SEBI clarifies the requisite period of preservation of records by Depositories and Depository Participants
The clarification was necessitated as the SEBI Circular dated December 9, 2009, requires Depositories and Depository Participants to preserve records and documents for a minimum period of five years. However, the provisions of the SEBI (Depositories and Participants) Regulations, 2018, requires Depositories and Depository Participants to preserve records and documents for a minimum period of eight years. In order to rectify the anomaly, changes have been made both, to the Master Circular for Depositories dated 25th October 2019 and SEBI Circular dated 9th December 2009. These changes now elucidate explicitly that Depositories and Depository Participants must maintain records and documents for a minimum period of eight years.
FSSAI operationalises draft FSS (Food Product and Food Additives) Amendment Regulations, 2020
The draft Amendment Regulations state that prescribed general requirements shall apply to all specified meat and products. Prior to the draft Regulations, the requirements applied only to fresh/ chilled/ frozen poultry meat, mutton or sheep meat, pork or pig meat, chevon or goat meat, or beef. They did not apply to canned mutton and goat meat, canned chicken, canned chopped meat, canned cooked ham, canned corned beef and canned luncheon meat. In particular, one such requirement is that milk and meat-producing animals shall not be fed with feed containing meat or bone meal including internal organs, blood meal, etc. Prior to the draft Amendment, this prohibition was only confined to meat-producing animals.
RBI notifies the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020
The Amendment Regulations insert a new Regulation 9, empowering RBI to permit export or import of Indian currency, as an independent regulation. Prior to this amendment the said provision existed as a mere proviso. Therefore, on an application made to it, RBI can grant permissions to take/ send out of India to any country or bring into India from any country, currency notes of Government of India and /or of Reserve Bank of India. This is subject to terms and conditions specified by the RBI. Furthermore, the RBI must be satisfied that such import or export of Indian currency is necessary.
RBI invites comments on the draft framework for recognition of a self-regulatory organisation for payment system operators.
The SRO will serve as a two-way communication channel between the PSOs and the central bank, and work towards establishing minimum benchmarks and standards in the payments space, apart from helping disciplined behaviour by members.
RBI published a framework on the authorisation of Pan India umbrella entity for retail payment.
All entities eligible to apply as promoter group of the umbrella entity shall be owned and controlled by resident Indian citizens with 3 years’ experience in the payments ecosystem as Payment System Operator (PSO) / Payment Service Provider (PSP) / Technology Service Provider (TSP).
DGFT permits the export of certain non-woven fabric used for making masks and coveralls.
DGFT lifted the prohibition on export of all non-woven fabric used for the production of masks and coveralls. However, the export of melt-blown fabric of any GSM (grams per square metre) continues to be banned.
The Contract Labour (Regulation and Abolition) (Punjab Amendment) Ordinance, 2020.
The Contract Labour ordinance shall now be applicable to every establishment in which fifty or more workmen are employed on day of the preceding twelve months as contract labour.
FSSAI issues SOP for applying and processing of refund of erroneous payments credited into FSSAI Account in respect of license / registration fee.
The fee paid by the applicant for successfully submitted application for licensing/registration shall not be refunded.
