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The Central Government after careful examination of the market dynamics of raw jute trade has lifted price cap of Rs 6500/- per quintal for TD5 grade of raw jute fixed w.e.f. 30th September, 2021 on purchase of raw jute by the Jute Mills and other end users.
As the existing prices of Raw Jute are ruling around Rs. 6500/- Govt. of India has taken a dynamic decision to lift the price capping w.e.f. 20th May, 2022. It is expected that the cap removal will help the farmers, Mills and Jute MSME sector wherein over 7 lakhs people are dependent on the jute trade in addition to about 40 lakhs jute farmers.
The decreasing trend in prices will also benefit jute goods exports which constitute about 30% of the Industry’s turnover in value terms.
SEBI
SEBI withdraws Permanent Recognition granted to Indian Commodity Exchange Ltd. (MAY 19, 2022)
In exercise of the powers conferred under sub-section (1) of section 5 of the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India has withdrawn the recognition granted to the Indian Commodity Exchange Limited, vide notification dated May 18, 2022.
The withdrawal of recognition was pursuant to an Order passed by Shri V.S. Sundaresan, Executive Director, SEBI on May 10, 2022 for non-compliance with net-worth requirement, SEBI circulars, SEBI inspection observations and infrastructural requirements as prescribed under Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
RBI
Interoperable Card-less Cash Withdrawal (ICCW) at ATMs (MAY 19, 2022)
All banks, ATM networks and WLAOs may provide the option of ICCW at their ATMs. NPCI has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
While UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS) / ATM networks. The on-us / off-us ICCW transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges.
Withdrawal limits for ICCW transactions shall be in-line with the limits for regular on-us / off-us ATM withdrawals. All other instructions related to Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions shall continue to be applicable.
This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Government of India guaranteed term loan extended by SBI to the Government of Sri Lanka- Settlement in INR (MAY 19, 2022)
In view of the difficulties being experienced by exporters in receipt of export proceeds from Sri Lanka and State Bank of India’s credit facility agreement dated March 17, 2022 with the Government of Sri Lanka for sanction of Government of India guaranteed USD 1000 million term loan to the latter for financing purchase of essential goods by Sri Lanka from India, it has been decided that such trade transactions with Sri Lanka, falling under the said arrangement, may be settled in INR outside the ACU mechanism.
Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by SBI under this agreement.
The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
SUPREME COURT
Supreme Court says Centre, states not bound to recommendations of GST council (MAY 19,2022)
The Supreme Court Thursday ruled that the recommendations of goods and services (GST) Council are not binding on the Central and state government and they are of recommendatory nature.
An apex court bench led by Justice DY Chandrachud held that the Parliament intended that the "recommendations of the GST Council will have persuasive value as India is cooperative federalism." The top court also held that both the Parliament and the State legislatures possess equal powers to make laws in relation to goods and services tax and it is for the GST Council to advice suitably.
With its judgement, the apex court Thursday dismissed an appeal by the Central government against an earlier Gujarat High Court judgement that said that Integrated GST (IGST) on ocean freight is unconstitutional.
WORD OF THE DAY
Bootstrapping describes a situation in which an entrepreneur starts a company with little capital, relying on money other than outside investments. An individual is said to be bootstrapping when they attempt to found and build a company from personal finances or the operating revenues of the new company.
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DOLLAR VS RUPEE
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