Consequent to the Budget proposal for the year 2013-2014 and the recent amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (Rules), Securities and Exchange Board of India (SEBI) has rationalised the KYC norms for entry of FPIs (vide their circular MIRSD/07/2013 dated September 12, 2013).
Prior approval of RBI is required in case of any takeover/acquisition of shares of an NBFC; or merger/amalgamation of an NBFC with another entity; or any merger/amalgamation of an entity with an NBFC, that would give the acquirer/ another entity control of the NBFC, or would result in acquisition/transfer of shareholding in excess of 10 percent of the paid up capital of the NBFC.
Accordingly, it is advised that urban cooperative banks will not be permitted to charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect
In this modern, competitive and challenging work life, one have to have monomaniacal focus on his craft to keep you in the game. In this age of massive disruption, around your work and personal life, staying focused may be a not be an easy proposition for all.
The article is inspired by a famous writer ‘Alain de Botton’, he is a Swiss-British writer, philosopher, entrepreneur, television presenter and museum curator resident in the United Kingdom. Due credit to his idea on the topic that business and every people can benefit from spirituality and religions even if they don’t believe in God.
