Notifications & Circulars
Press Information Bureau
22.03.2018
Civil
Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so
MANU/PIBU/0588/2018
Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE's) including Non-Banking Financial Companies (NBFC's) to verify identity of clients, maintain records and furnish information to FIU-IND. To facilitate the filing of prescribed reports under PMLA, FIU-IND has developed a platform called FINnet Gateway portal. In order to file the prescribed reports, it is necessary for a Reporting Entity (RE) to register itself and its Principal Officer (PO) through the FINnet Gateway portal of FIU-IND.
As these unregistered NBFCs remain outside the reporting ambit of FIU-IND, they pose a risk to the integrity of the country's financial system and therefore, FIU-IND has published the list of such 'non-compliant NBFCs which have not fulfilled their obligation under PML Act and Rules relating to non registration of Principal Officer'. The said list has been published by FIU-IND so as to enable the bankers to conduct enhanced due diligence of the transactions carried out by such NBFCs. Further, as per provisions of the PML Act and Rules, all NBFCs are required to intimate the details of their Designated Director to FIU-IND. (It may be noted that registration of RE and PO is only through the online mode, i.e. FINnet Gateway portal (https://finnet.gov.in/), while intimation of appointment / change of Designated Director is by way of a letter to FIU-IND).
All NBFCs which have failed to comply with any of the above requirements are now required to register their Reporting Entity (RE), Principal Officer (PO) and Designated Director with FIU-IND. The procedure for registration of RE and PO is available on the FIU-IND website (fiuindia.gov.in). All unregistered NBFCs are required to contact the CTR Cell, FIU-IND (011-24672138, ctrcell@fiuindia.gov.in) for any registration related queries.
FIU-IND would delete the names of NBFCs once their registration process is completed and the list would be revised monthly.
Tags : Obligations PML Rules Compliance
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Press Information Bureau
22.03.2018
Civil
Payment of Gratuity (Amendment) Bill, 2018 passed by Parliament
MANU/PIBU/0582/2018
The Payment of Gratuity (Amendment) Bill, 2018 has been passed by parliament today. The bill ensures harmony amongst employees in the private sector and Public Sector Undertakings/Autonomous Organizations under Government who are not covered under CCS (Pension) Rules. These employees will be entitled to receive higher amount of gratuity at par with their counterparts in Government sector. The bill was passed by the Rajya Sabha today and the Lok Sabha on 15th March, 2018. The Payment of Gratuity Act, 1972 applies to establishments employing 10 or more persons. The main purpose for enacting this Act is to provide social security to workman after retirement, whether retirement is a result of superannuation, or physical disablement or impairment of vital part of the body. Therefore, the Payment of Gratuity Act, 1972 is an important social security legislation to wage earning population in industries, factories and establishments. The present upper ceiling on gratuity amount under the Act is Rs. 10 Lakh.
The provisions for Central Government employees under Central Civil Services (Pension) Rules, 1972 with regard to gratuity are also similar. Before implementation of 7th Central Pay Commission, the ceiling under CCS (Pension) Rules, 1972 was Rs. 10 Lakh. However, with implementation of 7th Central Pay Commission, in case of Government servants, the ceiling has been raised to Rs. 20 Lakhs.
Therefore, considering the inflation and wage increase even in case of employees engaged in private sector, this Government decided that the entitlement of gratuity should also be revised in respect of employees who are covered under the Payment of Gratuity Act, 1972. Accordingly, the Government initiated the process for amendment to Payment of Gratuity Act, 1972 to increase the maximum limit of gratuity to such amount as may be notified by the Central Government from time to time.
In addition, the Bill also envisages to amend the provisions relating to calculation of continuous service for the purpose of gratuity in case of female employees who are on maternity leave from 'twelve weeks' to such period as may be notified by the Central Government from time to time.
After enactment of the Act, the power to notify the ceiling of the amount of gratuity under the Payment of Gratuity Act, 1972 shall stand delegated to the Central Government so that the limit can be revised from time to time keeping in view the increase in wage and inflation and future pay commissions.
Tags : Gratuity bill Amendment Approval
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Press Information Bureau
22.03.2018
Banking
Linking of SWIFT to the Core Banking System
MANU/PIBU/0584/2018
Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para 75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship in an area where India has distinctive comparative strengths vis-a-vis other emerging economies and to focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs. The first meeting of committee was held on 10.3.2018.
