India has extended ban on import of milk and its products from China for another six months, according to the foreign trade office. The ban was in effect till December 24. “Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionery/ food preparations with milk or milk solids as an ingredient) from China is further extended till 24.6.2012 or until further orders, whichever is earlier,” Directorate General of Foreign Trade (DGFT) said in a notification.
Market regulator SEBI would launch a toll-free helpline as part of educating investors on the securities market, Chairman U K Sinha said today. With the launch of helpline, an investor can ask any question regarding the securities market which will be answered. “The reason why we are launching is that we have identified that self-help mechanism could be more useful for investor,
The Reserve Bank of India, having considered it necessary in 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 amend the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 (hereinafter referred to as the said Directions), contained in Notification No. DNBS. 192/DG(VL)-2007, dated February 22, 2007 , 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, hereby directs that the said Directions shall be amended with immediate effect as follows, namely –
Please refer to the Guidelines on Credit Default Swaps for Corporate Bonds issued vide Circular No. IDMD.PCD.No.5053/ 14.03.04/2010-11 dated May 23, 2011 in terms of which broad guidelines including the eligible participants and other requirements were outlined. It was also indicated that market participants will have to follow the capital adequacy guidelines for credit default swaps (CDS) issued by their respective regulators.
Interest rate on Non-Resident (External) Accounts Scheme and Ordinary Non-Resident Deposit under savings account, which has been prescribed at 4 per cent per annum at present, will continue to be regulated until further review.
It has been decided to accept the letter issued by the (UIDAI) as an officially valid document for opening of accounts. Attention is also invited to Annex VI para 3 of Master Circular No 231 dated July 1, 2011 on KYC/AML/PMLA dealing with customer identification. It is reiterated that while opening accounts based on Aadhaar also, NBFCs must satisfy themselves about the current address of the customer by obtaining required proof of the same as per extant instructions.
The Reserve Bank of India in exercise of powers vested in it under Section 45MB (1) and 45 MB (2) of the Reserve Bank of India Act, 1934, has prohibited with immediate effect Money Masters Leasing & Finance Limited, having its registered office at 1/18, Rizvi Park, S.V.Road, Santacruz (W), Mumbai–400054 from accepting public deposits from any person in any form whether by way of fresh deposits or renewal of the deposits or otherwise as well as from selling, transferring, creating charge or mortgage or deal in any manner with its property and assets without prior permission of the Bank for a period of six months from the date of this order.
Potential future exposures should be based on ‘effective’ rather than ‘apparent notional amounts’. In the event that the ‘stated notional amount’ is leveraged or enhanced by the structure of the transaction, the ‘effective notional amount’ must be used for determining potential future exposure. For example, a stated notional amount of USD 1 million with payments based on an internal rate of two times the lending rate of the NBFC would have an effective notional amount of USD 2 million.
