RBI introduces FCRA related transaction code in NEFT and RTGS Systems
The Reserve Bank of India (RBI) has issued a notification introducing Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems. This notification was issued on 16th February, 2023. Member banks should incorporate necessary changes in their core banking / middleware solutions to capture the requisite details while forwarding the foreign donations through NEFT and RTGS systems to SBI. These instructions will be effective from 15th March, 2023.
RBI issues FAQs on Digital Lending Guidelines
The Reserve Bank of India (RBI) has issues Frequently Asked Questions (FAQs) on Digital Lending Guidelines. The Guidelines on Digital Lending were issued on 2nd September, 2022. The present notification lists out a total of 18 FAQs.
RBI issues an updated Alert List against unauthorised forex trading platforms
It is also reiterated that residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for penal action under the provisions of FEMA.
Unified Payments Interface (UPI) to foreign nationals and NRIs visiting India
To start with, this facility will be extended to travellers from the G-20 countries at select international airports for their merchant payments (P2M) while they are in the country. Going forward, this will be enabled across all entry points in the country.
RBI issues Governor’s Statement on the first monetary policy of 2023
The statement elucidates that based on an assessment of the macroeconomic situation and its outlook, the Monetary Policy Committee has decided to increase the policy repo rate by 25 basis points to 6.50 per cent, with immediate effect. Consequently, the standing deposit facility (SDF) rate will stand revised to 6.25 per cent; and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 per cent.
RBI extends UPI for Inbound Travellors to India through Statement on Developmental and Regulatory Policies
It is now proposed to permit all inbound travellers to India also to access UPI for their merchant payments (P2M) while they are in the country. To start with, this facility will be extended to travellers from the G-20 countries, arriving at select international airports. Going forward, this facility will be enabled across all other entry points in the country. Necessary operational instructions will be issued shortly.
RBI Extends Market Trading Hours to pre-pandemic level
It has now been decided to also restore market hours in respect of government securities from 9:00 AM to 3:30 PM to 9:00 AM to 5:00 PM. Accordingly, with effect from Monday, February 13, 2023, the revised trading hours for markets regulated by the Reserve Bank shall be in effect.
Payments Infrastructure Development Fund (PIDF) Scheme to subsidise deployment of Points of Sale (PoS) infrastructure (physical and digital modes)
The scheme was operationalized by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centers and north-eastern states of the country.
Corrigendum under the Haryana Logistics, Warehousing and Retail Policy, 2019
Application for subsidiary shall be submitted on prescribed Format for the grant of interest subsidy on the term loan, along with listed documents should be submitted to the Director/ Director General, Industries Department, on the web portal of the department.
NSE notifies on Display of Details of Client Bank Accounts on Websites
The notification advises members to display details of all their active client bank accounts on their website which are reported to Exchange, on Enhanced Supervision of Stock Brokers. This intends to bring greater transparency in the dealings between the clients and the stock brokers and foster investor awareness.
