Press Information Bureau

10.09.2020

Banking

Expert committee to assist Government for assessment of relief to bank borrowers

MANU/PIBU/2986/2020

Various concerns have been raised during the proceedings of the ongoing hearing in Hon'ble Supreme Court of India, in the matter of Gajendra Sharma Vs. UoI and Others, of the matter regarding the relief sought in terms of waiver of interest and waiver of interest on interest and other related issues.

Government has accordingly constituted an Expert Committee for making an overall assessment so that its decisions in this regard are better informed.

The Expert Committee shall be as under:

(i) Shri Rajiv Mehrishi, former CAG of India - Chairperson

(ii) Dr. Ravindra H. Dholakia, former Professor, IIM Ahmedabad & ex- Member, Monetary Policy Committee of Reserve Bank of India

(iii) Shri B. Sriram, Former Managing Director, State Bank of India & IDBI Bank

The terms of reference of the committee shall be as under:

(i) Measuring the impact on the national economy and financial stability of waiving of interest and waiving of interest on interest on the COVID-19 related moratorium

(ii) Suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard

(iii) Any other suggestions/observations that may be necessary given the current situation.

The committee will submit its report within one week. State Bank of India will provide secretarial support to the committee. The Committee may consult banks or other stakeholders, as deemed necessary, for the purpose.

Tags : Expert committee Assistance Bank borrowers

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Telecom Regulatory Authority of India

10.09.2020

Media and Communication

Consumer Outreach Program by TRAI through online meeting platform

MANU/TRAI/0076/2020

1. Telecom Regulatory Authority of India (TRAI), through its Regional Office Kolkata, conducted Consumer Outreach Program via online meeting platform on 9th September, 2020.

2. One of the important objectives of TRAI is to safeguard consumer interests and create consumer awareness. Towards this objective, TRAI organizes consumer outreach programs in different parts of the country. In the current situation of Covid-19 Pandemic, it was decided to conduct such programs via online meeting platform where consumers can join while sitting at their home, shop, or office.

3. This programme was organised for the consumers of state of Jharkhand. Representative of Consumer Advocacy Group (CAG), representatives of Telecom Service Providers, students & teachers of different colleges and other Govt. officials have also participated in the event.

4. During the program, consumers were informed about their rights with regard to various aspect of telecom services viz. Tariff, Value Added Services (VAS), Data services, Unsolicited Commercial Communications (UCC), Mobile Number Portability, Complaint Redressal Mechanism, etc. Consumers were also informed about the benefits of various Mobile apps viz. TRAI my-speed app, TRAI my-call app and DND 2.0 app developed by TRAI for consumer empowerment and how consumers can take benefit of these apps and TRAI analytic portal. Consumers were also informed about various frauds viz. Tower fraud, missed calls from ISD nos. etc. and how to remain careful with these frauds.

5. Consumers were also informed about recent amendment of broadcasting and cable TV regulations (dated 01.01.2020) and the benefits passed on to consumers viz. 1) more channels with lower NCF, 2) 40% NCF for 2nd and extra TV connections in multi TV homes, 3) clarity of bouquets, 4) benefits for long term subscription etc. TRAI launched a Channel selection App on 25th June for the benefit of consumers so that consumer can see his subscription, add/delete channels and optimize his choice. A video prepared by TRAI in this regard (also available on YouTube) was shown to consumers for their benefit.

Tags : Consumer Outreach Program Online meeting

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Insurance Regulatory and Development Authority

10.09.2020

Insurance

Issuance of Electronic Policies and dispensing with physical documents and wet signature on the proposal form

MANU/IRDA/0057/2020

1. This has reference to Regulation 4 of IRDAI (Issuance of e-Insurance policies) Regulations, 2016 and Regulation 18 read with Regulation 8 (1) of IRDAI (Protection of Policyholders' Interests) Regulations, 2017.

2. In the wake of Covid-19 pandemic, based on representations received from insurers, the Authority, in exercise of powers vested under proviso to Regulation 4(iii) of IRDAI (Issuance of e-Insurance policies) Regulations, 2016 hereby grants exemption to insurers from the requirement of (a) issuing policy document and (b) copy of the proposal in physical form in respect of the following, subject to insurers complying with certain requirements as stated in Para 3 of this circular.

i. All Motor Insurance policies.

ii. Fire Insurance policies covering Dwellings and/or contents thereof issued to individuals.

iii. All package insurance policies issued to individuals (e.g. package policies for Dwellings).

iv. All Miscellaneous policies issued to individuals where the Sum Insured does not exceed Rs. 5 Crore.

3. Issue of electronic policies: The above exemption for issue of electronic policies is granted subject to the following:

i. Insurers shall send the policy document and a copy of the proposal form through digital/electronic mode. The documents shall be sent to the registered e-mail id or mobile number provided by the customer only on the specific consent provided by the policyholder.

ii. Simultaneously the policyholders shall be informed through SMS that policy document/copy of the proposal form have been sent to their e-mail id or any other digital/electronic mode (as may be the case).

iii. Insurers shall put in place proper mechanism to ensure that the documents are delivered to the designated e-mail Id/mobile number of the policyholder and an acknowledgement is appropriately obtained/auto-collected on delivery.

iv. When documents are forwarded by electronic means, the record of policyholder having received the document or the electronic platform having delivered the documents shall be maintained systematically. It shall be clearly informed to the policyholder that the date of delivery of the document is reckoned for the purpose of examining free-look requests, wherever applicable.

v. Insurers shall preserve the records of such acknowledgements for further reference.

vi. The policy document sent electronically shall contain all the schedules, terms and conditions, benefits etc. that are otherwise available in the physical document.

vii. Policyholders shall be also informed that printing of physical policy document and dispatch of the same along with the copy of proposal form may be delayed due to operational difficulties in the wake of ongoing COVID-19 pandemic situation.

viii. Policyholders shall be informed that the policy document sent electronically is as valid as the physical policy contract/document.

ix. Wherever policyholders demand the physical version of the policy document/copy of the proposal, the same shall be made available.

x. Wherever it is not possible to send the policy documents through electronic means due to any reason, insurers shall necessarily forward the physical documents to the policyholders.