Reserve Bank of India (RBI) has informed that it has reiterated its instructions regarding "Cyber Security Controls - SWIFT" and "Cyber Security Controls - frauds related to trade finance transactions - misuse of SWIFT", and mandated banks to implement the prescribed measures for strengthening the SWIFT operating environment in banks within the stipulated deadlines. These instructions aim to strengthen SWIFT-related operational controls and reinforce fraud prevention and detection frameworks in place in banks, with a view to avoid misuse of SWIFT.
Tags : SWIFT Linking Banking System
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Press Information Bureau
21.03.2018
Education
Health Ministry grants approval for admission under Disabilities Quota "Historic decision": J. P. Nadda
MANU/PIBU/0562/2018
The Ministry of Health and Family Welfare has granted approval to amend the regulation for admission to PG medical courses in order to expand the scope of persons with disabilities getting benefit of reservation. The percentage of seats to be filled up by persons with disabilities has been increased from 3% to 5% in accordance with the Rights of Persons with Disabilities Act, 2016.
Commenting on this decision, Shri J. P. Nadda stated that after twenty years the Government has taken a historical decision for welfare of divyang sisters and brothers in line with the Prime Minister's vision of 'sabka saath, sabka vikaas', ensuring that they are equal contributors to the progress of the nation. "Now all 21 benchmark disabilities as per the Rights of Persons with Disabilities Act, 2016 can register for admission to medical courses", Shri Nadda added.
According to the amended provision, 21 kinds of Disabilities (as per Rights of Persons with Disabilities Act, 2016) that includes Blindness, Low-vision, Leprosy Cured persons, Hearing Impairment (deaf and hard of hearing), Locomotor Disability, Dwarfism, Intellectual Disability, Mental Illness, Autism Spectrum Disorder, Cerebral Palsy, Muscular Dystrophy, Chronic Neurological conditions, Specific Learning Disabilities, Multiple Sclerosis, Speech and Language disability, Thalassemia, Hemophilia, Sickle Cell disease, Multiple Disabilities (including deaf-blindness), Acid Attack victim, Parkinson's disease, will now be considered under the reservation provided for persons with disabilities.
Accordingly, the software used by DGHS for central counselling has also been amended to allow registration of all such candidates. Registration/allotment of seats would be followed by a medical examination to ascertain the level of Disability before finally granting admission to candidates selected under the reserved quota.
Tags : Admission Disabilities Quota Grant
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Press Information Bureau
21.03.2018
Civil
Cabinet approves Opening of Missions in Africa to implement commitments of India-Africa Forum Summit (IAFS-III)
MANU/PIBU/0563/2018
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the opening of 18 new Indian Missions in Africa over a four year period from 2018-2021.
The 18 new Indian Missions in Africa will be opened in Burkina Faso, Cameroon, Cape Verde, Chad, Republic of the Congo, Djibouti, Equatorial Guinea, Eritrea, Guinea, Guinea Bissau, Liberia, Mauritania, Rwanda, Sao Tome& Principe, Sierra Leone, Somalia, Swaziland and Togo over a four year period from 2018-2021 thereby increasing the number of Resident Indian Missions in Africa from 29 to 47.
The decision will enhance India's diplomatic outreach in the African continent and allow India to engage with Indian diaspora in African countries. Opening of new Missions is also a step towards implementing the vision of enhanced co-operation and engagement with Africa.
Tags : Missions Africa Approval
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Press Information Bureau
20.03.2018
Civil
Government gives financial support to senior citizens through various schemes
MANU/PIBU/0555/2018
The Ministry of Social Justice & Empowerment is implementing a Central Sector Scheme of Integrated Programme for Older Persons (IPOP) since 1992 with the objective of improving the quality of life of senior citizens by providing basic amenities like shelter, food, medical case and entertainment opportunities and by encouraging productive and active ageing. Under this Scheme, financial assistance is provided to Non-Governmental/Voluntary Organisations, Panchayati Raj Institutions etc. for running and maintenance of projects like Old Age Homes, Physiotherapy Centres, Day Care Centres, etc.
