News and Updates Issue 34 Duration March 16-31, 2020

"Good laws make it easier to do right and harder to do wrong."

WILLIAM E. GLADSTONE

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/172 dated March 16, 2020 in relation to COVID-19- operational and business continuity measures ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/175 dated March 17, 2020 in relation to Prudential Norms for Classification, valuation and Operation of investment Portfolio by Banks – spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR) ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/174 dated March 17, 2020 in relation to guidelines on regulation of Payment Aggregators and Payment Gateways ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/177 A. P. (DIR Series) Circular No. 22 dated March 17, 2020 in relation to settlement system under Asian clearing Union (ACU) Mechanism ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/179 dated March 23, 2020 in relation to Priority Sector Lending - Lending by banks to NBFCs for On-Lending ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/180 dated March 26, 2020 in relation Formation of new Union Territory of The Dadra and Nagar Haveli and Daman and Diu - Assignment of UTLBC Convenorship ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-2020/182 dated March 27, 2020 in relation Liquidity Adjustment Facility – Repo and Reverse Repo Rates ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/186 dated March 27, 2020 in relation to COVID-19 – Regulatory Package (Revised) ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/196 dated March 28, 2020  in relation to ‘Guidelines for Licensing of Small Finance Banks in Private Sector’ dated November 27, 2014 – Modifications to existing norms ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2019-20/199 dated March 30, 2020 A.P. (DIR Series) Circular No. 24 in relation to Investment by Foreign Portfolio Investors (FPI): Investment limits ReadMore

LABOUR LAW

  • In the backdrop of outbreak of COVID-19, numerous measures are being taken by the Government to give relief to workers. To support unorganized construction workers who sustain their livelihood on daily wages, an advisory  has been issued by the Union Minister of State, I/C, Labour and Employment to all Chief Ministers/ LGs of all the States/UTs. In the advisory, under Section 60 of the Building  and Other Construction Workers Act, 1996 all State Governments/UTs have been advised  to transfer funds in the account of construction workers through DBT mode from the Cess fund collected by the Labour Welfare Boards under the  BOCW cess Act. About ₹ 52000 crore is available as cess fund and about 3.5 crore construction workers are registered with these Construction welfare Boards [March 24, 2020] ReadMore
  • Union Labour Ministry notifies amendment in EPF Scheme to allow withdrawal of non-refundable advance by EPF members in the event of outbreak of pandemic [March 29, 2020] ReadMore

COMPETITION LAW

  • Pre-Filing Consultation through video-conferencing [March 19, 2020] ReadMore
  • Competition Commission of India (CCI) release Notes to Form-I [March 27, 2020] ReadMore
  • Health Center, Inc. Settles Federal Trade Commission (FTC) allegations that it targeted older Consumers with deceptive claims for Health and Wellness Products [March 19, 2020] ReadMore
  • Federal Trade Commission (FTC) gives final approval to settlement with background Services Provider over Allegations Related to Privacy Shield [March 23, 2020] ReadMore
  • Federal Trade Commission (FTC) and Justice Department Announce Expedited Antitrust Procedure and Guidance for Coronavirus Public Health Efforts [March 24, 2020] ReadMore
  • Federal Trade Commission (FTC) warns Nine VoIP Service Providers and other Companies against ‘Assisting and Facilitating’ Illegal Coronavirus-related Telemarketing Calls [March 27, 2020] ReadMore
  • Medical Diagnostic Device Maker Settles Allegations that it Misled Consumers about its Participation in the EU-U.S. Privacy Shield [March 30, 2020] ReadMore
  • Federal Trade Commission (FTC) data shows jump in Coronavirus-related complaints from Consumers [March 31, 2020] ReadMore

ENERGY

  • Coal ministry planning for Coal Bed Methane push for household energy purposes [March 24, 2020] ReadMore
  • Coal India offers two years to subsidiary for paying dividend on preference shares [March 20, 2020] ReadMore
  • Ministry of New and Renewable Energy (MNRE) officers, staff working from home through e-office platform [March 28, 2020] ReadMore
  • Renewable energy certificate sales up 64 per cent in February [March 22, 2020] ReadMore

NEWS

  • Securities and Exchange Board of India (SEBI) may relax rules on 6-month gap between two QIP issues [March 16,2020] ReadMore
  • Government to bring Amendments to Competition law for greater regulation of retailers: FM Sitharaman [March 17,2020] ReadMore
  • Reserve Bank of India (RBI) withdraws moratorium on Yes Bank, banking services restored [March 18, 2020] ReadMore
  • National Company Law Appellate Tribunal (NCLAT) to hear only Insolvency and Bankruptcy Code (IBC) appeals from Tuesday [March 18, 2020] ReadMore
  • Government allows pharma formulations exports under export-linked scheme [March 20, 2020] ReadMore
  • Securities and Exchange Board of India (SEBI) writes to States to exempt staff of capital market entities from lockdown [March 25, 2020] ReadMore
  • Reserve Bank of India (RBI) weighs new credit line for mutual funds hit by cash crunch [March 25, 2020] ReadMore
  • Finmin writes to Reserve Bank of India (RBI) on relief, proposes moratorium on EMIs [March 26, 2020] ReadMore
  • Government proposes to relax Employees Provident Fund (EPF) withdrawal rules [March 26, 2020] ReadMore
  • Ministry of New and Renewable Energy (MNRE) asks states to allow free movement of material and engineers [March 26, 2020] ReadMore
  • Competition Commission of India (CCI) revises guidance note for combination applications [March 29, 2020]ReadMore

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