(ET) The finance ministry has amended the Prevention of Money Laundering Act, 2002, to clarify the various modes of capturing customer details electronically, in what could potentially change the way regulated entities such as banks and telecom companies capture these details completely. PMLA is the means through which lenders, investment platforms and telecom companies are authorized to capture customer details before on boarding them on to their platforms. While the government has not spelt out video KYC through the amendment, the move clears the path for regulators like the Reserve Bank of India or others to come out with such guidelines,…
Author: Aruna Sharma
PM Modi And President Of Zambia, Edgar Lungu At A Joint Press Meet In New Delhi
(PTI) The Centre has proposed reduction in power sector funds of the states that would not maintain performance benchmarks set under the second version of UDAY scheme, which is at the draft stage, Power Minister R K Singh. The government plans the second wave of reforms in the power distribution sector and has shared the draft with states, the minister told reporters here. The Centre in November 2015 had launched the Ujwal DISCOM Assurance Yojana (UDAY) to bring about operational and financial turnaround of debt-laden power distribution companies. “We have planned second wave of distribution reforms and shared the draft with…
(LiveMint) Easing the regulatory framework for foreign portfolio investors, Sebi on Wednesday simplified KYC requirements for them and permitted them to carry out off-market transfer of securities. The proposals were cleared by the Sebi’s board during its meeting here as part of efforts to simplify and expedite the registration process for foreign portfolio investors (FPIs). Apart from doing away with the broad-based eligibility criteria for institutional FPIs, under the new framework, FPIs would be classified into two categories instead of three. “Documentation requirements for KYC have been simplified,” Sebi said in a release after the board meeting. FPI regulations have been redrafted based on…
(FE) Given the current and evolving inflation and growth scenario, it can no longer be a business-as-usual approach and supporting growth must be a priority, Reserve Bank of India (RBI) governor Shaktikanta Das wrote in the minutes to the monetary policy committee’s (MPC) August meeting while voting for a 35 basis point (bps) cut in the repo rate. Other members of the committee pointed to risks arising out of fiscal slippage, sought reforms to complement the rate easing cycle and flagged a rising trend in food inflation. Das observed that economic activity has shown signs of further weakening since the…
(DJ) लगभग 30 घंटे तक चले ड्रामे के बाद आखिरकार पूर्व वित्तमंत्री पी चिदंबरम (Former finance minister P Chidambaram) को सीबीआइ (CBI) ने गिरफ्तार कर लिया। मंगलवार को दिल्ली हाईकोर्ट से अग्रिम जमानत खारिज किये जाने के बाद से ही चिदंबरम पर गिरफ्तार की तलवार लटक रही थी। उन्होंने सुप्रीम कोर्ट से राहत पाने की हरसंभव कोशिश भी की और तबतक के लिए भूमिगत भी रहे। लेकिन सुप्रीम कोर्ट से राहत मिलने में देरी होने और कानून के डर से भूमिगत होने के लग रहे आरोपों को देखते हुए चिदंबरम ने सामने आने का फैसला किया और तत्काल सक्रिय सीबीआइ…
(LiveMint) State-run Hindustan Petroleum Corporation Ltd (HPCL) plans to invest about Rs.74,000 crore over the next five years for various projects, chairman and managing director Mukesh Kumar Surana told shareholders at the company’s annual general meeting. “HPCL is focused on strengthening the core business of refining and marketing through the expansion of refining capacities, supply chain capabilities, and customer reach. In addition, thrust is on creating new levers of growth by establishing a strong presence in petrochemicals, scaling up footprints in natural gas business and expanding marketing presence in overseas geographies,” Surana added. HPCL, which owns and operates three refineries…
Taking a cue from the Prime Minister, Shri Narendra Modi’s clarion call in his Independence Day speech to eliminate single use plastic in the country from 2nd October, 2019, Indian Railways has once again risen to the occasion to shield the environment from the menace of plastic.Ministry of Railways has directed all Railway unitsto enforce ban on single use plastic material, with less than 50 micron thickness from 2nd October, 2019. Emphasis is on making necessary arrangements to minimize generation of plastic waste and its eco- friendly disposal. In this regard, Ministry of Railways has issued a circular stating the following instructions…
(TNIE) Gas major GAIL India will invest Rs 45,000 crore into the expansion of national gas grid and city gas distribution networks over the next five years, said the state-run company’s chairman Ashutosh Karnatak on Tuesday. Speaking to shareholders at the company’s annual general meeting, Karnatak said that the company is currently implementing several major projects that will expand its national gas pipeline network by over 5,700 kilometres cumulatively. “Investments worth over Rs 45,000 crore are envisaged in the next few years across major cross-country pipeline projects and other crucial pipelines connecting supply and demand centres envisaged under the National…
As part of its CSR initiative, Energy major Oil and Natural Gas Corporation Limited (ONGC) has launched a three-day awareness campaign in New Delhi to ‘Make way for Ambulance’. ONGC is collaborating with Humanitarian Welfare and Research Foundation (HWRF), a Mumbai-based NGO, for this campaign. Around 24,000 lives every year can be saved if vehicle drivers give way to ambulances. The drive will create awareness among the vehicle drivers to allow ambulances on a busy traffic route. The drivers should move to the left and drive slowly to make way for ambulances. This will enable the patients reach hospitals in…