Streamlining Internal Compliance Monitoring: RBI’s Tech-Driven Mandates for Financial Institutions
In an era where regulatory scrutiny is intensifying, the Reserve Bank of India (RBI) has spotlighted the necessity for a more sophisticated internal compliance monitoring function across a wide spectrum of financial institutions. This directive encompasses Scheduled Commercial Banks (with the exception of Regional Rural Banks), Small Finance Banks, Payments Banks, Primary (Urban) Co-operative Banks […]
Draft Notification of Revision of Minimum Wages for Employment in Hosiery and Knitwear Manufacturing in Tamil Nadu
The Labour Welfare and Skill Development Department of the Government of Tamil Nadu issued a draft notification, proposing the revision of minimum rates of wages for employment in Hosiery Manufactory and Knitwear Manufactory under the Minimum Wages Act, 1948, specifying the minimum rates of basic wages for different classes of employees and the calculation of dearness allowance, while also inviting objections or suggestions from the public.
Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) guidelines
As per the PMKKKY guidelines 2024, at least 70% of the funds are to be spent on High Priority Sectors like drinking water supply, environment preservation and pollution control measures, health care, education, welfare of women and children, welfare of aged and differently abled, skill development and livelihood generation, sanitation, housing, agriculture, and animal husbandry. Up to 30% of the funds are to be spent on Other Priority Sectors like physical infrastructure, irrigation, energy and watershed development, and any other measures for enhancing environmental quality in the mining affected district.
DoT Technical Arm “TEC” conducts awareness program for startups/ companies in the telecom sector in Bengaluru
Department of Telecommunication’s Technical Arm “TEC” (Telecommunication Engineering Centre) has conducted an awareness program at ITI Complex, Begaluru on February 02, 2024 for startups/ companies in the telecommunication sector on mandatory testing and certification of telecom equipment (MTCTE), voluntary testing and certifications viz. Type Approvals, Interface approval, Certificate of approval, Technology approval and Lab designation by TEC, etc.
IRDAI has issued draft Insurance Regulatory and Development Authority of India (Corporate Governance) Regulations, 2024
As part of the comprehensive review of Regulations being undertaken by the IRDAI, to enhance the ease of doing business and also reduce compliance burden for stakeholders while also ensuring that interests of policyholders continues to be protected, Insurance Councils were asked to submit their recommendations. Councils constituted the Regulations Review Committee (RRC).
Exposure Draft of IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024
As part of the comprehensive review of Regulations being undertaken by the IRDAI, to enhance the ease of doing business and also reduce compliance burden for stakeholders while also ensuring that interests of policyholders continues to be protected, Insurance Councils were asked to submit their recommendations.
NSE clarification regarding Penalties at NCL
NSE has announced introduction of new functionality, “Penalties at NCL” menu on member portal where details of penalties levied by various departments of NCL are being made available.
ESIC clarification regarding issue of e-Pehchaan Card to all lPs
All ROs/SROs are directed to issue suitable directions to allthe employers under their jurisdiction to download e-Pehchaan card from ESI Portal and hand it over to their respective employees/ Insured Persons immediately after registration under the ESI Scheme and also ensure that hard copy of e-Pehchaan Card must be given to all existing lPs also, by the employers.
Manufacturing of Alumina and Aluminium and Mining of Bauxite declared as a public utility service
The notification has extended public utility service status to the industries engaged in Manufacturing of Alumina and Aluminium and Mining of Bauxite for a period of six months with effect from the 4th February, 2024.
