Notifications & Circulars

Reserve Bank of India

26.09.2019

Banking

Recovery of Interest on delayed remittance of Government Receipts into Government Account

MANU/RMIC/0133/2019

In Circular DGBA.GAD.No.H-4831/42.01.011/2012-13 dated February 13, 2013 wherein, in order to bring uniformity in the procedure of reporting both central and State government transactions to Reserve Bank, it was advised that the petty claims of delayed period of penal interest involving amount of Rs. 500/- or below will be ignored and excluded from the purview of penal interest.

With a view to bring further uniformity in the procedure for reporting both central and state government transactions to Reserve Bank, it has been decided with the approval of Comptroller and Auditor General of India that instructions given in para 7.4 of CGA's OM S-11012/1(31)/AC(22)/2015/RBD/332-424 dated March 9, 2016, will be made applicable to State government transactions also i.e ignoring petty claims of penal interest involving an amount of Rs. 500/- or below and excluding them from the purview of penal interest, and applying the limit of penal interest of Rs. 500/- on per transaction basis.

Tags : Government Receipts Recovery Interest

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Reserve Bank of India

26.09.2019

Banking

RBI releases the Report of the Internal Working Group to Review the Liquidity Management Framework

MANU/RPRL/0170/2019

As announced in the Statement on Developmental and Regulatory Policies of June 06, 2019, an Internal Working Group was mandated to review the current liquidity management framework with a view to simplifying it and suggest measures to clearly communicate the objectives and the toolkit for liquidity management. The Group has since submitted its report. The Group has articulated guiding principles for an effective liquidity management framework. Some of the major guiding principles are: the liquidity framework should be guided by the objective of maintaining the call money rate close to the policy rate; it should be consistent with the policy rate; and it should not undermine the price discovery in the inter-bank money market.

Based on the guiding principles, the Group has made recommendations. The current liquidity management framework should largely continue in its present form- a corridor system with the call money rate as the target rate. The framework should be flexible. While the corridor system would normally require the system liquidity to be in a small deficit, if financial conditions warrant a situation of liquidity surplus, the framework should be adaptable. Minimizing the number of operations should be an efficiency goal of the liquidity framework. Consequently, there should be ideally one single overnight variable rate operation in a day, supported by fine-tuning operations, if required. The current provision of assured liquidity - up to 1% of NDTL - is no longer necessary since the proposed liquidity framework would entirely meet the system's liquidity needs. Build-up of a large deficit or surplus, if expected to persist, should be offset through appropriate durable liquidity operations. In addition to OMOs and forex swaps, the Group recommended longer term repo operations at market related rates. The daily dissemination through Money Market Operations (MMO) press release should be improved by including the 'flow' impact of liquidity operations. To improve transparency, quantitative assessment of durable liquidity conditions of the banking system may also be published.

The report is placed on the RBI website today for comments of stakeholders and members of the public. The liquidity framework shall be finalized taking into account the recommendations of the Group and the public feedback.

Tags : Report Release Liquidity Management

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Telecom Regulatory Authority of India

25.09.2019

Media and Communication

TRAI releases consultation paper on Issues related to Interconnection Regulation, 2017

MANU/TRAI/0086/2019

The Telecom Regulatory Authority of India (TRAI) has issued the consultation paper on 'Issues related to Interconnection Regulation 2017'. TRAI has received representations from quite a few regional broadcasters wherein they have highlighted their concerns regarding the declaration of the target market by Distributors of television channels (DPOs). The existing regulations provide freedom to the DPOs to declare their target market for the purpose of ascertaining the carriage fee. Some of the distribution platform operators have declared multiple states (or entire country in some cases) as their target market. In such cases these regional broadcasters are required to pay very high carriage fee. Not only does this put undesired financial burden on regional broadcasters, it makes them prone to undue arm twisting by the distributors, as their subscription continues to remain lower than the minimum prescribed threshold of five percent (5%), which is the limit under which a DPO is not mandated to carry any channel.

