Progress of NEFT and RTGS Systems
National Electronic Funds Transfer (NEFT) system and Real Time Gross Settlement (RTGS) system are being managed by the Reserve Bank to settle the retail and wholesale payments, respectively. An important landmark was reached in the journey of these systems with NEFT and RTGS functioning on a 24x7x365 basis from December 16, 2019, and December 14, 2020, respectively.
RBI update on Withdrawal of ₹2000 Denomination Banknotes
The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.
Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024
These Directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes. These Directions shall be applicable from April 01, 2024.
RBI invites comments on the “Draft Disclosure framework on Climate-related Financial Risks, 2024”
These guidelines shall be applicable to all Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks and Regional Rural Banks), All Tier-IV Primary (Urban) Co-operative Banks, All All-India Financial Institutions (viz. EXIM Bank, NABARD, NaBFID, NHB and SIDBI) and All Top and Upper Layer Non-Banking Financial Companies (NBFCs).
RBI publishes updated ‘Enabling Framework for Regulatory Sandbox’
Among others, the timelines of the various stages of the Regulatory Sandbox process have been revised from seven months to nine months. The updated framework also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023.
Maharashtra Labour Welfare Fund (Amendment) Bill, 2024
The Maharashtra Labour Welfare Fund (Amendment) Bill, 2024 aims to increase the rates of tripartite contributions to the Labour Welfare Fund under the Maharashtra Labour Welfare Fund Act 1953 to finance welfare activities for laborers and their dependents and to maintain the ratio of administrative expenses of the Board within its limit.
Himachal Pradesh Factories (Amendment) Rules, 2024
The proposed amendments outlined in the Himachal Pradesh Factories Rules, 1950 signify a significant step towards strengthening the regulatory framework for factories in Himachal Pradesh. The detailed provisions for the recognition and certification of competent persons and institutions, as well as the specific qualifications and experiences outlined in the schedules, aim to enhance the safety and compliance standards within factories, ultimately contributing to a more robust and effective regulatory environment.
Restriction on Applicability of Fixing of hours of work and Spread over hours of work, on IT related Services and Financial Services for 2 years in Gujarat
Government of Gujarat, declaring the exemption of certain provisions of the Gujarat Shops and Establishments Act for specific types of services for a designated period.
Maharashtra Labour Welfare Fund (Amendment) Bill, 2024
Government of Assam issued notification addressing the revision of VDA rates for workers in the private security sector. It highlights the government’s effort to adjust the VDA in line with the changing cost of living, as reflected in the CPI, and aims to ensure fair compensation for employees and workers in the specified categories.
NBEMS Announces FMGE Screening Test Schedule for June 2024
. In adherence to regulations, candidates must possess an Eligibility Certificate (EC) issued by the National Medical Commission to apply for the Screening Test. The application process for the EC is exclusively online through the National Medical Commission’s website. The last date for submission of application us April 30th, 2024.
