Use of Hindi in Public Sector Banks is governed by the Official Languages Act (OLA), 1963 (as amended in 1967) and the Official Language Rules (OLR), 1976 (framed under the Act by the Ministry of Home Affairs, Department of Official language (DOL), Government of India (GOI). As provided under the Act and Rules, GOI, Ministry of Home Affairs, DOL prepares the broad guidelines and also the annual programme for progressive use of Hindi. Monitoring the progress in use of Hindi in Public Sector Banks is done by the Department of Banking Operations and Development (DBOD), Central Office, Reserve Bank of India. At the instance of GOI, Ministry of Finance (Banking Division), an Official Language Implementation Committee (OLIC) of Public Sector Banks, with the Chief General Manager of DBOD as its ex-officio Chairman and Senior Executives of the rank of General Managers of Public Sector Banks as members, has been constituted in 1976; it reviews the progress in implementation of the Official Language Policy (OLP) through the quarterly meetings.
Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5% to the country’s economic growth.
ACIT Vs West Asia Maritime Ltd. (ITAT Chennai) (Third Member)- The contention of the assessing authority that the ship was excluded from the ambit of tonnage tax scheme mainly for the reason that the ship is rendering services only between Indian ports, which would have also been rendered on land by road or rail, is too far-fetched.
Auditors to submit additional Report to the Board of Directors – In addition to the Report made by the auditor under section 227 of the Companies Act, 1956 (1 of 1956) on the accounts of a non-banking financial company examined for every financial year ending on any day on or after the commencement of these Directions, the auditor shall also make a separate report to the Board of Directors of the Company on the matters specified in paragraphs 3 and 4 below.
Entry into insurance business – In the statement of Monetary and Credit Policy for the year 2000-2001 announced by our Governor on April 27, 2000 it was indicated, inter alia, that the guidelines for entry of NBFCs into insurance business would be announced. Accordingly, the Bank issued on June 9, 2000 the final guidelines after taking into account the views/ suggestions/ comments of the market participants as given below. The aspirant NBFCs are advised to make an application along with necessary particulars duly certified by their statutory auditors to the Regional Office of Department of Non-Banking Supervision under whose jurisdiction the registered office of the NBFCs is situated.
The Committee appointed by the Ministry of Social Justice and Empowerment, Government of India, to draft a New Legislation replacing the existing Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995, presented the final draft of the new law, “The Rights of Persons with Disabilities Bill, 2011”, to Shri Mukul Wasnik, Minister for Social Justice and Empowerment. The proposed law seeks to repeal the Persons with Disabilities Act of 1995 and to replace it with a comprehensive rights based law in accordance with the provisions of the United Nations Convention on the Rights of Persons with Disabilities (UNCRPD).
Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. CP, as a privately placed instrument, was introduced in India in 1990 with a view to enable highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary dealers (PDs) and all-India financial institutions were also permitted to issue CP to enable them to meet their short-term funding requirements. The guidelines for issue of CP, incorporating all the amendments issued till date, are given below for ready reference.
Incidence of frauds in NBFCs is a matter of concern. While the primary responsibility for preventing frauds lies with NBFCs themselves, a reporting system for frauds is prescribed in the following paragraphs, which may be adopted by NBFCs. 1.2 It is possible that frauds are, at times, detected in NBFCs long after their perpetration. NBFCs should, therefore, ensure that a reporting system is in place so that frauds are reported without any delay. NBFCs should fix staff accountability in respect of delays in reporting of fraud cases to the Reserve Bank.
Certificate of Deposit (CD) is a negotiable money market instrument and issued in dematerialised form or as a Usance Promissory Note against funds deposited at a bank or other eligible financial institution for a specified time period. Guidelines for issue of CDs are presently govened by various directives issued by the Reserve Bank of India (RBI), as amended from time to time. The guidelines for issue of CDs, incorporating all the amendments issued till date, are given below for ready reference.
The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to issue the Directions relating to the prudential norms as set out below, in exercise of the powers conferred by section 45JA of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, and in supersession of the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 contained in Notification No. DFC. 119/DG(SPT)/98, dated January 31, 1998, gives to every non-banking financial company (other than Residuary Non-Banking Company) accepting/holding public deposits and to every Residuary Non-Banking Company the Directions hereinafter specified.
