduled Commercial Bank   RBI/2020-21/68 DPSS.CO.PD.No.660/02.14.008/2020-21 November 17, 2020 All Scheduled Commercial Banks / Authorised Prepaid Payment Instrument Issuers / Payment Aggregators / Payment System Providers / System Participants Madam / Dear Sir, Maintenance…

I&B Ministry issued notice to implement FDI policy in digital media within a month-16/11/2020

Union Ministry of Information and Broadcasting has today issued a public notice to facilitate eligible entities involved in uploading/streaming of news and current affairs through digital media, to comply with the decision of Union Government on 18th September 2019, which had permitted 26% FDI under Government approval route.

Bilateral Netting of Qualified Financial Contracts Act 2020

The provisions of this Act shall apply to a qualified financial contract entered into on a bilateral basis between qualified financial market participants, either under a netting agreement or otherwise, where at least one of such participants shall be an entity regulated by an authority specified in the First Schedule

Role of Chief Compliance Officer in Banking compliance functioning-RBI Guidelines

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.

Automation of Income Recognition, Asset Classification and Provisioning processes in banks-RBI

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 Clarification on Definition of Micro-Small & Medium Enterprises-27/08/2020

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 Banks/State Co-operative Banks / District Central Co-operative Banks…