RBI

RBI imposes monetary penalty on Industrial Bank of Korea (SEP 09, 2022)

The Reserve Bank of India (RBI) has, by an order dated September 07, 2022, imposed a monetary penalty of ₹36 lakh (Rupees Thirty-six lakh only) on Industrial Bank of Korea (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. 

This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.

For Press Release, Click Here

MINISTRY OF FINANCE 

Finance Minister Smt. Nirmala Sitharaman chairs meeting on “Illegal Loan Apps” (SEP 09, 2022)

The Finance Minister expressed concern on increasing instances of Illegal Loan Apps offering loans/micro credits, especially to vulnerable & low-income group people at exorbitantly high interest rates and processing/hidden charges, and predatory recovery practices involving blackmailing, criminal intimidation etc. 

Smt. Sitharaman also noted the possibility of money laundering, tax evasions, breach/privacy of data, and misuse of unregulated payment aggregators, shell companies, defunct NBFCs etc. for perpetrating such actions. 

For Press Release, Click Here 

NCLAT 

PVR shareholders, creditors to meet on October 11 to consider merger with INOX (SEP 09,2022)

This comes after the Mumbai bench of the National Company Law Tribunal (NCLT) on August 22 directed PVR to call a meeting.

In June this year, both PVR and Inox Leisure had said they had received clearances for their merger from bourses NSE and BSE. However, last month non-profit group CUTS filed a complaint against the proposed merger before fair trade regulator CCI, alleging that the deal will have anti-competitive effects on the film exhibition industry.

The combined entity will be named PVR INOX Ltd with the branding of existing screens to continue as PVR and INOX. New cinemas opened post the merger will be branded as PVR INOX, the companies had said.

For Details, Click Here

GST

E-way bill generation at all time high as festive season arrives (SEP 09, 2022)

E-way bills, or electronic way bills, reflected a growth of 19 per cent this year after their generation reached an all-time high of 78.21 million in August. The monumental number of bills generated in this quarter highlights the acceleration of shipments as the festive season has started to gain momentum.

 From the total 78.21 million bills generated, 48.83 million belonged to Intra-state, when goods are being moved within the state, and 29.38 million were from the Inter-state e-ways, when goods are being moved between states, as reported by Financial Express.

For News Report, Click Here

NEWS AT GLANCE

  • Tata Group in talks to join an elite club of iPhone makers
  • India restricts rice exports, could fuel food inflation
  • Germany is planning to introduce points-based 'green cards'
  • China confirms LAC disengagement
  • iPhone 14 to be made in India in next 2-3 months

WORD OF THE DAY 

E-way bill is an electronic receipt or document that is generated on the Goods and Services Tax portal (GST) whenever there is a movement of goods from one place to another. The bill is required to be generated by the transporter before the consignor initiates the movement of goods. 

The consignment value needs to be over Rs 50,000 for Intra-state and Rs 1,00,000 for Inter-state for the requirement to exist.

MARKET TODAY (as on 09.09.2022)

BSE SENSEX           59,793.14 ▲ 104.92 (0.18%)

NIFTY 50                 17,833.35 ▲ 34.60 (0.19%) 

1 US Dollar = 79.58 Indian Rupee (Last updated · 9 September at 1:43 pm UTC)

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