The Scheme of IPOP is a demand driven Scheme, wherein financial assistance in the form of grant in aid is released to NGOs after receiving proposals online through the State Governments concerned, complete in all respects.
As per information received from the Ministry of Rural Development, Old Age Pension is provided under the "Indira Gandhi National Old Age Pension Scheme (IGNOAPS)" to the persons belonging to Below Poverty Line (BPL) households of age of 60 years or more.
State-wise funds are being released by the Ministry of Rural Development under the Scheme of IGNOAPS. Identification of beneficiaries, sanction and disbursement of benefit is done by the State Governments.
The performance of the NGOs under the Scheme of Integrated Programme for Older Persons (IPOP) is monitored from time to time through, inter alia, periodic field visits by the nodal officers of this Ministry, Inspection of projects by Regional Resources Training Centres (RRTCs), inspection of the projects under the Scheme by the Distt. Social Welfare Officer of the State Govt. Grants to NGOs is also released only on receipt of satisfactory Inspection Report Utilization Certificate in respect of grants released during the previous year's etc.
Tags : Financial support Senior citizens Schemes
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Press Information Bureau
20.03.2018
Civil
Amendment in AFSPA
MANU/PIBU/0557/2018
There is no proposal to amend the Armed Forces (Jammu and Kashmir) Special Powers Act, 1990. There is no proposal under consideration of Government of India to withdraw the Armed Forces (Jammu and Kashmir) Special Powers Act, 1990 from Jammu and Kashmir. However, a proposal is under consideration to make Armed Forces (Special Powers) Act, 1958 more operationally effective and humane.
Tags : AFSPA Amendment Proposal
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Press Information Bureau
20.03.2018
Service
20% Posts Reserved For Course Completed Act Apprentices' Who Were Engaged in Railway Establishments
MANU/PIBU/0554/2018
Following is the text of Statement by Union Minister of Railways Shri Piyush Goyal in context of Students Agitation in Mumbai this morning:-
"Indian Railways is currently in the midst of a massive recruitment exercise. Indian Railways has come out with a policy to ensure a fair, transparent and competitive recruitment process that follows the law and the guidelines laid down by Hon'ble Supreme Court.
We have already reserved 20% posts for 'Course Completed Act Apprentices' who were engaged in Railway establishments under the Apprenticeship Act. This has been done as per Section 22(1) of the Apprentices Act and the various judgements pronounced by the Hon'ble Supreme Court from time to time. Applicants who completed the Apprenticeship course have also been given an age relaxation equal to the period of apprenticeship.
This is the single largest recruitment ever undertaken by any organisation in India and also the largest opportunity for all sections of youth, including the apprentices to join the Indian Railway in a very transparent and fair manner.
I appeal to my young friends to apply for these large number of jobs, for which the last date of application is 31/03/2018, and join the process of recruitment so that all applicants get a fair and equal opportunity to serve the country."
Tags : Posts Reservation Railway Establishments
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Insurance Regulatory and Development Authority
19.03.2018
Insurance
Directions of High Court of Delhi at New Delhi on Exclusions related to Genetic Disorders
MANU/IRDA/0007/2018
In the matter of M/s United India Insurance Company Limited Vs Jai Parkash Tayal (RFA 610/2016 & CM Nos. 45832/2017) Hon'ble High Court of Delhi at New Delhi held that the exclusionary clause of 'Genetic Disorders', in the insurance policy, is too broad, ambiguous and discriminatory - hence violative of Article 14 of the Constitution of India and directed Insurance Regulatory and Development Authority of India (IRDAI) to re-look the exclusionary clauses in insurance contracts and ensure that insurance companies do not reject claims on the basis of exclusions relating to genetic disorders.
Thus, in pursuance to the directions of Hon'ble High Court all insurance companies offering contracts of Health Insurance are hereby directed that no claim in respect of any existing health insurance policy shall be rejected based on exclusions related to 'Genetic Disorder'.
All insurance companies are directed not to include 'Genetic Disorders' as one of the exclusions in new health insurance policies issued in respect of all their existing health insurance products and also in the new products launched and/or filed under the provisions of Guidelines on Product Filing in Health Insurance Business (Ref. No: IRDA/HLT/REG /CIR/150/07/2016 dated 29th July, 2016).
Tags : Directions High Court Exclusions Genetic Disorders
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