News and Updates Issue 13 Duration May 01-15, 2019

Law school attempts to profoundly alter the way you think. A challenging but sometimes wrenching experience.

RAY BROWN, AMERICAN LAWYER

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/179 dated May 06, 2019 in relation Priority Sector Lending – Targets and Classification
    For more information, please access –ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/183 dated May 14, 2019 in relation Outsourcing of Cash Management – Reconciliation of Transactions. The bank is required to follow the procedure as under:
    a. Cash indents by the Service Provider shall be made at least a day in advance (T-1 where T is the day of cash loading), in consultation with the chest / nodal branch. Multiple points of cash withdrawal may be avoided and shall be restricted to one in each centre. However, metropolitan centres may have two points of cash withdrawal.
    b. Reconciliation of transactions shall be done between the bank, the service provider and its sub-contractors at least on a T+3 basis.
    c. In the event of a dispute or the reporting of alleged / attempted breach of security / laid down procedures, access to video footage of the ATM may be provided by the bank to the service provider and its sub-contractors on request.
    Further, as a part of outsourcing arrangements for cash management, the bank shall encourage their service provider and its sub-contractors to:
    a. put in place an efficient digital records management system for data retrieval and reconciliation.
    b. create and maintain a data base of employees at industry level through any unique mode / code of identification by the Self Regulatory Organisation to ensure that they possess unblemished records.
    For more information, please access –ReadMore

COMPETITION

  • The Federal Trade Commission (FTC) completes review of ‘Holder Rule’ which protects consumers who purchase goods and services using credit obtained through a merchant. [May 02, 2019]. The Rule, formally called the “Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses,” protects consumers when they purchase personal goods or services with money loaned by a merchant or by a lender who works with a merchant. As part of its systematic review of all its rules and guides, the FTC in November 2015 sought public comment on the Holder Rule, including its efficiency, the costs and benefits of the Rule, and its impact.
    The Rule requires that such loans include a provision that preserves consumers’ ability to raise the merchant’s misconduct as a reason for not repaying the loan, even if the loan is sold. The Rule prevents businesses from using financing mechanisms to collect debts from consumers in situations where the debt arises from a sale in which the merchant defrauded customers, failed to deliver the goods or services, or engaged in other misconduct. The FTC received 19 comments, all of which urged retaining the Rule. After reviewing the comments, the FTC found that there is a continuing need for the Rule and the record did not warrant a rulemaking to modify the Rule.
    For more information, please access –
    https://www.ftc.gov/news-events/press-releases/2019/05/ftc-completes-review-holder-rule
  • The Federal Trade Commission (FTC) charges operator of Crowdfunding Scheme [May 06, 2019]
    For more information, please access –
    https://www.ftc.gov/news-events/press-releases/2019/05/ftc-charges-operator-crowdfunding-scheme
  • The App stores remove three dating Apps after Federal Trade Commission (FTC) warns operator about Potential COPPA, FTC Act Violations [May 06, 2019]
    For more information, please access –ReadMore
  • The Federal Trade Commission (FTC) submits comment on FDA guidance regarding nonproprietary naming of biological products [May 08, 2019]
    For more information, please access –ReadMore
  • Mergers: Commission opens in-depth investigation into Telia Company's proposed acquisition of bonnier broadcasting [May 10, 2019]
    For more information, please access –
    http://europa.eu/rapid/press-release_IP-19-2474_en.pdf
  • Antitrust: Commission fines AB InBev €200 million for restricting cross-border sales of beer [May 13, 2019]
    For more information, please access –
    http://europa.eu/rapid/press-release_IP-19-2488_en.pdf

ENERGY

NEWS

 

Disclaimer (a) “This information has been gathered from various sources. Nothing herein is or may be construed as legal advice”.