RBI

Change in Bank Rate (December 07, 2022)

As announced in the Monetary Policy Statement 2022-23 dated December 07, 2022, the Bank Rate is revised upwards by 35 basis points from 6.15 per cent to 6.50 per cent with immediate effect. 

Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls) is Bank Rate plus 3.0 percentage points (9.50 per cent) or Bank Rate plus 5.0 percentage points (11.50 per cent).

This circular is applicable to all the banks.  

For Notification, Click Here

Ministry of Communications  

TRAI issues Telecom Tariff (69th Amendment) Order 2022 (07 DEC 2022)

The Telecom Regulatory Authority of India (TRAI) has today issued Telecom Tariff (69th amendment) order 2022 on “Tariff for SMS and Cell Broadcast alerts disseminated through Common Alerting Protocol (CAP) platform during disasters/non-disasters”.  

DOT allows SMS/Cell Broadcast free of cost only for a definite period and for events where specific request for free of cost messages comes from NEC/NCMC/SEC/Nodal Authorities.

For Press Release, Click Here

Ministry of Law and Justice 

Awareness & Sensitisation Workshop and Nukkad Natak On Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 at Department of Legal Affairs (07 DEC 2022)

25th November is observed across the globe as the International Day for the Elimination of Violence against Women. Furthermore, 10th December is observed every year as International Human Rights Day. 

The 16 days period between 25th November and 10th December is observed by various institutions, civil society organizations including the United Nations for raising awareness about elimination of all forms of violence and discrimination against women so as to ensure safety, security and holistic empowerment of women and to ensure that the basic human right of women and girls are respected by all. 

For Press Release, Click Here

Insurance Regulatory and Development Authority of India ( IRDAI )

Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2022. (DEC 07, 2022)

In exercise of the powers conferred by clause (vb) of sub-section 2 of section 114A read with Section 42D and 42E of the Insurance Act, 1938 (4 of 1938) and section 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely: -

  1. Amendment to the Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015.
  2. Amendment to the Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015.

For Gazette Notification, Click Here

SUPREME COURT

Supreme Court modifies HC order restraining debt recovery tribunal officer in Chandigarh, allows him to proceed with hearings (DEC 7, 2022)

Terming an interim order passed by the Punjab and Haryana High Court “unsustainable”, the Supreme Court of India has allowed the Debts Recovery Tribunal-II Presiding Officer, M M Dhonchak, to proceed further with the hearing of the matters before him and decide the same on merits.

The high court on October 27 restrained Dhonchak from passing any adverse order while hearing a petition filed by the Debt Recovery Tribunal Bar Association and he challenged the high court order before the apex court.

For News Report, Click Here

FINANCE NEWS

Razorpay Becomes India’s First Payment Gateway to Support Credit Cards on UPI (DEC 7, 2022)

With this launch, Razorpay becomes India’s First PG to support Credit Cards on UPI. Today, customers of HDFC Bank, Punjab National Bank, Union Bank and Indian Bank will be the first to enjoy the benefits of this innovation.

This offering is in line with the National Payments Corporation of India (NPCI) and the Reserve Bank of India’s (RBI) latest innovation in the digital space. Now, with RuPay credit cards being enabled on UPI, Razorpay merchants can begin accepting credit card payments on UPI, with minimal changes to their existing setup.

For Details, Click Here

NEWS AT GLANCE

  • Winter Session of Parliament begins today.  
  • World Bank upgrades its growth forecast for Indian economy to 6.9 percent for current fiscal.

WORD OF THE DAY

Jump Bail is to intentionally not appear in court after having been released on bail, which is a security paid to allow one to avoid imprisonment until one appears in court. Failing to appear results in the forfeit of one's bail.

MARKET TODAY (as on 7.12.2022)

BSE SENSEX            62,410.68 INR▼ -215.68 (-0.34%)

NIFTY 50                18,560.50 INR▼ -82.25 (-0.44%)

1 US Dollar = 82.32 Indian Rupee (Last updated · 7 December at 1:16 pm UTC)

 

MyLawman is now on Telegram (t.me/mylawman) Follow us for regular legal updates. Follow us on Google News, Instagram, LinkedIn, Facebook & Twitter or join our Whatsapp group .You can also subscribe for our Newsletter for Email Updates.