Further, the placement agreement, marketing agreements or any other technical or commercial arrangements between broadcasters and Distributors (apart from RIO based agreements) are in forbearance. But now, quite a few complaints have been received from various broadcasters whereby it is being alleged that some DPOs are resorting to pushing for marketing/placement/promotion agreement, by exploiting the available forbearance. The objective of this consultation process is to review the provisions of the existing Interconnection Regulation 2017 and consult all the stakeholders on issues related to Target Market and issues related to Placement and other agreements between broadcasters and Distributors.

Tags : Consultation paper Release Interconnection Regulation

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Press Information Bureau

24.09.2019

Civil

Central Government takes several key decisions to curb rise in prices of Onions

MANU/PIBU/1440/2019

The Central Government has taken several key decisions to curb rise in prices of Onions today. Concerned over rise in prices of Onions, the central Government announced the below mentioned following key decisions.

States have been requested to utilize a stock of 35,000 ton available with the Central Government for direct retailing to ease the pressure on prices. Communication in this regard was sent to the State Governments asking them to indicate their requirement from the Central Buffer. Till date, 5 States namely, Haryana, Andhra Pradesh, Delhi, Tripura and Odisha have demanded Onions from this stock.

NAFED which holds the Central Buffer on behalf of Union Government has been directed to distribute Onions in Delhi through stores of Safal, Mother dairy, NCCF and its own outlets at a fixed rate of not more than Rs. 24 per kilo. The Central Government also offered the Delhi Government, Onions from its Buffer stocks for direct retailing through its channels at similar rates. This would improve the total number of distribution centres across Delhi to about 700 outlets.

The Kharif crop of Onion from Karnataka has already started arriving in the market and this will ease the pressure on supply from Maharashtra as well as prices in adjoining regions.

There is sufficient stock of Onions in Maharashtra to meet the current demand. However, Supplies are seemingly being restrained to increase prices. Government is taking all measures to improve these supplies and from Central buffer to mitigate any such shortfall in availability and will also consider imposing stock limit if prices do not moderate on account of speculative behaviour of traders. MMTC has also been directed to float a tender for import of Onions to meet any short fall in availability.

NAFED has also been directed to be in preparedness for meeting any contingencies during the ensuing festive season and move sufficient stock in advance to places of consumption and distribution to ensure that supply remains unhindered. The reported export below Minimum Export Price to Bangladesh& Sri Lanka will be immediately stopped and strict action will be initiated against those who are found to be violating this decision of the government.

Tags : Price rise Onions Curb

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Ministry of Corporate Affairs

24.09.2019

Company

Relaxation of additional fees and extension of last date of filing of Form BEN-2 and BEN-1 under the Companies Act, 2013

MANU/DCAF/0097/2019

The Ministry of Corporate Affairs has received representations regarding extension of the last date for filing of e-Form BEN-2 without additional fees on account of certain new aspects which require further examination and clarification. The matter has been examined and it is hereby informed that the time limit for filing e-form No. BEN-2 is extended upto 31.12.2019 without payment of additional fee and thereafter fee and additional fee shall be payable. Consequent to the extension in the date of filing of e-Form BEN-2, the date of filing of Form BEN-1 may be construed accordingly. 2. This issues with approval of the competent authority.

Tags : Relaxation Additional fees Date Extension

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Airports Authority of India

24.09.2019

Civil

Airports Authority of India (Ground Handling Services), Amendment, Regulations, 2019

MANU/NMIC/0526/2019

In the exercise of the powers conferred by section 42 of the Airports authority of India Act, 1994 (55 of 1994), the Airports Authority of India with the previous approval of the Central Government hereby makes the following regulations to amend the Airports Authority of India (Ground Handling Services) Regulations, 2018 namely:-

1. Short title and commencement.--

(1) These regulations may be called the Airports Authority of India (Ground Handling Services), Amendment, Regulations, 2019.

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

2. In the Airports Authority of India (Ground Handling Services) Regulations, 2018, -

(i) in regulation 2, in clause (c), for the word "entity", the words "entity, with distinct and independent existence at the airport," shall be substituted;

(ii) in regulation 3, in sub-regulation (8), for the word "thirty-six", the word "eighty-four" shall be substituted.

Tags : AAI Regulation Amendment

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