Extended timeline for applying for scrip based FTP schemes
he last date for applying for MEIS, SEIS, ROSCTL and ROSL is extended till 31st December 2021.
Revised import policy for import through IOC
The revised policy allows Import through IOC by entities other than companies who have been granted rights for marketing of transportation fuels for products excluding gasoline and automotive diesel fuel, not containing bio-diesel.
RBI publishes Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021.
The policy for introduction of new over the counter (OTC) derivative products shall, inter-alia, include the process for evaluation and approval of new products. All new products shall be approved by the Board of Directors.
MSME Implements International Cooperation Scheme.
Financial assistance is provided to all eligible/State/Central Government organizations, registered industries association and Societies/Trusts involved in promotion and development of MSME sectors
National Asset Reconstruction Company to acquire stressed assets of about Rs 2 lakh crore in phases.
The Ministry of Finance clarified that the NARCL will acquire assets by making an offer to the lead bank, and once NARCL’s offer is accepted, then, IDRCL (Indian Debt Resolution Company Ltd) will be engaged for management and value addition. It said that the government guarantee is needed because the resolution mechanisms of this nature which deal with a backlog of NPAs typically require a backstop from the government.
Defence Ministry notifies simplified procedure for faster verification of bank guarantees during the acquisition process.
The Defence Acquisition Procedure (DAP) 2020 provides right to the buyer to seek confirmation of the foreign bank’s BG from an Indian bank, where required, at the bidder’s cost.
