RBI

Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents (AUG 12, 2022)

In view of concerns arising from the activities of these agents, it is advised that the REs shall strictly ensure that they or their agents do not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, including 
  • acts intended to humiliate publicly or intrude upon the privacy of the debtors' family members, referees and friends, 
  • sending inappropriate messages either on mobile or through social media, 
  • making threatening and/ or anonymous calls, 
  • persistently calling the borrower and/ or calling the borrower before 8:00 a.m. and after 7:00 p.m. for recovery of overdue loans, 
  • making false and misleading representations, etc.

Any violation in this regard by REs will be viewed seriously.

For Circular, Click Here

Ministry of Consumer Affairs, Food & Public Distribution  

Stockholders to mandatorily disclose stocks of Tur: Centre to States/UTs (AUG 12, 2022)

The Department of Consumer Affairs on 12th August, 2022, issued a directive to all the states and UTs to enforce stock disclosure by stockholders of Tur under Section 3(2)(h) and 3(2)(i) of the Essential Commodities Act, 1955 and also to monitor and verify the stocks. 

There are reports that some sections of stockists and traders are resorting to restricted sales in an attempt to create artificial scarcity to push the price upward. 

For Press Release, Click Here

SUPREME COURT 

Supreme Court seeks reply from States on deviations in RERA rules in their jurisdictions in three weeks (AUG 12, 2022)

The bench, while listing a batch of pleas seeking implementation of a model builder-buyer agreement across the country on September 16, said that it would pass directions on the next date of hearing based on the suggestions of amicus curiae who pointed out the deviation and Additional Solicitor General Aishwarya Bhati, appearing for the ministry and direct the States to implement them.

At the outset, advocate Ashwini Upadhyay, who has filed a lead petition in this regard, said that the court should pass directions for the adoption of a one nation-one builder-buyer agreement across the country.

For Details, Click Here

DELHI HIGH COURT  

Delhi High Court pulls up DDA for lackadaisical approach, harassing allottee for over 30 years (AUG 12, 2022)

A bench headed by Chief Justice Satish Chandra Sharma dismissed DDA's appeal against a single judge's order directing it to hand over the plot to her and said that the authority's approach was "abhorrently unprofessional" and "unpardonable" and that it was "inclined to impose costs of Rs 50,000 on the DDA".

For News Report, Click Here

NEWS AT GLANCE 

  • Corbevax to be available as Covid precautionary dose at vaccination centres from today.  
  • Centre to implement projects worth 20 thousand crore rupees in the coastal states of the country, Says Union Minister of State for Fisheries L. Murugan.  
  • Coal production increases by 11.37 per cent to over 60 million tonne during July this year.
  • India and UK conclude 5th round of talks on Free Trade Agreement; Deal likely by October this year.  
  • India expresses concern over shelling near Ukraine's Zaporizhzhia nuclear nuclear plant; UN Secretary-General calls for immediate end to all military activity around the nuclear power plant.  
  • Latvia and Estonia withdraw from a cooperation group between China and over a dozen Central and Eastern European countries.

WORD OF THE DAY 

An amicus curiae is an individual or organization who is not a party to a legal case, but who is permitted to assist a court by offering information, expertise, or insight that has a bearing on the issues in the case. 

The decision on whether to consider an amicus brief lies within the discretion of the court.

MARKET TODAY (as on 12.08.2022)

BSE SENSEX               59,462.78 ▲ 130.18 (0.22%)       

NIFTY 50                      17,698.15 ▲ 39.15 (0.22%)

1 US Dollar = 79.61 Indian Rupee (Last updated · 12 August at 2:32 pm UTC)

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