4. Dispensing of Wet Signature on Proposal Form: With regard to the requirement under Regulation 8 (1) of IRDAI (Protection of Policyholders' Interests) Regulations, 2017 in respect of proposal forms, Insurers are hereby allowed to obtain the customer's consent without requiring wet signature on the hard copy of the proposal form subject to following:

i. The completed proposal form shall be sent to the prospect on his/her registered e-mail ID or mobile number by means of a message with a link, as the case may be.

ii. If the proposer wishes to give consent to the proposal, the same may be permitted by providing a link for confirmation or through One Time Password (OTP) duly validated.

iii. Insurers shall maintain verifiable, legally valid evidence for the proposer's consent received for the fully completed proposal form.

iv. Insurers shall be responsible for the following:

a) Providing approved digital sales material to insurance agents/intermediaries and ensure that only that material is used while soliciting the business;

b) Authenticating the e-mail IDs/mobile numbers of the proposers including through de-duplication of the data and such other means;

c) Ensuring the suitability of the product being sold

5. The exemptions granted herein shall be valid till 31.03.2021.

Tags : Issuance Electronic Policies

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Securities and Exchange Board of India

09.09.2020

Capital Market

Re-lodgement of Transfer Requests of Shares

MANU/SPRL/0046/2020

In terms of Regulation 40 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, transfer of securities held in physical mode has been discontinued w.e.f. April 01, 2019. Subsequently, vide Press Release No. 12/2019 dated March 27, 2019, it was clarified that transfer deeds lodged prior to deadline of April 01, 2019 and rejected / returned due to deficiency in the documents may be re-lodged with requisite documents.

It has been decided to fix March 31, 2021 as the cut-off date for re-lodgement of transfer deeds. Further, the shares that are re-lodged for transfer (including those request that are pending with the listed company / RTA, as on date) shall henceforth be issued only in demat mode.

Tags : Re-lodgement Transfer Requests Shares

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Securities and Exchange Board of India

09.09.2020

Capital Market

Operating Guidelines for Portfolio Managers in International Financial Services Centre

MANU/SIPM/0022/2020

1. SEBI has issued SEBI (International Financial Services Centres) Guidelines, 2015 (hereinafter referred to as 'IFSC Guidelines') on March 27, 2015 for facilitating and regulating financial services relating to securities market in an IFSC set up under section 18(1) of Special Economic Zones Act, 2005. The IFSC Guidelines and related Circulars issued by SEBI from time to time provide for a broad framework for operation of various intermediaries (including Portfolio Managers) therein, as defined in Clause 2(1)(g) of the IFSC Guidelines. Further, in terms of Clause 3(1) of the IFSC Guidelines, SEBI can issue guidelines for any entity desirous of undertaking any other financial services relating to securities market.

2. Based on the representations received from various stakeholders, it has been decided to put in place 'Operating Guidelines for Portfolio Managers in IFSC'. The same is annexed herewith.

3. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : Operating Guidelines Portfolio Managers IFSC

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Ministry of Corporate Affairs

07.09.2020

Company

Companies (Acceptance of Deposits) Amendment Rules, 2020

MANU/DCAF/0100/2020

In exercise of the powers conferred by section 73 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the said rules), in rule 2, in sub-rule (1), in clause (c), in sub-clause (xvii), -

(i) for the words "five years", the words " ten years" shall be substituted;

(ii) in the Explanation, in clause I, for the letters, figures, brackets and words "G.S.R. 180 (E) dated 17th February, 2016 issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry", the letters, figures, brackets and words "G.S.R. 127 (E), dated the 19th February, 2019 issued by the Department for Promotion of Industry and Internal Trade " shall be substituted.

3. In the said rules, in rule 3, in sub-rule (3), in the second proviso, in clause (i), for the words "five years", the words, "ten years" shall be substituted.

Tags : Acceptance of Deposits Amendment Rules

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Ministry of Finance 

07.09.2020

Customs

Auto Let Export Order under Express Cargo Clearance System

MANU/CUCR/0040/2020

1. In order to facilitate exports by courier and to enhance the global competitiveness of India's exporters, Board has decided to allow the facility of Auto Let Export Order (LEO) under the Express Cargo Clearance System.

2. The facility of Auto LEO has been developed by Directorate General of Systems & Data Management and is ready for launch.

3. The Courier Shipping Bills (CSBs) filed for clearance of export goods under ECCS are subjected to Risk Management System (RMS), after the registration of the goods by the Custodian (arrival scan and weight record). The RMS either facilitates or interdicts a Courier Shipping Bill (CSB) as per risk parameters.

4. It has been decided, that export goods which are covered under CSBs, and are fully facilitated by RMS (no assessment, no examination) and cleared by customs x-ray scanning shall be automatically given LEO by the ECCS. This is expected to considerably reduce the dwell time of clearance of export shipments through courier.

4. Public Notice and Standing order, for guidance of the stakeholders and officers may please be issued.

Tags : Auto Let Export Order Cargo Clearance

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Ministry of Finance 

07.09.2020

Customs

Amendment in notification No. 50/2017-Customs, dated the 30th June, 2017

MANU/CUST/0058/2020

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely:-

In the said notification, in the Table, against S. No. 258, in column (3), for the word "M-feature", the words "Paper Based Taggant, including M-feature," shall be substituted.

Tags : Public interest Amendment Notification

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