The Authority proposes to issue the Regulations on Bancassurance Agents to be called as IRDA (Licensing of Bancassurance Agents) Regulations, 2011. Accordingly, the Authority has prepared the Draft Regulations for the same. In this regard, comments/suggestions of all stake holders on the Exposure Draft are invited.
The Insurance Regulatory and Development Authority has introduced a mobile application that enables one to compare insurance products and premium rates. The application currently lets users of mobile phones/devices with internet connectivity check and compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after 1st September, 2010.
Interest rates on fresh Non-Resident (External) Rupee (NRE) Term Deposits for one to three years maturity should not exceed the LIBOR / SWAP rates plus 275 basis points, as on the last working day of the previous month, for US dollar of corresponding maturities (as against LIBOR / SWAP rates plus 175 basis points effective from the close of business on November 15,2008).The interest rates as determined above for three year deposits will also be applicable in case the maturity period exceeds three years. The changes in interest rates will also apply to NRE deposits renewed after their present maturity period.
Please refer to our circular RPCD.CO.RF. BC No. 78/07.38.03 / 2005-06 dated April 27, 2006 in terms of which banks are prohibited from crediting ‘account payee’ cheques to the account of any person other than the payee named therein. With a view to mitigate the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, relaxation was extended vide our circular RPCD CO. RCBD. BC. No. 24 /07.38.03/2010-11 dated October 19, 2010. In terms of the said circular, banks may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies.
Notification No. 103/2011-Customs Whereas in the matter of imports of Opal Glassware (hereinafter referred to as the subject goods), falling under heading 7013 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China and UAE (hereinafter referred to as the subject countries) and imported into India, the designated authority in its preliminary findings vide notification No.14/24/2010-DGAD, dated the 27th June, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 27th June, 2011, had come to the conclusion that-
In terms of the sub-para (iv) (c) on Foreign Currency-INR swaps in para 1 of the Part B.I. of the Section B in the Annex to the A.P. (DIR Series) Circular No. 32 dated December 28, 2010 the extant instructions state that Swap transactions may be undertaken by AD Category I banks as intermediaries by matching the requirements of corporate counterparties. While no limits are placed on the AD Category I banks for undertaking swaps to facilitate customers to hedge their foreign exchange exposures, a limit of USD 100 million is placed for net supply of foreign exchange in the market….
The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
On a review of the developments in the global financial markets and current macro-economic conditions, it has been decided, in consultation with the Government of India, to modify certain aspects of the External Commercial Borrowings (ECB) policy as under:
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, and in modification of the directive DBOD.No.Dir.BC.81/13.03.00/2008-09 dated November 15, 2008 on Interest Rates on Deposits held in Non-Resident (External) (NRE) Accounts and FCNR(B) Accounts, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR(B) deposits shall be as under.
This is in continuation of this office Trade Notice No. 17 dated 23.8.2011. All Export Promotion Councils / Commodity Boards / Authorities were requested that the registration process and uploading of RCMC data thereafter may be completed by 31.10.2011. If EPC’s /Commodity Boards /Authorities fail to register and upload data on DGFT’s website within the prescribed time limit as stated above, the ’on-line’ registration of RCMC issued by EPC’s /Commodity Boards /Authorities on DGFT’s website would be made mandatory w.e.f. 1.11.2011, after which no manual copy of RCMC / Registration Certificate will be entertained by DGFT offices.
