On Tap application on Retail Payments to be tested in RBI regulatory sandbox
RBI has launched regulatory sandbox for testing ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS). Exto India Technologies Pvt. Ltd. was selected for the Test Phase. The entity tested an offline digital payment product which was evaluated based on mutually agreed scenarios and expected outcomes.
GST Council Regularizes payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer
Services by insurer to the reinsurer for which ceding commission or the reinsurance commission is deducted from reinsurance premium paid by the insurer to the reinsurer is included in Schedule III of the CGST Act, 2017 as activities or transactions which shall be treated neither as a supply of goods nor as a supply of services
SEBI prescribes format of Due diligence certificate to be submitted by the DTs in case of secured and unsecured debt securities
At the time of filing the draft offer document with the stock exchanges, Issuer shall submit to the Stock Exchange, a due diligence certificate obtained from the Debenture Trustee as per the format specified.
Symposium on Building a Startup Ecosystem for Scheduled Tribes
The symposium, held in Delhi on 28th January 2025, provided a platform for thought leaders and stakeholders to explore approaches for uplifting tribal entrepreneurs and catalyzing investments in tribal-led startups.
DGFT has launched the enhanced Certificate of Origin (eCoO) 2.0 System
As of 1st January 2025, the electronic filing of Non-Preferential Certificates of Origin has become mandatory via the eCoO 2.0 platform, and is available to exporters at https:// trade.gov.in under the “Get Certificate of Origin” section. This trade facilitation initiative has been streamlining the certification process, and improving turnaround times for exporters, marking a significant advancement in enhancing the Ease of Doing Business.
RBI publishes Payment System Report, December 2024
This report, in addition to analysing the trends in payment transactions carried out using various payment systems in India during the last five calendar years up to CY-2024, covers important developments in the payment ecosystem and provides an in-depth analysis into UPI. Henceforth, the Report will be published on RBI website on half yearly basis.
RBI operations to inject liquidity into banking system
The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly liquidity conditions.
RBI clarification regarding coverage of customers under the nomination facility as per Master Circular on “Customer Service in Banks”
The frontline staff in the branches of banks may be suitably sensitised for obtaining nomination as well as appropriate handling of claims of deceased constituents and dealing with nominees/ legal heirs. The Account Opening Forms may be modified suitably (if not already done) with provision for the customers to avail or opt out of nomination facility.
RBI issues Regulatory prescriptions and Institutional Safeguards for Prevention of financial frauds perpetrated using voice calls and SMS
To enhance fraud risk monitoring and prevention, the REs are further advised to develop Standard Operating Procedures (SOP) incorporating the required action to be taken including, inter alia, updating the registered mobile number(RMN) after due verification; enhanced monitoring of accounts linked to these revoked mobile numbers for preventing the linked accounts from being operated as Money Mules and / or being involved in cyber frauds, etc.
Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Third Amendment) Regulations, 2025
These changes aim to streamline the processes related to mode of payment, investment structures, and the remittance of sale or maturity proceeds, ensuring greater clarity and compliances.
