• RESERVE BANK OF INDIA

DIT

Circular No. DIT (CO) 10/09.63.08/2010-11 Dated 04.11.2010

RBI has issued a circular to remind members that the Participant Interface (PI) software on Windows 2008 environment is ready and the migration schedule for members has been drawn up. The migration process from RTGS system to Windows 2008 is expected to be completed by December 31, 2010.

DPSS

Circular No. DPSS (CO) RTGS No. 1008/04.04.002/2010-2011 Dated 03.11.2010

RBI has increased the threshold value limit for RTGS transactions from Rs 1 lac to Rs 2 lacs and revised NEFT service charges. As an incentive to customers to move their transactions to NEFT, a new value band in the ` Rs 1 lac to Rs 2 lac' segment has been created, with customers having to pay lower charges vis-a-vis RTGS transactions.

Circular No. DPSS. CO. No. 1041/02.14.006/ 2010-2011 Dated 04.11.2010

RBI has released a notification under Section 18 of Payment and Settlement Systems Act, 2007, which involves laying down additional guidelines for issuance and operational framework of pre-paid payment instruments in India. The amendment to the guidelines would extend the use of semi-closed prepaid instruments intended for payment of utility bills/ essential services, for purchase of air/train travel tickets; permit banks to issue semi-closed prepaid instruments through the agents in addition to their business correspondents; and permit the issue of co-branded prepaid payment instruments.

DBOD

Circular No. BP. BC. 59 / 21.04.098/ 2010-11 Dated 04.11.2010

RBI has issued a notification titled "Guidelines on Banks' Asset Liability Management Framework - Interest Rate Risk" to determine the impact of changes in the value of interest rate sensitive positions on the market value equity (MVE) of the bank, advising that banks shall adopt the Duration Gap Analysis for interest rate risk management in addition to the Traditional Gap Analysis being followed presently.

Circular No. BP.BC. 58/21.04.141/2010-11 Dated 04.11.2010

RBI has released a circular to bring uniformity in methodology of accounting for investments in government securities, by making it mandatory for banks to follow 'Settlement Date' for recording purchase and sale of transactions in government securities.

Circular No. Ret. BC. No. 57/12.06.004/2010-11 Dated 03.11.2010

RBI has released a notification to clarify that the name "State Bank of Indore" has been excluded from the Second schedule to the Reserve Bank of India Act, 1934.

Circular No. FID. FIC. No 8 /01.02.00 /2010-11 Dated 02.11.2010

RBI has released a circular clarifying that guidelines issued on "Prudential Norms for off-balance sheet exposure" for banks, shall apply to the select All-India Financial Institutions (AIFIs) as well.

Circular No. BP.BC. 56/21.04.141/2010-11 Dated 01.11.2010

RBI has released a circular to clarify that the one-time transfer of securities to/from HTM category with the approval of Board of Directors permitted to be undertaken by banks at the beginning of the accounting year, and sales to the RBI under pre-announced OMO auctions will be excluded from the 5 per cent cap.

Notification No. FID. FIC. No 7/01.02.00 /2010-11 Dated 28.10.2010

RBI has issued a notification to clarify that the prudential norms on investment in Zero Coupon Bonds, issued to banks, shall apply to the select All-India Financial Institutions (AIFIs) as well.

Circular No. Dir. BC.52/13.03.00/2010-11 Dated 28.10.2010

RBI has released a notification titled "Banks' Exposure to Capital Market - Issue of Irrevocable Payment Commitments (IPCs)" to help custodian banks resolve their operational difficulties while complying with the requirements of IPC's guidelines.

Notification No. BP. BC.51 / 21.06.101 / 2010-11 Dated 28.10.2010

RBI has released a notification to allow AD category I scheduled commercial banks to participate in currency options on recognized stock / new exchanges. The remaining banks can participate only as clients.

RPCD

Circular No. RPCD.CO.FID. BC. No. /12.01.012/2010-11 Dated 01.11.2010

RBI has issued a circular to all scheduled commercial banks including Regional Rural Banks to facilitate opening up of bank accounts of the beneficiaries of old age pension scheme, to enable the Government of India to transfer funds directly into these accounts.

Press Release No. 2010-2011/591 Dated 28.10.2010

RBI has issued a press release to highlight issues and concerns of micro finance sector, stating that a newly instituted sub-committee will look into like high interest rates, coercive recovery processes and multiple lending practice by MFI's.

