Ministry of Road Transport & Highways

Draft Notification for BH series amendment (OCT 7, 2022)

In an endeavour to further improve as well as widen the scope of BH series implementation, MoRTH has proposed new rules with the following key features: 

  1. The transfer of vehicles with BH series registration mark to other persons
  2. Vehicles currently having regular registration mark can also be converted to BH series registration mark subject to payment of requisite tax
  3. amendment in rule 48 has been proposed to provide flexibility to submit application for BH series either at the place of residence or place of work. 
  4. The Working Certificate to be submitted by private sector employees has been further strengthened to prevent misuse. 

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RBI

RBI launches दक्ष (DAKSH) - Reserve Bank’s Advanced Supervisory Monitoring System (OCT 6, 2022)

‘दक्ष (DAKSH)’ means ‘efficient’ & ‘competent’, reflecting the underlying capabilities of the application. ‘दक्ष (DAKSH)’ is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc. 

The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, provision of various MIS reports etc., through a Platform which enables anytime-anywhere secure access. 

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KARNATAKA HIGH COURT 

FEMA violation: Karnataka High Court says it cannot interfere with proceedings unless Xiaomi furnishes bank guarantee for ₹5,551 crore (OCT 6, 2022)

Justice N.S. Sanjay Gowda made these observations orally while hearing a petition filed by Xiaomi. The company has challenged the September 29, 2022, order passed by the competent authority under FEMA confirming the seizure order of ₹5,551.27 crore issued by the Enforcement Directorate (ED) on April 29.

Senior advocate Udaya Holla, appearing for the company, argued that the petition is maintainable as the company has also questioned the constitutional validity of Section 37-A of the FEMA apart from challenging competent authority’s order.

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LIC, central govt to divest 60.72% stake in IDBI Bank (OCT 7, 2022)

At present, the two own close to 94 per cent in IDBI Bank, of which the Centre has 45.48 per cent stake and LIC has 49.24 per cent, as of June 30. As per the details, the Centre will divest a 30.48 per cent stake, while LIC will offload 30.24 per cent.%C2%A0This would be the first attempt to privatise a public sector bank in India.

Last year, the Centre shared its intention to exit IDBI Bank. The bank was under the Reserve Bank of India’s (RBI) Prompt Corrective Action (PCA) framework from May 2017 to March 2021.

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WORLD AFFAIRS 

US looking for 'alternatives' after OPEC 'disappointment', may ease Venezuela sanctions (OCT 7, 2022)

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives."

According to reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there.

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NEWS AT GLANCE 

  • Enforcement Directorate conducts searches in Delhi and Punjab in connection with Delhi Excise Policy case.  
  • Narcotics Control Bureau seizes 60kg of drugs in Mumbai. 
  • Fifth Assembly of International Solar Alliance to be held in New Delhi from the 17th of this month; 
  • All India Radio to broadcast voter awareness programme Matdata Junction in 23 languages from today.  
  • New Zealand says, it regards India as one of its most important partners.

WORD OF THE DAY

Voluntary bankruptcy is a bankruptcy proceeding that a debtor, who knows that they cannot satisfy the debt requirements of its creditors, initiates with a court. Voluntary bankruptcy typically commences when and if a debtor finds no other solution to their dire financial situation.

MARKET TODAY (as on 07.10.2022)

BSE SENSEX                     58,191.29 INR▼ -30.81 (-0.053%)  

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1 US Dollar = 82.42 Indian Rupee (Last updated · 7 October at 1:13 pm UTC)

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