Ministry of Finance
More than 37,000 users joined UPI123Pay since its launch on 8th March 2022 (MAR 28, 2022)
NPCI International Payments Limited (NIPL), a wholly owned subsidiary of National Payments Corporation of India (NPCI) is devoted for internationalization of UPI. NIPL has undertaken various initiatives across nations to enable cross-border acceptance of BHIM UPI QR at merchant establishment. These partnerships will facilitate Indian travelers to make payments using the BHIM UPI QR for all their retail purchases at international merchant establishments.
Currently, BHIM UPI QR has gained acceptance in Singapore (March, 2020), Bhutan (July, 2021) and recently with partners in UAE and Nepal (February, 2022). However, travel restrictions owing to the pandemic over the last two years have impacted overseas use of this facility.
Further, the performance of UPI123Pay launched in March 2022 is annexed in press release.
This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.
Gross non-performing assets (NPAs) improves from 11.33% in FY2017-18, to 13.52% in FY2018-19, to 14.69% in FY2019-20 (MAR 28, 2022)
As per Reserve Bank of India (RBI) data, recovery made by public sector banks (PSBs) during the financial year as a percentage of gross non-performing assets (NPAs) as on beginning of the financial year (FY) has improved from 11.33% in FY2017-18, to 13.52% in FY2018-19, to 14.69% in FY2019-20. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.
In FY2020-21, the Minister stated, despite widespread impact of the COVID-19 pandemic on the economy and its cascading effect on the actions in respect of recovery measures, the recovery during the financial year as a percentage of gross NPA as on beginning of the financial year was still at 12.28%.
On the steps taken by the Government for loan recovery from the wilful defaulters, the Minister stated that as per the inputs received from the Enforcement Directorate, it has attached assets worth Rs. 19,111 crore, up to 23.3.2022, under the provisions of Prevention of Money Laundering Act, 2002 in certain cases of loan fugitives, which is 84.61% of the defrauded amount of Rs. 22,586 crore in these cases. Further, out of these attached assets, assets worth Rs. 15,113 crore, which is 66.91% of the defrauded amount, has been restituted to PSBs.
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Ministry of Housing & Urban Affairs
28 States/UTs have set up Real Estate Appellate Tribunal and 30 States/UTs have set up Real Estate Regulatory Authority under RERA Act,2016 ( MAR 28, 2022 )
As per the latest information available with the Ministry, 28 States/ Union Territories (UTs) have set up Real Estate Appellate Tribunal and 30 States/UTs have set up the Real Estate Regulatory Authority under Real Estate (Regulation & Development) Act, 2016 (RERA). State-wise implementation details are annexed. Information regarding number of cases pending and average time taken to resolve them in Real Estate Tribunals is not maintained centrally.
Moreover, in order to provide last mile funding to stalled real estate projects which are net-worth positive and registered under RERA, a Special Window for Affordable and Mid Income Housing (SWAMIH) Investment Fund of Rs. 25,000 Crore has been created.
SEBI Circulars
Calculation of investment concentration norm for Category III AIFs ( MAR 28, 2022 )
Regulation 15(1)(d) of SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF
Regulations”), has been amended and notified on March 16, 2022, to provide flexibility
to Category III AIFs.
In this regard, the following is specified:
- Existing Category III AIFs may opt for calculating investment concentration norm
based on investable funds with the approval of their trustees or board of directors or
designated partners, as the case may be, and inform the same to their investors
within 30 days from the date of the issuance of this circular.
- All Category III AIFs shall disclose the basis for calculation of investment concentration
norm in the placement memorandum of their schemes.
- The basis for calculating investment concentration norm shall not be changed during
the term of the scheme.
- Category III AIFs which choose to calculate investment concentration norm based on
NAV, shall comply with para 2 of SEBI circular no. SEBI/HO/IMD/IMDI/DOF6/P/CIR/2021/663 dated November 22, 2021.
3.
This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992.
This circular shall come into force with immediate effect.
Product specifications pertaining to the Electronic Gold Receipts (EGR)
segment in India ( MAR 28, 2022 )
SEBI vide Circular no. SEBI/HO/CDMRD/DMP/CIR/P/2022/07 dated January 10,
2022, has issued framework for operationalizing the Gold Exchange in India and
vide SEBI Circular no. SEBI/HO/CDMRD/DMP/P/CIR/2022/19 dated February 14,
2022, has issued Standard Operating Guidelines for the Vault Managers and
Depositories in Electronic Gold Receipts (EGR) segment.
In this regard, the stock exchanges may launch products / contracts subject to
complying with the following guidelines:
- Any person desirous of dealing in EGR on the stock exchange shall deposit
the gold with the registered Vault Managers, in the ‘deposit unit’, which shall
be specified by the stock exchanges.
- The trading of EGR shall take place on stock exchanges, in the ‘trading unit’,
which shall be specified by the stock exchanges.
- The ‘settlement unit’ of EGR shall be same as ‘trading unit’, which shall be
specified by the stock exchanges.
- Beneficial owner of EGR intending to obtain physical gold against the EGR/s,
shall follow the procedure as stated in SEBI Circular dated January 10, 2022.
- In addition to ISIN norms specified in Annexure 2 of SEBI Circular no.