MPD

Circular No. BC.338 /07.01.279/2010-11 Dated 02.11.2010

RBI has raised its key policy rates i.e repo & reverse repo rates by 25 basis points to 6.25% and 5.25% respectively to tame inflation.

• SECURITIES & EXCHANGE BOARD OF INDIA

Circular No. Cir/MIRSD/9/2010 Dated 04.11.2010

SEBI has issued a circular in consultation with the Investors Associations and major stock exchanges, clarifying that while a stock broker may use the brand name / logo of its group companies, it must display its name registered with SEBI more prominently, so as to avoid confusion in the minds of investors.

Circular No. Cir/ OIAE / IAD / 01 /2010 Dated 01.11.2010

SEBI has issued a circular to prescribe a code of conduct for Investors Associations (IA's), that requires them to submit a letter of compliance with this code of conduct every year in the first week of April (for the preceding financial year), and also along with the application submitted at the time of renewal of recognition.

• MINISTRY OF FINANCE

CBDT 

Press Release From File No. 402/92/2006-MC (47 of 2010) Dated 03.10.2010

The Central Board of Direct Taxes (CBDT) has clarified that the approvals under sub-clause (vi) and (via) of sec 10(23C) granted on or after 1.12.2006 shall be valid until withdrawn. Further, approvals under clause (vi) of sub- sec (5) of section 80G granted on or after 1.10.2009 shall be valid until withdrawn. These approvals will be one-time approvals unless withdrawn by the income-tax authority.

CBEC Customs

Notification No. 94/2010 Customs (N.T.) Dated 03.11.2010

In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 the Central Government has amended the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India] Rules, 2009, by inserting the name of Brunei Darussalam in Annexure IV.

Notification No. 116/2010 Dated 01.11.2010

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962, the Central government has exempted the customs duty levied on crude petroleum oils and oils obtained from bituminous minerals imported into India from Brunei Darussalam.

• PRESS INFORMATION BUREAU

Protection of Women against Sexual Harassment at Workplace Bill, 2010  - Dated 04.11.2010 

The Union Cabinet has approved the introduction of "Protection of Women against Sexual Harassment at Workplace Bill, 2010" to ensure a safe environment for women at work places, both in public and private sector, whether organized or unorganized.

India signs a Memorandum of Understanding (MoU) with the Government of Syria for Long Term Cooperation in phosphate sector  - Dated 01.11.2010 

India has signed a Memorandum of Understanding (MoU) with Syria for long term cooperation and setting up of joint ventures with their respective fertilizer and mining entities to install projects in Syria in phosphate sector.

Amendment of Railway Property (Unlawful Possession) Act, 1966 - Dated 28.10.2010

The government is planning to bring amendments to the Railway Property (Unlawful Possession) Act, 1966 to empower Railway Protection Force (RPF) officers to conduct enquiry on receipt of information and effectively deal with passenger-related offences.

• INSURANCE REGULATORY DEVELOPMENT AUTHORITY

Circular No. IRDA/F&I/CIR/CMP/174/11/2010 Dated 04.11.2010

IRDA has released a circular advising insurers to disclose unclaimed sum as a separate line item under Schedule 13 - "current liabilities" of the balance sheet, disclose age-wise analysis in the enclosed format, and not to appropriate the unclaimed amount under any circumstances.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 56/2010 Dated 28.10.2010

The Telecom Regulatory Authority of India (TRAI) has issued a consultation paper on '"Quality of Service requirements for delivery of basic financial services using mobile phones", to invite comments from various stakeholders on ways through which mobile phones can be used to support financial transactions.

Press Release No. 57/2010 Dated 02.11.2010

The Telecom Regulatory Authority of India has called upon all stakeholders in the telecom industry to give suggestions on issues relating to blocking the International Mobile Equipment Identity (IMEI) for lost or stolen mobile handsets.

Press Release No. 58/2010 Dated 03.11.2010

The Telecom Regulatory Authority of India (TRAI) has today released a consultation paper on "Revenue Sharing Arrangement for Intelligent Network Services" to seek views of the stakeholders on the issue of sharing of revenue from Intelligent Network based services among the interconnecting service providers, in order to assist TRAI in arriving at a framework by which interconnecting service providers can be fairly compensated.