22 November 2021


Notifications & Circulars

Press Information Bureau

18.11.2021

MRTP/ Competition Laws

CCI imposes a penalty on paper manufacturers for indulging in cartelisation

MANU/PIBU/4534/2021

The Competition Commission of India (CCI) issued a final order yesterday against certain companies manufacturing paper from agricultural waste and recycled wastepaper as well as an association, which were found to have contravened the provisions of Section 3(1) of the Competition Act, 2002 (Act), read with Section 3(3)(a) thereof, which proscribe anti-competitive agreements.

The case was initiated suo motu by the Commission on the basis of certain material found during the ongoing investigations of two other cases. Although the DG investigated 21 original paper manufacturers and the association, it only recorded findings of contravention of the provisions of Section 3(1) of the Act read with Section 3(3)(a) thereof against ten (10) such paper manufacturers and the association. The period of cartel was noted by the DG to be from September 2012 till March 2013.

CCI found these companies and an association which provided its platform, for such activities to have indulged in cartelisation in fixing the prices of writing and printing paper.

In this backdrop and further considering that during the pandemic, most businesses moved to the virtual mode thereby reducing the need for paper and affecting the paper business, CCI imposed a symbolic penalty of Rs. 5 lakh each on the ten (10) paper manufacturers found guilty of cartelisation.

Further, a penalty of Rs. 2.5 lakh was imposed on the association for providing its platform for anti-competitive activities. Apart from the above, CCI also directed the above paper manufacturers and the association, and their respective officials who have been held liable in terms of the provisions of Section 48 of the Act, to cease and desist in the future from indulging in anti-competitive conduct.

Tags : Penalty Imposition Cartelisation

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Reserve Bank of India

16.11.2021

Banking

Financial Action Task Force High risk and other monitored jurisdictions

MANU/RPRL/0199/2021

The Financial Action Task Force (FATF), vide public document 'High-Risk Jurisdictions subject to a Call for Action' dated October 21, 2021, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020.

FATF had earlier identified the following jurisdictions as having strategic deficiencies which have developed an action plan with the FATF to deal with them. These jurisdictions are: Albania, Barbados, Burkina Faso, Botswana, Cambodia, Cayman Islands, Haiti, Jamaica, Malta, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Uganda, Yemen and Zimbabwe. As per the public statement, Jordan, Mali and Turkey have now been added to the list of Jurisdiction under increased Monitoring based on the decision made at the October 2021 FATF plenary. Further, as per the public Statement, Botswana and Mauritius have been removed from the list of Jurisdictions under Increased Monitoring. FATF plenary releases documents titled "High-Risk jurisdictions subject to a Call for Action" and "Jurisdictions under increased Monitoring" with respect to jurisdictions that have strategic AML/CFT deficiencies as a part of the ongoing efforts to identify and work with jurisdictions with strategic Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) deficiencies. Such advice does not preclude the regulated entities from legitimate trade and business transactions with the countries and jurisdictions mentioned there.

The detailed information is available in the updated public statements and document released by FATF on October 21, 2021.

About FATF

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. The FATF's decision making body, the FATF Plenary, meets three times a year and updates these statements, which may be noted.

Tags : Financial Action Task Force Jurisdictions

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Reserve Bank of India

16.11.2021

Banking

RBI imposes monetary penalty on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh

MANU/RPRL/0200/2021

The Reserve Bank of India (RBI) has imposed, by an order dated November 16, 2021, a monetary penalty of Rs. 2.00 lakh (Rupees Two lakh only) on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The inspection report of the bank based on its financial position as on March 31, 2020, revealed, inter alia, that the bank had (i) not adhered to prudential inter-bank (Gross) exposure limit, (ii) not complied with the prudential inter-bank Counter Party limit and (iii) no system in place to identify suspicious transactions in contravention of/ non-compliance with the directions issued by RBI on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank's replies, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

Tags : Penalty Imposition Bank

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Securities and Exchange Board of India

16.11.2021

Capital Market

Schemes of arrangement by listed entities

MANU/SSMD/0046/2021

1. SEBI Master Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/249 dated December 22, 2020 has laid down the framework for Schemes of Arrangement by listed entities.

2. Empowering the stock exchanges: It has been decided to provide further clarifications on the processing of draft schemes filed with the stock exchanges, and make certain amendments to the aforesaid Circular dated December 22, 2020, as provided in the Annexure to this Circular. These amendments are aimed at ensuring that the recognized stock exchanges refer draft schemes to SEBI only upon being fully convinced that the listed entity is in compliance with SEBI Act, Rules, Regulations and circulars issued thereunder.

3. Applicability of this Circular: This Circular shall be applicable for all the schemes filed with the stock exchanges from the date of the Circular.

4. The recognized stock exchanges are directed to bring the provisions of this circular to the notice of the listed companies and also to disseminate the same on their website

5. This circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulations 11, 37 and 94 read with Regulation 101(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Rule 19(7) of Securities Contracts (Regulation) Rules, 1957 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : Schemes Arrangement Listed entities

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Ministry of Commerce and Industry

15.11.2021

Commercial

Standard Operating Procedures (SOP) for random checking of imported consignments of metal scrap with respect to radioactive contamination

MANU/DGFT/0158/2021

In exercise of powers conferred under paragraph 1.03 and 2.04 of the Foreign Trade Policy (2015-2020), the Director General of Foreign Trade hereby notifies the Standard Operating Procedures (SOP) for random checking of imported consignments of metal scrap with respect to radioactive contamination as enclosed in the Annexure to this Public Notice.

2. This shall come into force with immediate effect.

3. Effect of Public Notice:

The Standard Operating Procedure (SOP) for random checking of imported consignments of metal scrap with respect to radioactive contamination is notified.

Tags : SOP Checking Imported consignments

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Ministry of Commerce and Industry

15.11.2021

Commercial

Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31st Jan 2022

MANU/DGFT/0159/2021

1. In continuation to the earlier Trade Notice 42/2020-2021 dated 19.02.2021, 48/2020-2021 dated 25.03.2021, 10/2021-2022 dated 19.07.2021, 19/2021-2022 dated 01.10.2021 and 21/2021-22 dated 18.10.2021, it is informed that the electronic platform for Certificate of Origin (CoO) (URL: https://coo.dgft.gov.in) has been expanded to facilitate electronic filing and issuance for Non-Preferential Certificates of Origin. The objective of this platform is to provide an electronic, contact-less single window for the CoO related processes.

2. In this reference, it is informed that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been extended till 31st January 2022. The existing systems for submitting and processing non-preferential CoO applications in manual/paper mode is being allowed for the stated time period and the online system is not being made mandatory.

3. All Agencies as notified under Appendix-2E are required to ensure their on boarding process is completed at the earliest and no later than 31st January 2022. Reference Trade Notice 21/2021-22 dated 18.10.2021, it is submitted that all Agencies notified under Appendix-2E, are required to ensure that the on boarding exercise is completed latest by 31st January 2022 failing which the agencies shall be de-notified from Appendix 2E.

4. All Exporters concerned are requested to ensure that they are duly registered onto the said platform at the earliest. Any technical/procedural issues may be brought to the attention of the CoO Helpdesk within the time prescribed. For guidance on registration and application submission process, the Help Manual & FAQs may be accessed on the landing page.

This issues with the approval of the competent authority.

Tags : Extension Date Mandatory electronic filing

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