| BANKING AND FOREIGN EXCHANGE | - The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/196 dated June 03, 2019 to capture exposures and concentration risk of banks more accurately and to align the “Large Exposures Framework (LEF)” instructions with international norms.
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https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI196099C6B756EDB4C2AAEEC2EE45BCCA122.PDF - The Reserve Bank of India (RBI) has vide notification RBI/2018-19/203 dated June 07, 2019 issued Direction in relation to Prudential Framework for Resolution of Stressed Assets. The Directions apply to;
a) Scheduled Commercial Banks (excluding Regional Rural Banks);
b) All India Term Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); (c) Small Finance Banks; and,
c) Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SI) and Deposit taking Non-Banking Financial Companies (NBFC-D).
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https://rbidocs.rbi.org.in/rdocs/notification/PDFs/PRUDENTIALB20DA810F3E148B099C113C2457FBF8C.PDF - The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/206 dated June 10, 2019 in relation to Financial Inclusion- Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA).
In the interest of better customer service, it has been decided to make certain changes in the facilities associated with the account. Banks are now advised to offer the following basic minimum facilities in the BSBD Account, free of charge, without any requirement of minimum balance.
a) The deposit of cash at bank branch as well as ATMs/CDMs
b) Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques drawn by Central/State Government agencies and departments
c) No limit on number and value of deposits that can be made in a month
d) Minimum of four withdrawals in a month, including ATM withdrawals
e) ATM Card or ATM-cum-Debit Card
The BSBD Account shall be considered a normal banking service available to all.
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https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT206B907C2CDEA744542826A19D64D360A27.PDF - The Reserve Bank of India (RBI) has issued a notification RBI/2018-2019/208 dated June 11, 2019 in relation to National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of charges. In order to provide an impetus to digital funds movement, it has been decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank. The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019.
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https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT2081AAF195DF07B44E1A103FF512204578D.PDF | LABOUR LAW | | | COMPETITION LAW | - Competition Commission of India (CCI) imposes penalty on Chemists and Druggists Association and Pharmaceutical Companies [June 04, 2019]
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https://www.cci.gov.in/sites/default/files/press_release/PR22019-20.pdf - The Federal Trade Commission (FTC) announces Two Actions Enforcing the Consumer Review Fairness Act [June 03, 2019]
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https://www.ftc.gov/news-events/press-releases/2019/06/ftc-announces-two-actions-enforcing-consumer-review-fairness-act - The Federal Trade Commission (FTC) hearings on Competition and Consumer Protection in the 21st Century Conclude with a Session Featuring State Attorneys General [June 10, 2019]
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https://www.ftc.gov/news-events/press-releases/2019/06/ftc-hearings-competition-consumer-protection-21st-century - The Federal Trade Commission (FTC) issued a notification of Auto Dealer Software Provider Settles Data Security Allegations [June 12, 2019]
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https://www.ftc.gov/news-events/press-releases/2019/06/auto-dealer-software-provider-settles-ftc-data-security - The Federal Trade Commission (FTC) takes action against Companies Falsely Claiming Compliance with the EU-U.S. Privacy Shield, other International Privacy Agreements [June 14, 2019]
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https://www.ftc.gov/news-events/press-releases/2019/06/ftc-takes-action-against-companies-falsely-claiming-compliance-eu | ENERGY | | | NEWS | - Government seeks to amend copyright act to improve access to content [June 04, 2019]
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https://economictimes.indiatimes.com/tech/internet/govt-seeks-to-amend-copyright-act-to-improve-access-to-content/articleshow/69643363.cms - Bill to amend Companies Act in Budget session [June 04, 2019]
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https://economictimes.indiatimes.com/news/economy/bill-to-amend-companies-act-in-budget-session/articleshow/69655914.cms - Government plans to re-introduce National Medical Commission Bill [June 10, 2019]
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https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/govt-plans-to-re-introduce-national-medical-commission-bill/articleshow/69725683.cms - Government finalises broad contours of defence space agency [June 11, 2019]
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https://economictimes.indiatimes.com/news/defence/government-finalises-broad-contours-of-defence-space-agency/articleshow/69745921.cms - The Securities and Exchange Board of India (SEBI) prescribes norms for rating agencies to improve rating standards [June 13, 2019]
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https://economictimes.indiatimes.com/news/defence/government-finalises-broad-contours-of-defence-space-agency/articleshow/69745921.cms | | | | | | | |
