22 April 2019


Notifications & Circulars

Reserve Bank of India

18.04.2019

Banking

Reserve Bank of India commits to the FX Global Code

MANU/RPRL/0075/2019

The Reserve Bank of India (RBI) has signed a Statement of Commitment (SoC) to the FX Global Code ("Code"). The Code, launched on May 25, 2017, is a compilation of best market practices, formulated by Central Banks and market participants, developed under the auspices of the Bank for International Settlements (BIS), Basel. The Code is applicable to the Wholesale FX market participants covering sell-side, buy-side and financial intermediaries, and is voluntary in nature. The Code does not impose any legal or regulatory obligation and is intended to be a supplement to the local laws, rules and regulations. The Code is currently being implemented globally by the Global FX Committee (GFXC) in co-ordination with the Local FX Committee (LFXC) in each jurisdiction. RBI is a member of GFXC. RBI, along with four major Central Banks, had welcomed the publication of the Code through joint media release dated May 25, 2017 (Joint Media Release: BOK, HKMA, MAS, RBA and RBI welcome the publication of the FX Global Code).

The Code is organized around six leading principles, namely: (1) Ethics (2) Governance (3) Execution (4) Information Sharing (5) Risk Management and Compliance, and (6) Confirmation and Settlement Processes. The Code is also applicable to Central Banks, except for the operations undertaken to further their policy objectives.

RBI supports the principles of good practices within the Code. RBI has also facilitated the formation of India Foreign Exchange Committee (IFXC) to promote adoption and adherence of the Code among FX market participants in India. The Code and other related information is available at: http://www.globalfxc.org.

Tags : Global Code Commitment

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Ministry of Labour and Employment

18.04.2019

Labour and Industrial

Central Government hereby declares the services engaged in the Banking industry to be a public utility service for the purposes of Industrial Disputes Act, 1947

MANU/LABR/0030/2019

Whereas the Central Government is satisfied that public interest so requires that the services engaged in the Banking industry, which is covered under item 2 of the First Schedule to the Industrial Disputes Act, 1947 (14 of 1947), to be a public utility service for the purposes of the said Act;

And whereas the Central Government has lastly declared the said industry to be public utility service for the purposes of the said Act for a period of six months from the 21st October, 2018 vide notification of the Government of India in the Ministry of Labour and Employment number S.O.5326(E), dated the 18th October, 2018 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), dated the 18th October, 2018;

And whereas the Central Government is of the opinion that public interest requires the extension of the public utility service status to the said industry for a further period of six months;

Now, therefore, in exercise of the powers conferred by the proviso to sub-clause (vi) of clause (n) of section 2 of the Industrial Disputes Act, 1947 (14 of 1947), the Central Government hereby declares the services engaged in the Banking industry to be a public utility service for the purposes of the said Act for a period of six months with effect from the 21th April, 2019.

Tags : Services Declaration Industrial Disputes

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Reserve Bank of India

16.04.2019

Banking

Exclusion of "DBS Bank Ltd" from the Second Schedule of the Reserve Bank of India Act, 1934

MANU/RMIC/0047/2019

Consequent upon setting up of 'DBS Bank India Limited' as a Wholly Owned Subsidiary of 'DBS Bank Ltd', it has been decided to exclude 'DBS Bank Ltd' from the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification DBR.IBD.No.7336/23.13.046/2018-19 dated March 06, 2019 and published in the Gazette of India (Part III - Section 4) dated April 06, 2019 - April 12, 2019.

Tags : Enactment Exclusion DBS Bank

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Press Information Bureau

15.04.2019

Civil

Cabinet apprised about MoU between India and Republic of Korea in issuing jointly Postage Stamp

MANU/PIBU/0490/2019

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised about an MoU signed in February, 2019 between India and Republic of Korea.

Department of Posts, Ministry of Communications, Government of India and The Ministry of Science and ICT (Korea Post), Government of the Republic of Korea have mutually agreed to jointly issue Postage Stamps on the theme "Queen Hur Hwang-ok of Korea".

The joint stamps will be released on a mutually agreed date by the end of 2019.

Tags : MoU Approval Postage Stamp

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Press Information Bureau

15.04.2019

Civil

Cabinet apprised about MoU between India and Brazil in the area of Biotechnology

MANU/PIBU/0493/2019

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised about an MoU signed in May, 2018 between India and Brazil.

The MoU has been signed to strengthen the ties between India and Brazil to work out the future agenda for the collaboration for innovation in Science & Technology diplomacy to evolve a concrete strategic plan in the area of biotechnology education, training and research.

The broad areas of collaboration are:

Biomedicine and health, especially biotech based products

Agriculture breeding practices

Biofuel and bio-energy

Nanotechnology and Bioinstrumentation

Biodiversity and Taxonomy

Tags : MoU Approval Biotechnology

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Press Information Bureau

15.04.2019

Law of Medicine

Cabinet approves MoU between India and Bolivia on Cooperation in the Field of Traditional Systems of Medicine and Homoeopathy

MANU/PIBU/0495/2019

The Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) between India and Bolivia in the Field of Traditional Systems of Medicine and Homoeopathy. The MoU was signed in Bolivia in March, 2019.

Impact:

The MoU will provide a framework for cooperation, and will be mutually beneficial between the two countries for promotion of traditional systems of medicine and homoeopathy. It will lead to promotion and propagation of Traditional Systems of Medicine and Homoeopathy in Bolivia, and will boost the importance of AYUSH (Ayurveda, Yoga, Unani, Siddha and Homoeopathy) systems of Medicine in Bolivia. The MoU will further facilitate exchange of experts for training for the practitioners and Scientists undertaking collaborative research, which will lead to new innovations in drug development and practice in Traditional Systems of Medicine.

Tags : MoU Approval Homoeopathy

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Press Information Bureau

15.04.2019

Power and Energy

Cabinet approves Cooperation Agreement between India and Denmark in the field of Renewable Energy with focus on Offshore Wind Energy

MANU/PIBU/0487/2019

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for a Cooperation Agreement between Ministry of New and Renewable Energy of India and Ministry for Energy, Utilities and Climate of the Kingdom of Denmark on strategic sector cooperation in the field of Renewable Energy with a focus on Offshore Wind Energy and a Letter of Intent to establish an Indo-Danish Centre of Excellence for renewable energy in India. The Agreement was signed in March, 2019 in New Delhi.

The objective of the Cooperation Agreement is to promote cooperation between the two countries in the field of renewable energy with special focus on Off-shore wind. The areas of cooperation would include technical capacity building for management of offshore wind projects, measures to develop and sustain a highly efficient wind industry, onshore as well as offshore; measures to 'ensure high quality of wind turbines, components, and certification requirements; forecasting and scheduling of off-shore wind.

The Indo-Danish Centre of Excellence in Integrated Renewable Power would work on Renewable energy resource assessments with focus on onshore and offshore wind; Hybridisation of wind, solar, hydro and storage technologies; integration of renewable energy inch high level of wind energy, Testing and R&D; and skill development / capacity building.

The signing of the documents will help in strengthening bilateral cooperation between the two countries.

Tags : Agreement Approval Renewable Energy

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