RBI Discussion Paper on Review of Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks
The paper suggests a new framework addressing the significant developments over the last two decades in the global prudential framework, accounting standards as well as in our domestic financial markets.
Pre-shipment inspection certificate is exempted for import of metallic scrap through Hazira port and Kamarajar port
Import of metallic scrap coming from 6 safe countries can now be permitted from 10 designated ports without Pre-Shipment Inspection Certificate.
General Authorization for Export of Chemicals and related equipment under SCOMET List
Application for general authorization shall be submitted through online SCOMET portal along with proforma- ANF 20.
UGC brings all higher educational institutes under ABC regulation.
The Academic Bank of Credit (ABC) framework is part of National Education Policy (NEP) 2020, and will allow higher education institutions to maintain a digital repository of credits earned by students; under ABC, students can choose to study one course in a year in one institution and switch to another one the next year.
UGC issues warning against institutions offering online programmes in ties with Edtech firms.
Higher Educational Institutions (HEls) are recognized/ declared entitled by the UGC for offering ODL and/or Online programmes as per the UGC (Open and Distance Learning Programmes and Online Programmes) Regulations, 2020 and its amendment.
The Registration of Factors (Reserve Bank) Regulations, 2022.
Every company intending to undertake factoring business shall make an application to the Reserve Bank for grant of certificate of registration (CoR) as NBFC-Factor under the Act.
The Registration of Assignment of Receivables (Reserve Bank) Regulations, 2022.
Every Form for registration of any transaction relating to assignment of receivables or satisfaction of receivables on realisation shall be accompanied by the fee, as prescribed by GoI in Registration of Assignment of Receivables Rules, 2012, as amended from time to time, to be paid to the Central Registrar in the manner as may be specified by the Central Registrar from time to time.
Ministry of Power extends the timeline for submission of comments on Draft Electricity (Late Payment Surcharge and related matters) Rules, 2021.
The rules provide rates of late payment surcharge, payment security mechanism, penalty, process for adjustment and liquidation of arrears.
IRDAI clarifies on manner of sharing of profit commission by Indian Re-insurers
The Indian Re-insurer shall share the profit commission, on 50%:50% basis, with the ceding insurer based on the performance and surplus of the total obligatory portfolio of the ceding insurer.
