New foreign policy: No more track & trace for medicine export
The Directorate General of Foreign Trade (DGFT) has decided to streamline export regulations by aligning with the evolving regulatory framework of the Ministry of Health & Family Welfare (MoH&FW). Accordingly, the provisions related to the Track and Trace System for pharmaceutical exports under the Foreign Trade Policy (FTP) are being withdrawn.
New Framework for imposing monetary penalty and compounding of offences
The revised framework enhances regulatory compliance by strengthening RBI’s enforcement mechanisms. Payment system operators and banks must align with these norms to ensure smooth financial operations and avoid hefty penalties. Proactive adherence to RBI regulations will not only safeguard businesses but also contribute to a robust and secure digital payment landscape in India.
Kerala Eases LIC’s Stamp Duty Process for Pension Schemes
Kerala Govt. permits LIC to pay ₹10,00,000 consolidated stamp duty for Pension and Group Insurance policies in Kozhikode Division, effective Dec 2024.
New guidelines for Housing Finances Companies to raise money
The revised guidelines shall be applicable to all fresh private placements of NCDs (with maturity more than one year) by HFCs from the date of this circular.
Auction of USD 5 billion dollar
The market participants would be required to place their bids in terms of the premium that they are willing to pay to the Reserve Bank for the tenor of the swap, expressed in paisa terms up to two decimal places. The auction cut-off would be based on the premium. The auction will be a multiple-price based auction, i.e., successful bids will get accepted at their respective quoted premium.
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.
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.
