News and Updates Issue 17 Duration July 01-15, 2019

News updates

No poet ever interpreted nature as freely as a lawyer interprets truth.

Jean Giraudoux, 19th-Century French Playwright

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India vide letter no. DCM (FNVD) G –1/16.01.05/2019-20 has issued a master circular RBI/2019-20/01 dated July 01, 2019 in relation to Detection and Impounding of Counterfeit Notes. The Master Circular has since been updated by incorporating the instructions issued till July 1, 2019.
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  • The Reserve Bank of India vide letter no. DCM (NE) No. G-2/08.07.18/2019-20 has issued a master circular RBI/2019-20/2 dated July 01, 2019 in relation to Facility for Exchange of Notes and Coins.
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  • The Reserve Bank of India vide letter no. DCM (CC) No. G-5/03.44.01/2019-20 has issued a master circular RBI/2019-20/07 dated July 01, 2019 in relation to Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public. The Scheme of Penalties for bank branches including currency chests has been formulated in order to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and coins, in keeping with the objectives of Clean Note Policy.
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  • The Reserve Bank of India has vide letter no. FIDD.CO.GSSD.BC.No.03/09.09.001/2019-20 has issued a master circular RBI/2019-20/6 dated July 01, 2019 in relation to Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs) consolidating guidelines / Instructions / directions issued to banks with regard to providing credit facilities to Scheduled Castes (SCs) and Scheduled Tribes (STs).
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LABOUR LAW

  • Ministry of Labour & Employment has on July 01, 2019 declared the National Policy on Safety, Health and Environment at Workplace (NPSHEW) which aims to establish a preventive safety and health culture in the country through elimination of the incidence of work related injuries, diseases, fatalities, disasters and to enhance the well-being of employees in all the sectors of economic activity in the country. Several steps are taken for promoting and propagating the objective of safety and health by holding various conferences, awareness camps, safety weeks, campaigns, awards and conducting of surveys etc.
    For more information, please access-
    http://pib.nic.in/newsite/pmreleases.aspx?mincode=21
  • Ministry of Labour & Employment has on July 10, 2019 notified that the Cabinet has approved Code on Occupational Safety, Health and Working Conditions Bill, 2019. The New Code has been drafted after amalgamation, simplification and rationalisation of the relevant provisions of the 13 Central Labour Acts.
    For more information, please access-
    http://pib.nic.in/newsite/pmreleases.aspx?mincode=21
  • Ministry of Labour & Employment has on July 15, 2019 notified that establishments employing 50 or more employees are required to provide Creche Facility.
    For more information, please access-
    http://pib.nic.in/newsite/pmreleases.aspx?mincode=21

COMPETITION LAW

  • Competition and Markets Authority (CMA) directs Barclays to fix banned banking practices [04.07.2019]
    The move comes after Barclays told the CMA that it had not complied with aspects of legal undertakings designed to make it easier for businesses to shop around and choose the best accounts for them. The undertakings, which were signed by Barclays and other banks in 2002, include a ban on banks insisting that businesses open or maintain current accounts before they are able to access other products.
    Barclays breached the undertakings by preventing Small to Medium Enterprises (SMEs) who had Business Premium Accounts from transferring money to or from non-Barclays accounts, and telling holders of Notice Deposit Accounts that they had to open a current account at Barclays. The bank’s actions led to unnecessary costs to some SMEs who were made to hold accounts they did not need.
    The CMA has now issued Directions to Barclays, requiring them to stop bundling products together in this way, and ensuring they put measures in place so it doesn’t happen again.
    For more information, please access-
    https://www.gov.uk/government/news/cma-directs-barclays-to-fix-banned-banking-practices
  • Reckitt Benckiser Group Plc to pay $50 Million to consumers, settling Federal Trade Commission (FTC) Charges that the company illegally maintained a monopoly over the Opioid Addiction Treatment Suboxone. [11.07.2019]
    For more information, please access-ReadMore
  • Antitrust: Commission fines Sanrio €6.2 million for restricting cross-border sales of merchandising products featuring Hello Kitty characters [09.07.2019]
    For more information, please access-
    https://ec.europa.eu/commission/presscorner/detail/en/ip_19_3950

ENERGY

  • OPEC set to extend oil supply cut as Iran endorses pact [01.07.2019]
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  • OPEC and allies set to extend oil supply cuts, prop up prices [02.07.2019]
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  • SoftBank pumps in USD 250 million in Ola Electric [02.07.2019]
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  • Venezuela to blend domestic, imported oil to keep exports afloat: Oil Minister [03.07.2019]
    For more information, please access-ReadMore
  • Iraq, Oman plan cooperation in oil and gas sector [04.07.2019]
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  • Government to involve global firms to set up manufacturing units for solar cells, batteries, charging infra [05.07.2019]
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NEWS

  • Services sector activity shrinks in June; first time since May 2018: PMI [03.07.2019]
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  • Government says that it is committed to privatizing Air India soon [03.07.2019]
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  • Government neither divesting nor privatizing ONGC: Dharmendra Pradhan [03.07.2019]
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  • Reserve Bank of India (RBI) to regulate housing finance firms, review assets [03.07.2019]
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  • Key Highlights of Union Budget 2019-20 [05.07.2019]
    For more information, please access-
    http://pib.nic.in/PressReleseDetail.aspx?PRID=1577423
  • Budget 2019 | A red carpet for foreign investors [05.07.2019]
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  • Government may amend Insolvency and Bankruptcy Code (IBC) laws in different spheres [10.07.2019]
    For more information, please access-ReadMore
  • Finance ministry may look into taxation of employee stock ownership plans [11.07.2019]
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Disclaimer (a) “This information has been gathered from various sources. Nothing herein is or may be construed as legal advice”.