SEBI/HO/CDMRD/DMP/P/CIR/2022/19 dated February 14, 2022, the ISINs of
EGRs shall also contain details of deposit unit and trading unit, for the purpose
of easy identification by the investors.
- The stock exchanges shall disseminate adequate information to investors,
especially for EGRs with different deposit and trading unit.
- The details of deposit unit / withdrawal unit and trading unit / delivery unit shall
be clearly spelt out in the contract specifications of the exchange.
At the time of creation of EGR, the beneficial owner of gold shall specify the trading
unit of EGR, to the Vault Manager.
This Circular is issued in exercise of powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992.
This Circular shall come into force with immediate effect.
SEBI Order
Exemption order under regulation 11(1) of SEBI (SAST) Regulations, 2011 in the matter of KDDL Limited ( MAR 28, 2022 )
Background –
KDDL Limited (the “Target Company”/ “KDDL”) was incorporated on January 8, 1981
under the Indian Companies Act, 1956 and has its registered office at Plot no. 3, Sector-III,
Parwanoo – 173 220 (HP).The Target Company is engaged in the business of manufacturing watch components,
precision engineering components and press tools. The equity shares of the Target Company
are listed on BSE since 1988 and NSE since 2005.
TARGET COMPANY :- KDDL Limited
ACQUIRERS :- RKS JS Family Trust, UDS JS Family Trust, ASP Saboo Family Trust
Order –
I, in exercise of the powers conferred upon me under Section 19 read with Section 11(1)
and Section 11(2)(h) of the SEBI Act, 1992 and Regulation 11(5) of the Takeover
Regulations 2011, hereby grant exemption to the Proposed Acquirers, viz. RKS JS
Family Trust, UDS JS Family Trust and ASP Saboo Family Trust from complying
with the requirements of Regulation 3(2) of the Takeover Regulations, 2011 with respect
to the acquisitions in the Target Company, i.e. KDDL Limited, by way of the proposed
acquisitions as mentioned in the Application.
RBI
RBI Governor lays Foundation Stone of Learning and Development Centre (LDC) of BRBNMPL
( MAR 28, 2022 )
Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI), laid foundation stone for the establishment of a Learning and Development Centre (LDC) of the Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly owned subsidiary of RBI, today (March 28, 2022) in Mysuru. In his address, Governor highlighted the importance of setting up such a centre which will facilitate human resource capacity building in the currency production ecosystem of the country and emerge as a global centre of excellence.
LDC is being established with active collaboration from Security Printing and Minting Corporation of India Limited (SPMCIL), a wholly owned Schedule ‘A’ Miniratna Category-I company of Government of India and Bank Note Paper Mill India private Limited (BNPMIPL), a joint venture of BRBNMPL and SPMCIL. LDC will act as a forum for robust knowledge dissemination, thus ensuring that the best practices, experiences, and innovations are shared efficiently in a congenial environment to ensure uniformity in banknote production, quality and supply. This centre will be governed by BRBNMPL.
RBI to conduct 2-day Variable Rate Reverse Repo auction under LAF on March 29, 2022 ( MAR 28, 2022 )
The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on March 29, 2022, Tuesday, as under:
| Sl. No. | Notified Amount
(₹ crore) | Tenor
(day) | Window Timing | Date of Reversal |
| 1 | 3,00,000 | 2 | 10:30 AM to 11:00 AM | March 31, 2022
(Thursday) |
Business
Infosys: No active business relationships with Russia entities ( MAR 27, 2022 )
Infosys said it had a small team of less than 100 people in Russia caters only to global clients and that it does not have “any active business relationships” with any local enterprises there. The company also said it had committed $1 million towards relief efforts for the victims of war in Ukraine.
The statement from the Bengaluru-headquartered company comes after co-founder NR Narayana Murthy’s son-in-law Rishi Sunak, who is the UK’s Chancellor of the Exchequer, was accused of profiting from Russian President Vladimir Putin’s regime by the British media. Sunak is married to Murthy’s daughter Akshata Murthy.
World Affairs
Amazon sued over employees' remote-work costs during COVID-19 pandemic ( MAR 25, 2022 )
Amazon.com Inc is facing a lawsuit in California accusing it of violating state law by not reimbursing employees who were required to work from home during the COVID-19 pandemic for internet, cell phone and other home office expenses.
Craig Ackermann of Ackermann & Tilajef, who represents Williams, said in an email that his firm has filed similar lawsuits against more than 20 companies including IBM Corp and Oracle Corp. Several of the cases have settled, with employers agreeing to give remote workers stipends of up to $83 per month, Ackermann said.
His firm also filed a lawsuit last month claiming Fox Broadcasting Co did not cover the costs for about 1,000 employees to use their personal phones and other equipment for work.
Both the Amazon and Fox lawsuits were brought under a unique California law, the Private Attorney General Act, that allows workers to sue on behalf of the state and keep 25% of any penalties they win.
The case is Williams v. Amazon.com Services LLC, U.S. District Court for the Northern District of California, No. 5:22-cv-01892.
Word of the Day
Greenwashing is the use of marketing to portray an organization's products, activities or policies as environmentally friendly when they are not. The act of greenwashing, also known as "green sheen," entails the misleading of consumers about the environmental benefits of a product or policy through specious advertising.
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